What Does Scarce Inventory Mean for Encinitas Real Estate?
- Real Estate Tips
- encinitas real estate, encinitas realtor, homes for sale in encinitas, pending home sales index, scarce inventory
- February 28, 2013
The National Association of Realtors released it’s Pending Home Sales Index for January 2013 yesterday, providing indications of where the real estate market is headed in the coming year. What does this mean for Encinitas real estate and homes for sale in Encinitas? Let’s take a look.
The report outlined that sales on pending homes had risen for the month of January, except for in the western states, where inventory is currently limited, although improvements were seen.
Currently, there are approximately 101 homes for sale in Encinitas. Inventory on Encinitas real estate is currently down about 44% compared to year-ago figures, and as a result median list prices are up by about 40% compared to 2012. [1]
Nationally, the January index is the highest reading that has been seen since February 2007 if you subtract spikes caused by tax credits such as the one that occurred in April of 2010. The index currently is sitting at 105.9, which is more than 4% higher than the index in December of 2012, and almost 10% than January 2012.
The scarce inventory on Encinitas homes for sale means that median home prices will likely continue to increase until either more homes are built or more homes become available. If you have been considering selling your Encinitas home, right now is the perfect time to take advantage of the position the market is sitting in. Take advantage of the sellers market by listing your home with a trusted Encinitas Realtor today. Just call 760-310-0234.
By Linda Moore
[1] http://www.movoto.com/statistics/ca/encinitas.htm
