What’s the Value of my Encinitas Home?
Encinitas Market Report for April 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 April 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 April 54 homes sold in Encinitas, another increase in sales, by 13% from March. Here’s the breakdown of overall activity.
Detached Homes Sold
38 (up 9%), 40 Days on Market, Average Sales Price $1,602,746 (down 2%), Average sale was 98% of original asking price
Attached Homes (condos, town homes) Sold
16 (up 23%), 16 Days on Market, Average Sales Price $694,606 (down 7%), Average sale was 98% of original asking price
Sales volume of Encinitas home sales rose in April from last month for both detached and attached home sales. Detached home sales were up 52% from April 2018 but down by 16% for attached homes.
Average sales prices dropped slightly for single family detached homes, and more so for attached homes. Compared to the April 2018 average prices were higher by 20% for the detached homes that sold, but 15% lower for the attached homes.
The average number of days on market increased for detached homes, and also did so, but substantially, for attached homes as compared to last month.
The median sales price for detached single family homes was $1,407,500 (down 3%) and $567,500 (down 14%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 2% less than original asking price for their homes; however, 35% of the buyers paid asking price or better for their new homes. 31% of the transactions were for cash (versus 25% in March).
There was 1 home with a Contingent status at the end of April, compared to 2 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. This home is contingent on court approval.
For April 2019 the Encinitas real estate inventory decreased by 10%, to 121 (which is still well above the April 2018 inventory and 16% more than in January of this year) following the increase from February to March. This represents an inventory of 2.6 months for attached homes, down from 3.4 months last month, and 2.8 months for detached homes at the current rate of sales, down from 3.4 months last month (over a 3-month sales period). The Encinitas real estate market remains a very strong seller’s market.
86 Encinitas homes came on the market in April, compared to 95 new listings last month (down 9%); in contrast, however, the number of homes going pending in April (excluding homes that actually closed in April) rose by 21%, to 63, from last 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.
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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