What’s the Value of my Encinitas Home?
Encinitas Market Report for September 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 September 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.
59 homes sold in Encinitas in September, 2 fewer sales (down 3%) than in August, a trend we saw in some other nearby communities. Here’s the breakdown of overall activity.
Detached Homes Sold
47 (up 2%), 35 Days on Market, Average Sales Price $1,539,152 (down 6%), Average sale was 97% of original asking price
Attached Homes (condos, town homes) Sold
12 (down 20%), 32 Days on Market, Average Sales Price $739,882 (down 10%), Average sale was 95% of original asking price
Sales volume of Encinitas home sales dropped modestly overall; the was a slight increase for detached home sales with a drop in attached sales for a net decline. Looking back 1 year, we see that detached home sales were up 27% from September 2018 but down by 20% for attached homes.
The average sales price dropped for both single family detached homes and attached homes compared to last month. Compared to the September 2018 average prices were higher by 1% for the detached homes that sold in 2019, and higher by 2% for the attached homes.
The average number of days on market increased by several days for single family detached homes but dropped by 2 days for attached homes sales as compared to August.
The median sales price for detached single family homes was $1,295,000 (down 13%) and $698,297 (up 10%) for attached properties.
Buyers in the Encinitas real estate market, on average, negotiated 3 - 5% off the original asking price for their homes; however, 24% of the buyers paid asking price or better for their new homes. 25% of the transactions were for cash (compared to 21% in August).
There were no homes with a Contingent status at the end of September, compared to 1 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 September 2019 the Encinitas real estate inventory decreased by 11%, to 117. This represents an inventory of 1.5 months for attached homes, the same as last month, and 2.2 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 condos and townhomes.
64 Encinitas homes came on the market in September, compared to 79 new listings last month (down 19%); similarly, the number of homes going pending in September (excluding homes that actually closed in September) dropped by 27%, to 38, 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, 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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