What’s the Value of my Encinitas Home?
Encinitas Market Report for July 2019
Buyers and sellers in the Encinitas real estate market need to understand local market conditions so they can make informed and educated decisions about Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for July 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.
49 homes sold in Encinitas in July, a slight increase in sales by 1 (2%) from June. Here’s the breakdown of overall activity.
Detached Homes Sold
35 (up 6%), 18 Days on Market, Average Sales Price $1,750,886 (up 18%), Average sale was 94% of original asking price
Attached Homes (condos, town homes) Sold
14 (down 7%), 23 Days on Market, Average Sales Price $640,071 (down 21%), Average sale was 98% of original asking price
Sales volume of Encinitas home sales rose for detached homes but declined for attached, for a net gain of 1 over June sales. Looking back 1 year, we see that detached home sales were down 26% from July 2018 but up by 27% for attached homes.
The average sales price rose for single family detached homes compared to last month, but declined for attached homes. Compared to the July 2018 average prices were higher by 25% for the detached homes that sold in July 2019 (no doubt influenced by the sale of 3 homes sold for over $4M), and significantly lower (down 37%) for the attached homes (the 2 sales last year at over $2M had raised the average in July 2018 substantially).
The average number of days on market decreased for both single family detached homes and attached homes sales as compared to June.
The median sales price for detached single family homes was $1,300,000 (down 12%) and $592,500 (down 14%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 2 - 6% less than original asking price for their homes; however, 35% of the buyers paid asking price or better for their new homes. 20% of the transactions were for cash (compared to 23% in June).
There were no homes with a Contingent status at the end of July compared to 1 last month which was a first right of refusal (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 July 2019 the Encinitas real estate inventory decreased by 7%, to 124. This represents an inventory of 1.7 months for attached homes, the same as last month, and 2.4 months for detached homes at the current rate of sales, down from 2.6 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.
93 Encinitas homes came on the market in July, compared to 84 new listings last month (up 11%) which is good news for buyers; similarly, the number of homes going pending in July (excluding homes that actually closed in July) rose by 36%, to 60, from last month, another sign of the active housing market.
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 or particular neighborhoods that are of interest.
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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