Over the past year we've seen steady increases in real estate markets all over San Diego. In recent months, these gains have been growing at a much more rapid pace, especially in coastal communities such as Encinitas. Right now, the market's inventory of available homes for sale is smaller than it has been in recent history, and that is driving up prices. Buyers are competing heavily with each other for quality homes, and recent data released by the San Diego Association of Realtors shows how homeowners in Encinitas are starting to see big gains in value.
More Encinitas Real Estate is Selling Much Faster
In March, the SDAR reports 44 homes selling through Realtors within Encinitas. This data is up over 20% from the same month in 2012. Despite the fact that more properties are selling, the number of Encinitas homes for sale are not being listed at a quick enough rate to keep up with demand. The average number of days on market for a single-family property in Encinitas was only 42 last month. That figure is just a fraction of March 2012's average of 97 days.
Encinitas Property Values are Rising
With such a low inventory and such strong signs of demand from buyers, it is only natural that their intense competition would drive up prices. SDAR's March data continues to confirm that fact. Year-to-date, the median selling price of single-family Encinitas real estate has been $807,000. That number has grown since last March's YTD median of $785,000. The real progress is seen when looking at last month's growth. The median selling price for March was $840,000, well outpacing the year-to-date figure.
If these numbers continue at their current pace, then we are about to see a period of big growth in Encinitas home values. With little progress being seen in increasing the number of properties for sale, strong demand from buyers will continue to bring higher property values to homeowners in Encinitas in the near future.
Thanks to a strong boost in the value of Encinitas homes for sale and an optimal outlook as we continue into the year, many homeowners are seeing this as a great time to begin thinking about selling their real estate. San Diego property values are rising, and for many people, this is the ideal time to sell their home in order to either upsize while prices are still relatively low, or downsize and cash out on big gains in equity.