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Encinitas Home Sales in October 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 October 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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34 homes sold in Encinitas in October, 3 more sales than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
24 (up by 4); 33 Average Days on Market; Average Sales Price was $2,659,542 (up 4%); Average Sales Price was 98% of the original asking price.
Condos, Townhomes & Duplexes Sold
10 (down by 1); 39 Days on Market; Average Sales Price was $1,422,000 (up 32%); Average Sales Price was 97% of original asking price.
Overall sales volume of Encinitas home sales increased slightly from September. There were 4 more single family home sales, while condo, townhome and duplex sales decreased by 1 from last month.
Looking back 1 year, 1 more single family home sold in October 2024 than in 2023 (23). And the same number of condos, townhomes and duplexes sold in October 2024 as did 1 year ago (10).
The average sales price for condos, townhomes and duplexes was significantly higher than last month, and was modestly higher for single family homes. October sales prices ranged from $600,000 to $5,275,000.
Compared to October 2023, the average sales price was 14% higher for single family homes sold in 2024 (the median was 13% higher in 2024). Similarly, the average sales price for condos, townhomes and duplexes in October 2024 was 26% higher than 1 year ago, while the 2024 median was 15% higher than in 2023.
The average time on the market was longer for single family homes at 33 days, and was also longer for condos, townhomes and duplexes than last month. 29% of the homes went pending in 7 days or less. It’s still important that buyers are ready to make quick decisions about touring homes and submitting strong offers!
The median sales price for detached single family homes was $2,361,900 (down 4% from last month). The median price for condos, townhomes and duplexes was $1,032,000, a decrease of 6% from September.
While most buyers negotiated their purchase prices down from list price, 35% of them paid asking price or higher, fewer than last month. This is important to remember when planning your offer strategy.
There were 5 homes with an Active Under Contract status at the end of October, versus 2 last month.
The inventory declined in October by 17%, with 68 listings available at the end of the month versus 81 last month. List prices range from $545,000 to $24,850,000. This is a 1.7 month supply for condos, townhomes and duplexes (down from 1.8 months last month), and 1.9 months for single family homes (down from 2 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.
31 Encinitas homes were listed in October, compared to 36 new listings last month. The number of homes going pending in October (excluding homes that closed) declined from 29 last month with 21 pendings.
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 provide more local market information, answer questions about market conditions, and help you sell your Encinitas home and/or buy a new property. Please reach out by phone 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 September 2024
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