Government Shutdown Hampers Real Estate Sales

California real estate sales declined for the third straight month in October according to this CAR Market Trend Report for October.  

Stale inventory is giving rise to multiple offers on newly listed properties in Encinitas and surrounding areas.  Here is the Market Demand Report for this week based on pending sales versus new inventory.  

With a Demand Ratio in the mid-threes (3.52), homes in the Encinitas market continue to be in high demand and very active. This is  especially true in price points up $2,000,000. But even the $3.0m+ price point, with relatively few Encinitas homes (10) listed, enjoys a 5.0 : 1 ratio. This is considered to be a very good ratio in the high end market, favoring the seller.

Here are the numbers (active/pending/ratio)

$1 to 3mm: 74/21/3.52 : 1

$3.0+: 10/2/5.00 : 1