What Happened in the Encinitas Real Estate Market in November 2011?
As a buyer or seller in the Encinitas real estate market, you need tounderstand the market conditions so you can make a more informed decision about what to do with regard to buying or selling your Encinitas home.
Here’s what happened in the Encinitas real estate market for November 2011 based on statistics from the MLS (private sales are not included nor are manufactured, mobile or multi-family 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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Encinitas – An Eclectic Seaside Community
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In November 2011, 45 homes sold in the Encinitas real estate market, 18% more than in October, following 2 months of sales decline. Here’s the breakdown of overall activity.
|
|
TOTAL HOMES |
Detached |
Attached |
|
Number |
45 (up 18%) |
25 (down 4%) |
20 (up 67%) |
|
Days on Market |
90 |
79 |
104 |
|
Average Sales Price |
$639,799 (down 10%) |
$784,900 (down 9%) |
$458,422 (up 25%) |
|
Average Sale $/List $ |
96% |
95% |
96% |
Home sales in November increased overall, but this was due to the significant increase in attached home sales – the number of detached homes sold was about the same, just down by 1. Average home sales prices also shifted downward for detached homes, but rose fairly significantly for attached homes, in part due to an ocean-front short sale at $1 Million. Buyers in the Encinitas real estate market can expect, on average, to negotiate about 4 or 5% off the asking price.
There were 29 homes with a Contingent status at the end of November (i.e., short sale and foreclosure homes having offers that are being considered by the lenders), about the same as last month. These homes are considered Active and are included in the overall statistics.
For November 2011 the Encinitas real estate market saw a 2% decrease in inventory, with 246 Encinitas homes for sale at the end of November (versus 252 last month). It’s likely this is due to the inventory selling well this month. This represents an inventory of 4.7 months for attached homes, up from 4.5 months in October, and 5.4 months for detached homes at the current rate of sales, the same as October (over a 6-month sales period). The Encinitas real estate market remains competitive for buyers and is trending toward more of a seller’s market overall at the current time.
READ MORE: How Important is Inventory when Buying or Selling? Very!!
56 Encinitas homes came on the market in November as compared to 46 last month, a bit surprising given we are now in the holiday season; we also saw an increase in the number of homes going pending in November (excluding homes that actually sold in November), from 24 to 34 (up 42%).
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 October 2011
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
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If I can provide more information about Carlsbad homes and real estate for sale and surrounding areas, the housing market in general (or locally), or otherwise assist you, friends or family in a home search or sale, please contact my mobile office or text me at (760) 840-1360 or email me at JeffDowlerSolutions@gmail.com
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Jeff - Great real estate market report for Encinitas home sales, a 96% list to sales price ratio is great.
Jeff, always good to see what other markets are doing. Love the new picture that I just noticed with your beautiful grandchild!
Michelle - and it has been pretty consistent for some time. That particular market has gotten fairly competitive in the last few months.
Thanks, Elizabeth - she is a sweetheart, and 4+ months old already. Can't believe how fast she is growing.
Jeff