What’s the Value of my Encinitas Home?
Encinitas Market Report for January 2020
Buyers and sellers in the Encinitas real estate market must understand local market conditions, and the impact they have on buying and selling, so they can make informed and educated decisions about Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for January 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.
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28 homes sold in Encinitas in January, down 39% from last month. Here’s the breakdown of overall activity.
Detached Homes Sold
21 (down 34%), 47 Days on Market, Average Sales Price $1,629,871 (up 5%), Average sale was 93% of original asking price
Attached Homes (condos, town homes) Sold
7 (down 22%), 30 Days on Market, Average Sales Price $815,214 (up 11%), Average sale was 97% of original asking price
Sales volume of Encinitas home sales dropped significantly overall, with fewer single family detached and attached home sales, a trend seen in nearby communities. Looking back 1 year, there was 1 less detached home sale than in January 2019 and 4 fewer attached home sales.
The average sales price rose for both single family detached homes and attached homes compared to last month. Compared to January 2019 the average sales price was higher by 11% for the detached homes that sold in 2020, but about the same for the attached homes.
The average time on the market was longer for both single family detached homes and the attached homes sales compared to December.
The median sales price for detached single family homes was $1,537,000 (up 12%) and $746,000 (up 4%) for attached properties.
Buyers in the Encinitas real estate market, on average, negotiated 3 - 7% off the original asking price for their homes; however, 14% of the buyers paid asking price or better for their new homes. 11% of the transactions were for cash, fewer than in December.
There were 3 homes with a Contingent status at the end of January, versus 1 last month, and all were first right of refusals (i.e., sometimes these are short sale and foreclosure homes with offers that are considered by the lenders but these days most are first right of refusals). Contingent homes are considered Active and are included in the overall statistics, but some are no longer available to be shown or may not be accepting offers.
For January 2020 the Encinitas real estate inventory remained about the same, increasing by 1 to 89, with homes ranging in price from 329,000 to $9,500,000. This represents an inventory of 1.3 months for attached homes, down from 1.5 months last month, and 2.5 months for detached homes at the current rate of sales, up from 2.2 months last month (over a 3-month sales period). The Encinitas real estate market remains a very strong seller’s market.
60 Encinitas homes came on the market in January, up 76%, which is good news for buyers; similarly, the number of homes going pending in January (excluding homes that actually closed in January) also increased, by 37%, to 37, from last month.
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 local market conditions in general or in specific neighborhoods, or assist you in selling your Encinitas home and/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.
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READ MORE:
Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in December 2019
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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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