Escondido Homes for Sale - What Happened in the Escondido Real Estate Market in November 2013?

Escondido Homes for Sale - What Happened in the Escondido Real Estate Market in November 2013?

Escondido is an inland community, about 17 miles from the coast and just east of 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, although that has shifted in the last year in a positive direction.

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 about Escondido homes for sale; 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 at the time this report was written but are not guaranteed.

In November 2013 there were 123 homes sold in the Escondido real estate market, down 13% from last month. Average sale prices increased slightly for detached homes but decline modestly for attached. Buyers were able to negotiate, on average, 1 - 2% off sales price; a number of homes sold for over asking price, by as much as 31%, while others sold for as much as 6% below list price. 23% of the transactions were cash and 11% were short sales.

Here’s the breakdown of overall activity.

The MEDIAN price of the detached homes sold was $410,000 (no change), with $175,000 (up 9%) for attached.

There were 92 Escondido homes (25% 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 2013 there were 369 Escondido homes for sale, down 8% from last month. This represents an inventory of 2.6 months for attached homes (up from 2.4 last month), and 2.4 months for detached homes (the same as in October),based on the current rate of sales over the last 6 months.  The market remains very competitive for buyers, and is a strong seller’s market based on inventory levels.

READ MORE: 

How Important is Inventory when Buying or Selling? Very!!

In November 137 homes came on the market, 21% fewer than the number of new listings in October, another decline. However, the number of homes going pending (107), excluding homes that closed escrow, increased, by 7%, from October 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 November have about current market conditions.

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READ MORE:

Escondido Homes for Sale – What Happened in the Escondido Real Estate Market in October 2013?

Escondido Homes for Sale – What Happened in the Escondido Real Estate Market in September 2013?

Escondido Homes for Sale – What Happened in the Escondido Real Estate Market in August 2013?