The second month of the year marked a slight decrease in the number of Encino homes sold and an increase in the number of homes coming on the real estate market.
ENCINO COMPARATIVE MARKET UPDATE MARCH 2020
While the number of sold homes in the second month of the year decreased slightly from the first month, moving down from 40 to 37, the increase year to year was over 32%, with 28 homes selling in February 2019. Encino new Listings recorded nearly an 8% increase, both year to year and month to month, from 78 to 84. As with most areas of Los Angeles, the number of days it took for homes to sell shrank from 63 in February 2019 to 54 in January 2020 and down to 33 in February 2020.
The average sale price in Encino declined by almost 24%, year to year, from $1,483,857 in February 2019 and $1,131,189 in February 2020. The January 2020 average sale price $1,634,299 was also significantly higher. The List Price to Sale Price Ratio followed a different track, registering a steady increase: 96.5% in February 2019, 97.2% in January 2020 and 98.2% in February 2020.
Of the 37 sales in Encino, 21 were single homes, 4 were townhouses and 12 were condominiums. The lowest price sale in February of this year was $280,000 for a 2 bedroom, 2 bathroom condominium that had been on the market for over 300 days, listed for over the sale price. The median price of $840,000 was recorded for a 3 bedroom, 2 bathroom Encino Park home listed on the market for only 6 days for $810,000. The updated single story home included a separate 1 bedroom, 1 bathroom additional domestic unit (ADU). $4,589,000, the top price of the month, was for a 5 bedroom, 7 bathroom new construction, gated estate home on over 1/3 acre, south of the boulevard.
ENCINO CURRENT LISTING REPORT MARCH 2020
With 130 homes for sale midway in March, 96 are single residences, 2 are townhouses and 32 are condominiums. The lowest price home currently for sale in Encino is a 1 bedroom, 1.5 bathroom condominium listed at $239,900. On the market for 63 days, it is an As Is Short Sale. In the middle of the price range is a 2 bedroom, 3 bathroom Encino Towers condominium. With 24-hour guard-gated security service and a home owners association fees of $1325/month, it’s priced at $949,000 and has been available for 48 days. At the top of the range for 109 days is a 7 bedroom, 7 bathroom new construction, double gated, luxury estate. Located south of the boulevard on nearly an acre of land, this home is priced at $16,000,000.
To see the current and past year-to-date statistics for market activity in Encino, click on the report snapshot image or here to view the full report