Encinitas Real Estate Market Report – October 2011
As a buyer or seller in the Encinitas real estate market, it is important to have information about the market conditions in order to make a more informed decision about what to do with regard to buying or selling your Encinitas home.
Here is a summary of the Encinitas real estate market for October 2011 based on statistics from the MLS (private sales are not included nor are manufactured and mobile homes). These data are deemed reliable but are not guaranteed due to how data may be entered into the MLS system.
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Leucadia- Surfers' Beach Community in Encinitas CA
In October 2011, 38 homes sold in the Encinitas real estate market, 17% fewer than in September, the 2nd month of sales decline. Here’s the breakdown of overall activity.
|
|
TOTAL HOMES |
Detached |
Attached |
|
Number |
38 (down 12%) |
26 (down 7%) |
12 (down 20%) |
|
Days on Market |
85 |
95 |
63 |
|
Average Sales Price |
$707,097 (up 1%) |
$864,434 (up 3%) |
$366,199 (down 36%) |
|
Average Sale $/List $ |
97% |
96% |
98% |
Home sales declined in October across the board in the Encinitas real estate market. Average home sales prices also shifted downward for attached homes, with a large number of lower-priced homes selling, but rose modestly for single family detached homes. Days on market also increased for detached homes, but remained about the same for attached.
There were 30 homes with a Contingent status at the end of October (i.e., short sale and foreclosure homes having offers that are being considered by the lenders), about 15% more than last month. These homes are considered Active and are included in the overall active statistics.
For October 2011 the Encinitas real estate market saw an 8% decrease in inventory, with 252 Encinitas homes for sale at the end of October (versus 274 last month). This represents an inventory of 4.5 months for attached homes, down from 5.2 months in September, and 5.4 months for detached homes at the current rate of sales, down from 5.6 months in September (over a 6-month sales period). The Encinitas real estate market remains competitive and trending toward more of a seller’s market overall.
READ MORE: How Important is Inventory when Buying or Selling? Very!!
46 Encinitas homes came on the market in October as compared to 86 last month, leading to a likely more competitive market with fewer homes; the number of homes going pending declined from September pendings, from 45 to 24 (down 47%).
These data are based on information provided by the MLS for homes that went under contract in the last couple of months. More details about the Encinitas real estate market can be provided with regard to current activity as well as within specific areas such as Encinitas Ranch, Leucadia and Olivenhain.
Watching the trends over time, as opposed to focusing on the data for one particular month, are more revealing and informative, and will provide a better sense of what is happening in the Encinitas real estate market. If I can provide more specific information or answer any particular questions, please let me know.
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READ MORE:
Encinitas Homes for Sale | Encinitas Real Estate Market Report for September 2011
Encinitas Homes for Sale | Encinitas Real Estate Market Report for August 2011
Encinitas Homes for Sale | Encinitas Real Estate Market Report for July 2011
Encinitas Homes for Sale | Encinitas Real Estate Market Report for June 2011
Encinitas Homes for Sale | Encinitas Real Estate Market Report for May 2011
Encinitas Homes for Sale | Encinitas Real Estate Market Report for April 2011
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Nice report...I hope everything is going well for you and yours in your neck of the woods!