What’s the Value of my Encinitas Home?
Encinitas Market Report for September 2017
Buyers and sellers in the Encinitas real estate market need to understand local market conditions in order to make informed decisions about what to do with regard to Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for September 2017 based on statistics from the MLS (private sales are not included nor are manufactured, mobile or multi-family homes). These data are deemed reliable at the time this was written, but are not guaranteed due to how data September be entered into the MLS system or September change over time.
In September 2017, there were 47 homes sold in Encinitas, 25% fewer than in August. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
47 (down 25%), 24 Days on Market, Ave. Sales Price $970,574 (down 26%), Ave. sale 96% of asking price
Detached Homes Sold
34 (down 32%), 27 Days on Market, Ave. Sales Price $1,109,853 (down 24%), Ave. sale 96% of asking price
Attached Homes Sold
13 (no change), 16 Days on Market, Ave. Sales Price $752,288 (up 26%), Ave. sale 96% of asking price
Sales volume of Encinitas home sales decreased fairly significantly in September with fewer detached home sales but the same number of attached home sales as last month. Detached home sales were lower than in September 2016 (42, down 19%); and fewer attached homes sold in 2017 than in September of 2016 (15, down 13%).
Average sales prices decreased for both single family detached homes and attached homes compared to last month. Compared to September 2016 average prices were down by 9% for detached homes, and by 5% for attached homes.
Average days on market decreased for both detached and attached homes compared to August.
The median sales price for detached single family homes was $1,025,000 (down 17%) and $600,000 (down 14%) for attached properties.
Buyers in the Encinitas real estate market were able, on average, to negotiate 3 - 4% off the asking price based on recent sales, but 26% of the homes sold for asking price or better. 13% of the transactions were for cash (versus 16% in August).
There were 2 homes with a Contingent status at the end of September, compared to 4 last month (i.e., typically these are short sale and foreclosure homes having offers that are being considered by the lenders; 1% of the total inventory). Contingent homes are considered Active and are included in the overall statistics, but the fact is some are no longer available to be shown because of multiple offers and some may not be accepting more offers either.
For September 2017 the Encinitas real estate inventory dropped from 104 in August to 93 (down 11%), a trend we are seeing in other nearby communities for September. This represents an inventory of 1.4 months for attached homes, down from 1.6 months in August, and 1.5 months for detached homes at the current rate of sales, down from 1.8 months last month (over a 6-month sales period). The Encinitas real estate market remains very competitive for buyers, and is a very strong seller’s market.
58 Encinitas homes came on the market in September, a 9% decrease in new listings from August; the number of homes going pending in September (excluding homes that actually sold in September), also decreased to 44 (down 21%), from last month.
These data are based on information provided by the MLS. More details about real estate in Encinitas can be provided with regard to current activity, as well as in specific communities such as Encinitas Ranch, Leucadia, and Olivenhain.
Watching trends over time, rather than focusing on data for one particular month, is more revealing and informative, and will provide a better sense of what is happening in the Encinitas housing market.
If I can provide more specific local market information, answer any questions about the market conditions in general or in specific neighborhoods, or assist you in selling your Encinitas home or buying a new property, please contact me at (760) 840-1360 or at JeffDowlerSolutions@gmail.com so we can sit down and plan the appropriate strategy to help you accomplish your goals in a timely manner.
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If I can provide more information about homes for sale in Carlsbad and in surrounding areas, our local housing market, or otherwise assist you, friends or family in a home search or home sale, please contact my mobile office or text me at (760) 840-1360, or feel free to email me at JeffDowlerSolutions@gmail.com
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