Escondido Homes for Sale
What Happened in the Escondido Real Estate Market in January 2014?
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 real estate market in Escondido, understanding recent trends and current market conditions is essential so you can make informed decisions about buying and selling Escondido homes; media reports focus on general market conditions and therefore will not provide an accurate picture of the local Escondido real estate market.
READ MORE:
ATour 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 January 2014 there were 83 homes sold in the Escondido real estate market, 34% fewer than last month. Average sale prices also decreased for detached homes but did not shift for attached. Buyers were able to negotiate, on average, 3% off sales price; a number of homes sold for over asking price, by as much as 19%, while others sold for as much as 14% below list price. 25% of the transactions were cash and 14% were short sales.
Here’s the breakdown of overall activity.
|
|
TOTAL |
DETACHED |
ATTACHED |
|
# Sold |
83 (down 34%) |
68 (down 31%) |
15 (down 42%) |
|
Average $ |
$397,188 (down 2%) |
$434,804 (down 4%) |
$226,666 (no change) |
|
Days on Market |
52 |
51 |
58 |
|
Sale Price/List Price |
97% |
97% |
97% |
The MEDIAN price of the detached homes sold was $392,500 (down 6%), with $238,000 (up 3%) for attached.
There were 75 Escondido homes (22% 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 2014 there were 346 homes for sale in Escondido, down 2% from last month, another decline, although modest. This represents an inventory of 2.5 months for attached properties (the same as last month), and 2.7 months for single family detached homes (up from 2.4 months in December), 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:
HowImportant is Inventory when Buying or Selling? Very!!
In January 195 homes came on the market, almost double the number of new listings in December (up 93%). Similarly, the number of homes going pending (119), excluding homes that closed escrow, increased by 35% from December 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 January 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 2013?
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 October 2013?
Comments(1)