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Encinitas Market Report for May 2019
Buyers and sellers in the Encinitas real estate market need to understand the local market conditions in order to make informed and educated decisions about Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for May 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.
70 homes sold in Encinitas in May, another increase in sales, by 30% from April. Here’s the breakdown of overall activity.
Detached Homes Sold
48 (up 26%), 30 Days on Market, Average Sales Price $1,597,624 (no change), Average sale was 97% of original asking price
Attached Homes (condos, town homes) Sold
22 (up 38%), 28 Days on Market, Average Sales Price $845,404 (up 22%), Average sale was 97% of original asking price
Sales volume of Encinitas home sales rose substantially in May from last month for both detached and attached home sales. Looking back 1 year, we see that detached home sales were up 1 (2%) from May 2018 but down by 19% for attached homes.
The average sales price did not change for single family detached homes, but was higher for attached homes. Compared to the May 2018 averages prices were higher by 7% for the detached homes that sold, and 5% higher for the attached homes.
The average number of days on market decreased for detached homes, but marketing time was longer for attached homes sales compared to last month.
The median sales price for detached single family homes was $1,342,500 (down 5%) and $691,000 (up 22%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 3% less than original asking price for their homes; however, 31% of the buyers paid asking price or better for their new homes. 23% of the transactions were for cash (versus 31% in April).
There were no homes with a Contingent status at the end of May, compared to 1 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.
For May 2019 the Encinitas real estate inventory decreased by 9%, to 110 (which is still above the May 2018 inventory and more than in January of this year), the second inventory decline. This represents an inventory of 1.3 months for attached homes, down from 2.6 months last month, and 2.1 months for detached homes at the current rate of sales, down from 2.8 months last month (over a 3-month sales period). The Encinitas real estate market remains a very strong seller’s market, especially for those interested in attached homes.
75 Encinitas homes came on the market in May, compared to 86 new listings last month (down 13%); similarly the number of homes going pending in May (excluding homes that actually closed in May) dropped by 19%, to 51, 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 real estate 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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