What Happened in the Escondido Real Estate Market in November 2011?
Escondido is an inland community, about 15 miles from the coast adjacent to San Marcos. Like its neighbors, San Marcos, Vista and Oceanside, Escondido has seen fairly significant shifts in the real estate market with a large number of short sales and foreclosures.
READ MORE: A Tour of Escondido – A Diverse Inland San Diego Community
As a buyer or seller in the Escondido real estate market, understanding recent trends and current market conditions is essential so you can make informed decisions; media reports focus on general market conditions and therefore will not provide an accurate picture of the local Escondido real estate market.
The following data are taken from the San Diego MLS (private sales are not included in these statistics, nor are multifamily properties or mobile/manufactured homes). The data are believed to be reliable but are not guaranteed.
In November 2011 there were 141 homes sold in the Escondido real estate market, up 7% from October. Sales were up as were average prices, and buyers are not negotiating much on the prices from list price – about 2% on average.
Here’s the breakdown of overall activity.
|
|
TOTAL |
DETACHED |
ATTACHED |
|
# Sold |
141 (up 7%) |
121 (up 9%) |
20 (down 5%) |
|
Average $ |
$311.617 (up 4%) |
$340,556 (up 3%) |
$136,532 (no change) |
|
Days on Market |
80 |
71 |
133 |
|
Sale Price/List Price |
98% |
98% |
98% |
There were 214 Escondido homes (30% of all active properties) on the market with a Contingent status, i.e., short sale or REO homes that have offers being considered by lenders. These are included in the statistics below.
At the end of November 2011 there were 711 Escondido homes for sale, about 6% fewer homes than in October, the 4th month of decline although small. This represents an inventory of 4.9 months for attached homes (up from 4.5 months in October) and 4.8 months for detached homes (down from 5.2 months in October), based on the current rate of sales over the last 6 months. Thus the market remains tight for buyers.
READ MORE: How Important is Inventory when Buying or Selling? Very!!
In November 163 homes came on the market, 18% fewer than newly listed homes in October, the 2nd month of decline; the number of homes going pending (118) also decreased 11% from October pendings (132).
I am happy to provide more information about current real estate activity in the Escondido real estate market and answer any questions that you may have about current market conditions.
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READ MORE:
Escondido Homes for Sale | Escondido Real Estate Market Report for October 2011
Escondido Homes for Sale | Escondido Real Estate Market Report for September 2011
Escondido Homes for Sale | Escondido Real Estate Market Report for August 2011
Escondido Homes for Sale | Escondido Real Estate Market Report for July 2011
Escondido Homes for Sale | Escondido Real Estate Market Report for June 2011
Escondido Homes for Sale | Escondido Real Estate Market Report for May 2011
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