For those with homes for sale in Encinitas the good news is getting better. The housing market in Encinitas saw several years of precipitous decline, but now the housing market in Encinitas has seen a rebound if not a recovery.
So let’s look at the history of Encinitas homes and the real estate market across the nation and how we are experiencing a rebound.
- In 20 cities across the nation property values have seen their highest increase in over two years, according to the S&P/Case-Shiller Index.
- NAR (National Association of Realtors) reports that the inventory of homes is seen the lowest rates since March of 2006 and that median home prices are 11.3% higher than in 2011.
- In Encinitas the median list price has gone from $899,000 in 2010 to $1.15 million today, up 28%. Total inventory has also decreased almost 50% in the last two years and distressed sales make up only 1% of sales compared to 8% of sales in 2010.
The Encinitas housing market is susceptible to turning on a dime like any other industry, but the fundamentals of supply and demand are ultimately what influence the state of the market. Demand in the U.S. has been low as unemployment rates have seen increases. The national rate of unemployment (as of this writing) was at 7.8%; in Encinitas that rate is much lower at 6.4%. Supply is decreasing in Encinitas and therefore demand is resulting in multiple offers on homes.
If you want to take advantage of the rebound we are seeing on Encinitas homes for sale, contact an Encinitas Realtor today.