Home Listings And Prices in Encinitas CA For August 2018
Real estate market data for Encinitas, CA provided by Rob Denny of Home Smart Realty West
Encinitas Home Prices
This Encinitas, California listings and home market report is for all of zip code 92024. If you would like to see a specific Encinitas neighborhood, scroll down to the bottom of the page. I do not include any Manufactured homes or multi-unit homes in any of my housing reports. if you are looking for these, please email or call me and I would be happy to put a report together for you.
Detached single family homes
The first line of this months Encinitas, California listings and home market report shows new listings jumped nearly 22% in August compared to previous year. While homes going into Escrow (Pending/accepted offer) were down slightly compared to the previous year, the number of closed sales dropped dramatically – 42.6% over the previous year. This probably has something to do with the increase of days on market (DOM). DOM took a pretty big jump from 28 days to 46 days this year. The good thing is prices remained steady with Median seeing a slight increase and average a slight decrease. There are currently 126 Active Encinitas Listings on the market. Comparing the last 12 months, New listings, pending sales, closed sales and DOM are all down from 2017 but prices have remained steady.
The first line of this months Encinitas, California market report shows new attached home listings are slightly up this August compared to last. Homes going into Escrow (Pending/accepted offer) and closed sales were nearly identical to August 2017. DOM dropped nearly two weeks which is interesting since it went up nearly three weeks on detached home sales. I think this has something to do with a younger crowd moving into Condo’s and townhomes because conforming loans are much easier to qualify for with many low down payments. Schools and the beach way of life are strong attractions for young, successful couples. Prices stayed steady for August compared to last year but year over prices are showing a nice increase of 5.7% to 7.6%.
Encinitas, California Listings And Home Market Report Report Summary
Issues pretty much remain the same as the last couple years – low inventory keeps us in a seller’s market. What I think will be interesting is if interest rates continue to bump up as predicted. Last week they hit a seven-year high at 4.71%. Will this make people sitting on the fence jump into the market due to fear of rates rising? Time will tell, but each time interest rates go up, buyers qualify for less of a house. I will be watching to see if mortgage loan applications continue to go down. If so, this could turn from a seller to a buyer market. While this won’t happen overnight especially with sold prices staying up around 96% of listing price.
Median Sale Price vs Average Sale Price explained
Median sale price literally takes the middle number of total homes sold for an area. For example, say 16 homes sold. You would take home number 8 which sold for $200,000 and home 9 which sold for $100,000. You would add these two numbers together which equals $300,000 then divide by 2 which equals $150,000. In this scenario, the Median homes sales price is $150,000.
Average sale price takes total $$$ sold amount divided by the number of homes sold. For example, if 2 homes sold for $500,000 the average would be $250,000.
Encinitas Neighborhood Market Report Breakdown
Click on the name of the neighborhood to be taken to the latest Encinitas, California listings and home market report for that particular neighborhood.
High Country Villas
West Of I5
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