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Encinitas Market Report for September 2020
Buyers and sellers in the Encinitas real estate market should understand local market conditions, and the impact they have on buying and selling, in order to make informed and educated decisions about Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for September 2020 based on data 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.
83 homes sold in Encinitas in September, 17% more than last month which itself was a relatively busy month with the most sales in any month in over a year! Here’s the breakdown of overall activity:
Single Family Homes Sold
59 (up by 23%), 50 Average Days on Market, Average Sales Price $1,706,546 (down 7%), Average sale was 97% of the original asking price
Condos, Townhomes & Duplexes Sold
24 (up by 1), 38 Average Days on Market, Average Sales Price $691,166 (down 10%), Average sale was 98% of original asking price
Sales volume of Encinitas home sales rose from last month; this was due primarily to a substantial increase in single family homes. Looking back 1 year, we see there were 23% more single family home sales than in September 2019, but 85% more condos, townhomes and duplexes sold.
The average sales price for condos, townhomes and duplexes dropped by 12% compared to last month, and was 7% lower for single family homes. Looking back to September 2019, the average sales price was 9% higher for the single family homes that sold in 2020; the average sales price for attached homes was 6% lower than 1 year ago.
The average time on the market was longer for single family homes, but the same for condos, townhomes and duplexes, compared to August.
The median sales price for detached single family homes was $1,657,651 (up 4%) and $675,000 (down 10%) for attached properties.
Buyers in the Encinitas real estate market, on average, negotiated 2 - 3% off the original asking price for their homes; however, 39% of the buyers paid asking price or better for their new homes, a good indication of competition.
There were 3 homes with a Contingent status (now called “Active Under Contract” in our MLS) at the end of September, compared to 2 last month; all were first right of refusals (sometimes these are short sale and foreclosure homes with offers that are being considered by the lenders but these days most are first right of refusals).
For September 2020 the Encinitas real estate inventory did not shift, remaining at 83 homes for sale, with prices ranging from $355,000 to $9,450,000. This represents an inventory of only 1.2 months for condos, townhomes and duplexes, the same as last month, and only 1.1 months for single family homes at the current rate of sales, down from 1.4 months last month (over a 3-month sales period).
The Encinitas real estate market remains one that strongly favors sellers, becoming even more competitive in September.
67 Encinitas homes came on the market in September, a decrease in new listings by 19%; in contrast, the number of homes going pending in September (excluding homes that actually closed in September) remained the same at 74 pendings, so it was still a busy September for both buyers and sellers!
I am happy to share more details about real estate in Encinitas with regard to current and past activity, as well as in specific communities including Encinitas Ranch, Leucadia, and Olivenhain or particular neighborhoods that are of interest.
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 so we can discuss an appropriate strategy to help you accomplish your goals.
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If I can provide more information about homes for sale in Carlsbad and in surrounding areas, local housing market conditions, or assist you, friends or family in a purchase or sale, please call or text me at (760) 840-1360, or email me at JeffDowlerSolutions@gmail.com
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