What’s the Value of my Encinitas Home?
Encinitas Housing Market Report for March 2019
Buyers and sellers in the Encinitas real estate market need to understand local market conditions in order to make informed decisions about Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for March 2019 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.
In March 48 homes sold in Encinitas, a huge increase by 60% from February. Here’s the breakdown of overall activity.
Detached Homes Sold
35 (up 46%), 30 Days on Market, Average Sales Price $1,637,409 (up 6%), Average sale was 96% of original asking price
Attached Homes Sold
13 (up 117%), 34 Days on Market, Average Sales Price $750,730 (down 8%), Average sale was 99% of original asking price
Sales volume of Encinitas home sales rose substantially in March from last month for both detached and attached home sales. Detached home sales were down 8% from March 2018 but up by 8% for attached homes.
Average sales prices rose modestly for single family detached homes, but dropped for attached homes. Compared to March 2018 average prices were higher by 20% for detached homes, and 19% higher for attached homes.
Average days on market increased slightly for detached homes but dropped for attached homes as compared to last month.
The median sales price for detached single family homes was $1,454,462 (down 8%) and $660,000 (up 52%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 3 - 4% less than original asking price for their homes; however, 31% of the buyers paid asking price or better for their new homes. 25% of the transactions were for cash (versus 20% in February).
There were 2 homes with a Contingent status at the end of March, compared to 3 for last month (i.e., typically these are short sale and foreclosure homes with offers that are being considered by the lenders but some 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. Both homes are first right of refusals due to contingent offers.
For March 2019 the Encinitas real estate inventory increased substantially, by 33%, to 125 (which is well above the March 2018 inventory) following last month’s decrease from January. This represents an inventory of 3.4 months for attached homes, up from 2 months last month, and 3.4 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 a strong seller’s market despite the inventory increase.
95 Encinitas homes came on the market in March, compared to 54 new listings last month (up 76%); similarly the number of homes going pending in March (excluding homes that actually closed in March) rose by 30%, to 52, from last month.
I am happy to share more details about real estate in Encinitas with regard to current and recent activity, as well as in specific communities including Encinitas Ranch, Leucadia, and Olivenhain.
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 goals.
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If I can provide more information about homes for sale in Carlsbad and in surrounding areas, our local housing market conditions, or assist you, friends or family in a purchase 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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