What’s the Value of my Encinitas Home?
Encinitas Market Report for October 2019
Buyers and sellers in the Encinitas real estate market must understand local market conditions, and the impact they have on buying and selling, so they can make informed and educated decisions about Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for October 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.
35 homes sold in Encinitas in October, a substantial drop from September (down 41%), a contrast to neighbors Cardiff by the Sea and Carlsbad. Remember, real estate is local!! Here’s the breakdown of overall activity.
Detached Homes Sold
28 (down 40%), 32 Days on Market, Average Sales Price $1,702,042 (up 11%), Average sale was 95% of original asking price
Attached Homes (condos, town homes) Sold
7 (down 42%), 29 Days on Market, Average Sales Price $739,882 (down 10%), Average sale was 99% of original asking price
Sales volume of Encinitas home sales dropped significantly overall and for both detached and attached homes. Looking back 1 year, we see that detached home sales were the same as in October 2018 but down by 67% for attached homes.
The average sales price rose for single family detached homes but declined for attached homes compared to last month. Compared to the October 2018 average prices were lower by 1% for the detached homes that sold in 2019, but higher by 23% for the attached homes.
The average number of days on market decreased by several days for both single family detached homes and attached homes sales as compared to September.
The median sales price for detached single family homes was $1,492,500 (up 15%) and $670,000 (down 4%) for attached properties.
Buyers in the Encinitas real estate market, on average, negotiated 1 - 5% off the original asking price for their homes; however, 26% of the buyers paid asking price or better for their new homes. 11% of the transactions were for cash (compared to 25% in September).
There were no homes with a Contingent status at the end of October, the same as 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 October 2019 the Encinitas real estate inventory increased by 8%, to 124. This represents an inventory of 2.2 months for attached homes, up from 1.5 months last month, and 2.4 months for detached homes at the current rate of sales, up from 2.2 months last month (over a 3-month sales period). The Encinitas real estate market remains a very strong seller’s market.
90 Encinitas homes came on the market in October, compared to 64 new listings last month, which is good news for buyers; similarly, the number of homes going pending in October (excluding homes that actually closed in October) increased by 45%, to 55, from last month, a busy month for buyers.
Koi Pond at the Meditation Garden in Encinitas
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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