What’s my Encinitas Home Worth?
Encinitas Homes for Sale in July 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 July 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 may be entered into the MLS system or might change.
In July 2017, there were 52 homes sold in Encinitas, 21% fewer than in June. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
52 (down 21%), 33 Days on Market, Ave. Sales Price $1,263,180 (down 4%), Ave. sale 97% of asking price
Detached Homes Sold
34 (down 21%), 35 Days on Market, Ave. Sales Price $1,616,732 (up 5%), Ave. sale 97% of asking price
Attached Homes Sold
18 (down 25%), 22 Days on Market, Ave. Sales Price $595,361 (down 33%), Ave. sale 98% of asking price
Sales volume of Encinitas home sales decreased significantly in July with fewer detached and attached home sales. Detached home sales were lower than in July 2016 (43, down 21%) but more attached homes sold in 2017 than in July of 2016 (18, up 13%).
Average sales prices increased for single family detached homes (in part due to the sale of 5 detached homes over $1M with 1 at $7.995M) but decreased significantly for attached (likely due to the sale of homes selling for more than $2M last month which raised the average). Compared to July 2016 average prices were up 21% for detached homes, but declined by 15% for attached homes.
Average days on market increased modestly for detached but decreased for attached homes compared to last month.
The median sales price for detached single family homes was $1,239,000 (down 7% from last month) and $519,500 (down 23%) for attached properties.
Buyers in the Encinitas real estate market were able, on average, to negotiate 2 - 3% off the asking price based on recent sales, but 31% of the homes sold for asking price or better. 33% of the transactions were for cash (versus 24% in June).
There were no homes with a Contingent status at the end of July, compared to 1 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 July 2017 the Encinitas real estate inventory dropped from 112 in June to 99 (down 12%), the 3rd consecutive decline, perhaps not unusual in the summer months. This represents an inventory of 1.2 months for attached homes, up from less than 1 month in June, and 2.71 months for detached homes at the current rate of sales, down from 2.7 months last month (over a 6-month sales period). The Encinitas real estate market remains very competitive for buyers, and is a strong seller’s market.
70 Encinitas homes came on the market in July, a 3% decrease in new listings from June; the number of homes going pending in July (excluding homes that actually sold in July), however, increased, and significantly, to 55 (up 28%), 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 real estate 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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