Buyers and sellers in the Encinitas real estate market need to understand local market conditions in order to make informed decisions about what to do with regard to Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for May 2017 based on statistics 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 due to how data may be entered into the MLS system or may change over time.
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In May 2017, there were 68 homes sold in Encinitas, up 15% from last month, the 3rd month of increased sales. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD: 68 (up 15%), 31 Days on Market, Ave. Sales Price $1,151,360 (down 3%), Ave. sale 96% of asking price
Detached Homes Sold: 51 (up 28%), 35 Days on Market, Ave. Sales Price $1,330,156 (down 7%), Ave. sale 96% of asking price
Attached Homes Sold: 17 (down 11%), 17 Days on Market, Ave. Sales Price $614,970 (down 7%), Ave. sale 98% of asking price
Sales volume of Encinitas home sales increased significantly in May with more detached home sales but fewer attached homes. Detached home sales were about the same as in May 2016 (51, up 2%) but significantly more attached homes sold in 2017 than in May of 2016 (12, up 42%).
Average sales prices decreased for both single family detached and attached homes. Compared to May 2016 average prices were down by 5% for detached homes, and by 19% for attached homes.
Average days on market increased modestly for detached but declined for attached homes.
The median sales price for detached single family homes was $1,000,000 (down 15% from last month) and $607,500 (no change) for attached properties.
Buyers in the Encinitas real estate market were able, on average, to negotiate 2 – 4% off the asking price based on recent sales, but 34% of the homes sold for asking price or better. 25% of the transactions were for cash (versus 15% in April).
There was 1 home with a Contingent status at the end of May, versus 5 last month (i.e., typically these are short sale and foreclosure homes having offers that are being considered by the lenders; 1% of the total inventory). Contingent homes are considered Active and are included in the overall statistics, but the fact is that some are no longer available to be shown because of multiple offers and some may not be accepting more offers either.
For May 2017 the Encinitas real estate inventory dropped from 124 in April to 116 (down 6%). This represents an inventory of 1.3 months for attached homes, down from 1.6 months in April, and 2.6 months for detached homes at the current rate of sales, down from 2.8 months last month (over a 6-month sales period). The Encinitas real estate market remains very competitive for buyers, and is a strong seller’s market.
87 Encinitas homes came on the market in May, a 9% increase in new listings over April; the number of homes going pending in May (excluding homes that actually sold in May) also increased, significantly, to 87 (up 45%), from last month.
These data are based on information provided by the MLS. More details about real estate in Encinitas can be provided with regard to current activity, as well as in specific communities such as Encinitas Ranch, Leucadia, and Olivenhain.
Watching trends over time, rather than focusing on data for one particular month, is more revealing and informative, and will provide a better sense of what is happening in the Encinitas housing market. 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.
READ MORE: Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in April 2017