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