What’s the Value of my Encinitas Home?
Encinitas Homes for Sale in May 2020
Buyers and sellers in the Encinitas real estate market must 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 May 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.
36 homes sold in Encinitas in May, 13% more sales than last month. Here’s the breakdown of overall activity
Detached Homes Sold
28 (up 33%), 18 Days on Market, Average Sales Price $1,753,500 (up 7%), Average sale was 97% of original asking price
Attached Homes (condos, town homes) Sold
8 (down 27%), 25 Days on Market, Average Sales Price $668,500 (down 10%), Average sale was 98% of original asking price
Sales volume of Encinitas home sales increased overall, with significantly more detached single family home sales and fewer attached sales. Looking back 1 year, we see there were substantially fewer detached home sales than in May 2019 (down 42%), and 65% fewer attached home sales.
The average sales price was higher for single family detached homes but lower for attached homes compared to last month. Looking back to May 2019, the average sales price was 10% higher for the detached homes that sold in 2020. However, the average sales price for attached homes was 21% lower than the average for May 2019.
The average time on the market was substantially shorter for single family detached homes, but longer for attached homes sales compared to April.
The median sales price for detached single family homes was $1,245,000 (down 1%) and $610,000 (down 18%) for attached properties.
Buyers in the Encinitas real estate market, on average, negotiated 2 - 3% off the original asking price for their homes; however, 31% of the buyers paid asking price or better for their new homes, a good indication of competition. 6% of the transactions were for cash, versus 16% last month.
There was 1 home with a Contingent status at the end of May, versus 0 last month, a first right of refusal (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).
For May 2020 the Encinitas real estate inventory was up again, despite the pandemic, increasing fairly substantially by 20% to 134, with homes ranging in price from $357,900 to $7.5 million. This represents an inventory of 3.5 months for attached homes, up from 2.5 months last month, and 3.6 months for detached homes at the current rate of sales, up from 3 months last month (over a 3-month sales period). The Encinitas real estate market remains one that favors sellers.
84 Encinitas homes came on the market in May, a significant increase in new listings by 33%; similarly, the number of homes going pending in May (excluding homes that actually closed in May) increased to 43 pendings, up 23%, from last month. May was a busy 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 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.
It’s important to know there are specific recommendations in place to help keep everyone safe, and new procedures as the result of the coronavirus that impact home purchases and sales in our area. I am happy to review this information with you and answer questions about what this means for buyers and sellers, and what you can expect when buying or selling.
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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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