What Happened in the Escondido Real Estate Market in January 2012?
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 January 2011 there were 101 homes sold in the Escondido real estate market, down 34% from December. Sales dropped fairly significantly as we have seen in other communities; average sale prices also decline but modestly. Buyers were able to negotiate, on average, about 4% off sales price.
Here’s the breakdown of overall activity.
|
|
TOTAL |
DETACHED |
ATTACHED |
|
# Sold |
101 (down 34%) |
84 (down 35%) |
17 (down 29%) |
|
Average $ |
$317,138 (down 5%) |
$354,475 (down 4%) |
$132,647 (down 1%) |
|
Days on Market |
98 |
107 |
53 |
|
Sale Price/List Price |
96% |
96% |
96% |
There were 236 Escondido homes (33% 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 January 2011 there were 657 Escondido homes for sale, about 6% more homes than in December, in contrast to the drop in inventory we saw for many communities in January. This represents an inventory of 4.1 months for attached homes (up from 3.7 months in December) and 4.8 months for detached homes (up from 4.2 months in December), based on the current rate of sales over the last 6 months. Thus the market remains tight for buyers but loosened up a bit.
READ MORE: How Important is Inventory when Buying or Selling? Very!!
In January 242 homes came on the market, a whopping 90% increase from December…good news for Escondido home buyers following 3 months of declining inventory. The number of homes going pending (132) also increased, by 32%, from December pendings (100), a good sign for the Escondido real estate market.
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.
SEARCH FOR ESCONDIDO HOMES FOR SALE
READ MORE:
Escondido Homes for Sale – What Happened in the Escondido Real Estate Market in December 2011?
Escondido Homes for Sale – What Happened in the Escondido Real Estate Market in November 2011?
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
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