Tuesday, November 5, 2013

Encinitas, CA Home Value Trends as of 11/05/2013

Real Estate Appraisal Company

NEIGHBORHOOD/MARKET AREA DESCRIPTION
In Encinitas, CA there is a mix of property types present with most being residential, schools, parks, or commercial. While a wider range of living areas are present, most single family residences range in living area size from 1,387 Sqft to 4,158 Sqft, with the most common being approximately 2,000 Sqft. Most properties (74%) have 4 or 3 bedrooms, and most properties (45%) have 2 or 2.5 bathrooms. Most single family residences range in year built from 1968 to 2002 with the most common year built being 2010. Views are present in the neighborhood and Realtors report that 75% of all single family residences have them. The views include: bay, city, evening lights, golf course, greenbelt, lagoon/estuary, lake/river, mountain/hills, ocean, and panoramic. Public and private services, conveniences, and employment are typical of population centers throughout the county.

MARKET CONDITIONS
In Encinitas, CA, and as of the 12 month period ending 11/05/2013, single family residence sale prices ranged from $350,000 to $5,400,000, with a median of $860,000. The median sale price changed 4% over the past year indicating an 'increasing' property values trend. The median $/Sqft changed 17% over the past year indicating an 'increasing' property values trend. There are currently 4 months of housing inventory indicating a demand/supply trend of 'in balance'. In the Sandicor.com multiple listing service, realtors report that 91% of all sales over the past 6 months did not have any sales restrictions, indicating that 9% of all sales were non-traditional sales, such as bank sales, short sales, estate sales, etc., which tend to be distressed sales. This is a change in the ratio of non-traditional sales of -12% when compared with the same period last year when 21% of all sales were non-traditional sale types. The median market exposure time over the past 60 days was 23 days. Based on recent-past market exposure times, I anticipate that the typical/median marketing time will be under 3 months over the coming 90 days. Sale value trends include standard/traditional sales only. This is to reduce the impact of distressed sales on the trends, which tend to sell for inconsistent prices. Inventory and marketing time statistics include all sale types.

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Brian A. Ward
Encinitas, CA Real Estate Appraiser
www.brianward.com
(619) 630-9273

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