What’s the Value of my Encinitas Home?
Encinitas Market Report for August 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 August 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.
61 homes sold in Encinitas in August, an increase in sales by 24% from July, a contrast to some other nearby communities. Here’s the breakdown of overall activity.
Detached Homes Sold
46 (up 31%), 27 Days on Market, Average Sales Price $1,640,356 (down 6%), Average sale was 98% of original asking price
Attached Homes (condos, town homes) Sold
15 (up 7%), 34 Days on Market, Average Sales Price $818,000 (up 28%), Average sale was 97% of original asking price
Sales volume of Encinitas home sales rose substantially for detached homes as well as for attached homes. Looking back 1 year, we see that detached home sales were up 24% from August 2018 and up by 25% for attached homes.
The average sales price dropped for single family detached homes compared to last month, but increased for attached homes. Compared to the August 2018 average, prices were higher by 21% for the detached homes that sold in 2019 (no doubt influenced by the sale of 4 homes sold for over $2.5M), and higher by 10% for the attached homes.
The average number of days on market increased for both single family detached homes and attached homes sales as compared to July.
The median sales price for detached single family homes was $1,492,500 (up 15%) and $635,000 (up 7%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 2 - 3% less than original asking price for their homes; however, 34% of the buyers paid asking price or better for their new homes. 21% of the transactions were for cash (compared to 20% in July).
There was 1 home with a Contingent status at the end of August, compared to none last month which was a pending foreclosure (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 August 2019 the Encinitas real estate inventory increased by 6%, to 132. This represents an inventory of 1.5 months for attached homes, down from 1.7 months last month, and 2.8 months for detached homes at the current rate of sales, up from 2.4 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.
79 Encinitas homes came on the market in August, compared to 93 new listings last month (down 15%); similarly, the number of homes going pending in August (excluding homes that actually closed in August) dropped by 13%, to 52, 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 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, local housing market conditions, or assist you, friends or family in a purchase or sale, please call or text me at (760) 840-1360, or email me at JeffDowlerSolutions@gmail.com
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