What’s the Value of my Encinitas Home?
Encinitas Market Report for September 2024
It’s essential that Encinitas sellers and buyers have up-to-date information about local market conditions, and the impact they have on buying and selling, in order to make informed decisions about Encinitas homes for sale.
Here’s what happened in the September 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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31 homes sold in Encinitas in September, 26% fewer sales than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
20 (down 37%); 24 Average Days on Market; Average Sales Price was $2,557,650 (up 3%); Average Sales Price was 99% of the original asking price.
Condos, Townhomes & Duplexes Sold
11 (up by 1); 34 Days on Market; Average Sales Price was $1,079,322 (up 12%); Average Sales Price was 96% of original asking price.
Overall sales volume of Encinitas home sales decreased from August. There were substantially fewer single family home sales, while condo, townhome and duplex sales increased by 1 from last month.
Looking back 1 year 20% fewer single family homes sold in September 2024 than in 2023 (25). However, 5 more condos, townhomes and duplexes sold in September 2024 compared to 1 year ago (6).
The average sales price for condos, townhomes and duplexes was higher than last month, and was modestly higher for single family homes. September sales prices ranged from $545,000 to $4,995,000.
Compared to September 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 September 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 shorter for single family homes at 24, but was about the same (1 day shorter) for condos, townhomes and duplexes as in August. 29% of the homes went pending in 7 days or less. So it’s important for buyers to be ready to make quick decisions about touring homes and submitting strong offers!
The median sales price for detached single family homes was $2,437,500 (up 23% from last month). The median price for condos, townhomes and duplexes was $1,100,000, an increase of 31% from August.
While most buyers negotiated their purchase prices down from list price, 39% of them paid asking price or higher, more than last month. This is important to keep in mind when planning an offer strategy.
There were 2 homes with an Active Under Contract status at the end of September, versus 1 last month.
The inventory declined in September by 6%, with 81 listings available at the end of the month versus 86 last month. List prices range from $545,000 to $24,850,000. This is a 1.8 month supply for condos, townhomes and duplexes (down from 2.3 months last month), and 2 months for single family homes (down from 2.1 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.
36 Encinitas homes were listed in September, compared to 46 new listings last month. The number of homes going pending in September (excluding homes that closed) was about the same as last month with 29 pendings (30 in August).
I am happy to share 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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READ MORE:
Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in August 2024
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