What’s the Value of my Encinitas Home?
Encinitas Market Report for August 2024
It’s important that Encinitas sellers and buyers have current information about local market conditions, and the effect they have on buying and selling, in order to make educated decisions about Encinitas homes for sale.
Here’s what happened in the August 2024 housing market in Encinitas, based on information from the MLS (private sales are not included nor are manufactured, mobile, or multi-family homes). These statistics are believed reliable when this report was written but are not guaranteed.
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42 homes sold in Encinitas in August, 6 fewer sales (down 12%) than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
32 (down by 2); 30 Average Days on Market; Average Sales Price was $2,478,484 (up 3%); Average Sales Price was 95% of the original asking price.
Condos, Townhomes & Duplexes Sold
10 (down by 4); 35 Days on Market; Average Sales Price was $962,350 (down 23%); Average Sales Price was 96% of original asking price.
Overall sales volume of Encinitas home sales decreased from July. There were 2 fewer single family home sales, and condo, townhome and duplex sales dropped by 4 from last month.
Looking back 1 year 20% fewer single family homes sold in August 2024 than in 2023 (40). There were 2 fewer condos, townhomes and duplexes sold in August 2024 compared to 1 year ago (12).
The average sales price for condos, townhomes and duplexes was lower than last month, but was modestly higher for single family homes. August sales prices ranged from $560,000 to $7,995,000.
Compared to August 2023, the average sales price was 19% lower for single family homes sold in 2024 (the median was 7% lower in 2024). In similar fashion, the average sales price for condos, townhomes and duplexes in August 2024 was 12% lower than 1 year ago, while the 2024 median was 23% lower than in 2023.
The average time on the market was longer for single family homes at 30 days, and was substantially longer for condos, townhomes and duplexes (35 days) than in July. 33% of the homes went pending in 7 days or less. Thus it’s important for buyers to be prepared to make quick decisions about touring homes and submitting offers!
The median sales price for detached single family homes was $1,985,000 (up 4% from last month). The median price for condos, townhomes and duplexes was $842,250, a drop of 23% from July.
While most buyers negotiated their purchase prices down from list price, 24% of them paid asking price or higher, fewer than last month. This is important to remember when planning your offer strategy.
There was 1 home with an Active Under Contract status at the end of August, versus 3 last month.
The inventory declined in August by 12%, with 86 listings available at the end of the month versus 98 last month. List prices range from $545,000 to $24,850,000. This is a 2.3 month supply for condos, townhomes and duplexes (up from 2.1 months last month), and 2.1 months for single family homes (down from 2.7 months last month). This is based on the current housing supply and the rate of sales over the last 3 months.
Encinitas remains a very strong sellers’ market based on supply and demand.
46 Encinitas homes were listed in August, compared to 48 new listings last month. The number of homes going pending in August (excluding homes that closed) rose from July (25) with 30 pendings.
I am happy to provide more details about the Encinitas housing activity for Encinitas Ranch, Leucadia, and Olivenhain, and other areas that interest you.
I can also share more local market information, answer questions about market conditions, and help you sell your Encinitas home and/or buy a new property. Please call or text me at (760) 840-1360 so we can discuss your particular housing needs, plans and budget. Then we can plan an effective strategy to help you reach your real estate goals, whether you are buying, selling, or both.
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Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in July 2024
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