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Last Quarter an Ideal Time to Buy Home in Encinitas

Prices are moving up and interest rates are moving down!

Encinitas currently has 100 single-family detached homes active for sale on the market, which is down 10 homes from September.

The home on Clark is still the lowest price home for sale in Encinitas at $500,000 and the most expensive is still the home on Neptune asking 6.95 million.

September saw the sale of 40 homes with an average price of 1.059 Million.

The lowest sale last month was 253 E Jason St. for $500,000 and the highest was 3419 Via Monteverde Dr at $2.57 Million.

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Interest rates are still at record lows. The lowest to date on record was September 2012 at 3.47% and the highest on record was October 1982 at 18.45%

As we see the seasonal buyer pull back for November and December combined with the low interest rates, it is going to make the last quarter of 2012 a great time to buy a home as inventory levels start to creep up from record lows.

I am not just saying that as a cheesy Realtor. Here is why; right now we are seeing a seasonal pull back from buyers, combined with all time low interest rates it is the perfect storm for buyers right now. The competition is dwindling, after the new year, many of the buyers I am working with are planning on starting up their home search again and I do not foresee the inventory levels shooting up over night. I do see them gradually increasing, however I do not see the inventory keeping up with demand. I see next year being really busy!

The median-priced single-family detached (SFD) home in North San Diego County jumped 5.26 % to $480,000 in September 2012 from $456,000 in August 2012 – September 2012 was the highest monthly median price reported in the last four years.  Year-over median SFD price in North San Diego County increased 10.34% compared to $435,000 in September 2011, the highest year-over increase since summer 2010.

Information taken from HomeDex™ Copyright © 2012 by the North San Diego County Association of Realtors (NSDCAR). Used with permission.

As always, if you ever have a real estate question, just ask!

Encinitas Brad December 04, 2012 at 02:30 AM
If you're going to show historical trends for interest rates, why not show historical trends for price/rent or price/income multiples? The median single-family home in Encinitas is around $800,000. The median household income is around $80,000. Houses at 10x income are extremely expensive compared to historical norms.

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