What’s the Value of my Encinitas Home?
Encinitas Market Report for November 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 November 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 November, the same as last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
23 (down by 1); 37 Average Days on Market; Average Sales Price was $2,677,037 (up 1%); Average Sales Price was 95% of the original asking price.
Condos, Townhomes & Duplexes Sold
11 (up by 1); 16 Days on Market; Average Sales Price was $1,291,090 (down 9%); Average Sales Price was 100% of original asking price.
Overall sales volume of Encinitas home sales did not shift from October. Single family home sales dropped by 1, while condo, townhome and duplex sales increased by 1 from last month.
Looking back 1 year 4 more single family homes sold in November 2024 than in 2023 (19). And 8 more condos, townhomes and duplexes sold in November 2024 as did 1 year ago (3).
The average sales price for condos, townhomes and duplexes was lower than last month, but was slightly higher for single family homes. November sales prices ranged from $649,000 to $4,900,000.
Compared to November 2023, the average sales price was 1% lower for single family homes sold in 2024 (the median was 28% higher in 2024). On the other hand, the average sales price for condos, townhomes and duplexes in November 2024 was 21% higher than 1 year ago, while the 2024 median was 30% higher than in 2023.
The average time on the market was longer for single family homes at 37 days, but significantly shorter for condos, townhomes and duplexes than last month. 35% of the homes went pending in 1 week or less. It’s important that buyers are prepared to make quick decisions about touring homes and submitting strong offers!
The median sales price for detached single family homes was $2,505,000 (up 6% from last month). The median price for condos, townhomes and duplexes was $1,102,000, an increase of 7% from October.
While most buyers negotiated their purchase prices down from the list price, 38% of them paid asking price or higher, slightly more than last month. This is important to keep in mind when you are planning your offer strategy.
There were 3 homes with an Active Under Contract status at the end of November, versus 5 last month.
The inventory declined in November by 22%, with 53 listings available at the end of the month versus 68 last month. List prices range from $749,000 to $24,650,000. This is a 1.4 month supply for condos, townhomes and duplexes (down from 1.7 months last month), and 1.7 months for single family homes (down from 1.9 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 for buyers based on supply and demand.
23 Encinitas homes were listed in November, compared to 31 new listings last month. The number of homes going pending in November (excluding homes that closed) improved just slightly from 21 last month with 22 pendings.
I am happy to share more details about the Encinitas housing activity for Encinitas Ranch, Leucadia, and Olivenhain, and other neighborhoods that interest you.
I can also provide additional local market information, answer questions about local market conditions, and help you sell your Encinitas home and/or buy a new home. Please reach out directly or text me at (760) 840-1360 so we can discuss your personal housing needs, plans and budget. Then we can create an effective plan to help you reach your real estate goals, whether you are buying, selling, or doing both.
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Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in October 2024
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