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Escondido Homes for Sale - What Happened in the Escondido Real Estate Market in September 2012?

By
Real Estate Agent with eXp Realty of California, Inc. CA DRE #01490977

Escondido Homes for Sale - What Happened in the Escondido Real Estate Market in September 2012?

 

Escondido Homes for SaleEscondido 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.

 

As a buyer or seller interested in Escondido homes for sale, understanding recent trends and current market conditions is essential so you can make informed decisions about buying and selling; media reports focus on general market conditions and therefore will not provide an accurate picture of the local Escondido real estate market.

 

READ MORE: A Tour of Escondido – A Diverse Inland San Diego Community

 

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 September 2012 there were 132 homes sold in the Escondido real estate market, down a whopping 31% from August sales. In contrast average sale prices increased modestly after last month’s decrease. Buyers were able to negotiate, on average, about 2% off sales price and a number of homes sold for over asking price.

 

Here’s the breakdown of overall activity.

 

 

TOTAL

DETACHED

ATTACHED

# Sold

132 (down 31%)

115 (down 31%)

17 (down 29%)

Average $

$343,548 (up 7%)

$370,653 (up 7%)

$160,188 (up 21%)

Days on Market

58

47

131

Sale Price/List Price

98%

98%

98%

 

There were 236 Escondido homes (51% 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.

 

Contemporaary condos in downtown Escondido CA

 

At the end of September 2012 there were 466 Escondido homes for sale, up 4% over August new listings, the second month of increased inventory. This represents an inventory of 2.3 months for attached homes (down from 3.4 months in August), and only 2.5 months for detached homes (up from 2.4 months in August), based on the current rate of sales over the last 6 months.  The market remained about the same for buyers of detached homes but tightened further for those interested in attached homes, and overall may be described as a seller’s market by traditional standards.

 

READ MORE:   How Important is Inventory when Buying or Selling? Very!!

 

We saw a modest drop off in new listings - in September 176 homes came on the market, down 7% from the number of new listings in August. The number of homes going pending (127) also decreased, by 22%, from August pendings.

 

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 August 2012?

 

Escondido Homes for Sale – What Happened in the Escondido Real Estate Market in July 2012?

 

Escondido Homes for Sale – What Happened in the Escondido Real Estate Market in June 2012?

Posted by

Jeff Dowler, CRS
Certified Residential Specialist / Realtor®


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Comments (11)

William Johnson
Retired - La Jolla, CA
Retired
Hi Jeff,a great report and is so encouraging to the Sellers who will be bringing their homes to fill the inventory. As the prices start to edge up, even while inventory is down temporarily, we are getting back to true competitive market and they should serve both Buyer and Seller well with the increasing values.
Oct 16, 2012 04:45 PM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Jeff, still amazed that over 40% of the active properties are contingent properties in Escondido...as you work through the housing mess...such a difference from my area still.

Oct 16, 2012 09:05 PM
Brian Kuhns
Coldwell Banker Roth Wehrly Graber - Fort Wayne, IN
Fort Wayne Real Estate by Brian Kuhns

Great report Jeff. Looks like Escondido sellers are coming to market to take advantage of the rising sales prices. We struggle here with declining inventory during the upcoming winter months

Oct 16, 2012 10:45 PM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Jeff, the increase in sales prices and and almost (98%) getting full value should be encouraging to sellers. Nice Report!

Oct 16, 2012 10:46 PM
Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience

Jeff-Lower inventory levels looks like it helped increase prices slightly? This is why buyers and sellers need to seek experienced advise to figure out if this a trend a bump. Well done. 

Oct 16, 2012 11:06 PM
Kevin Mackessy
Blue Olive Properties, LLC - Highlands Ranch, CO
Dedicated. Qualified. Local.

Well written report.  Glad to see other local markets are on the rise.  

Oct 17, 2012 03:44 AM
Jon Kolsky
Kolsky Realty & Management - Long Beach, CA
Licensed California Real Estate Broker

Jeff~ just checking in and want to say "looks good over there," great real estate information is worth printing, thanks for doing it....

Oct 17, 2012 05:11 AM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Jeff - As always, this is great information for Escondido buyers and sellers to better understand the realities of the market.

Oct 17, 2012 12:21 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

William

Well I think you are right. Now is a great opportunity given prices and rates, but after we get through the holidays I think the market is going to heat up some more, with improving inventory.

Jeff

Oct 17, 2012 02:43 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Ginny - well the good news is that despite the number of short sales (and some REOs) there they are selling and we are working through the market of distressed properties. There ARE some great opportunities.

Brian - well our inventory is pretty low given the past few years and I suspect it will drop even lower during the holidays.

Jeff

Oct 17, 2012 02:45 PM
Kim Carlson 480-993-9384
www.NowSellingAZHomes.com - Mesa, AZ
Valley of the Sun Realtor, Seller Specialist

Congratulations on your Community listings. Best wishes on a successful closing!

Nov 01, 2012 01:35 AM