Homes For Sale in Encinitas Days on Market Shrinks

While it is still a buyer’s market for homes for sale in Encinitas, that trend is quickly changing. Homes for sale in Encinitas have seen major improvements in the last year when compared to the housing crisis that began in 2007: prices have risen, inventory has decreased, and the number of days on the market for an Encinitas home has seen a decrease as well.

The National Association of Realtors has released statistics that show the median days on market for a home has been reduced by almost 30% compared to last year. The median days on market for July of 2011 was 98 days, while July 2012 saw median days on market at 69 days.

When trends were analyzed for this metric by NAR from 1987 to 2011 the average time on market was usually just short of 7 weeks. The days on market seems to directly correlate to supply of inventory. For example, in 2004 and 2005 inventory was at 4.3 months, median selling time was at 4 weeks. In 2009 when there was an inventory supply of 10 months, the time on market was 10 weeks.

This information will continue to be included in the NAR Realtors Confidence Index reports for existing-home sales. Though this new metric is subject to complications (for example when a home is taken off the market and relisted) it can be a good indicator, when used in conjunction with other metrics, of how well the housing market is doing.

When looking for Encinitas real estate in the current market, choose an Encinitas real estate agent to help you find the right home for you.

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