Escondido Homes for Sale
What Happened in the Escondido Real Estate Market in December 2014?
Escondido is an inland community, about 17 miles from the coast, just east of San Marcos. Like neighboring San Marcos, Vista and Oceanside, Escondido has seen fairly significant changes in the real estate market with a large number of short sales and foreclosures, although that has shifted in the last 2 year2 in a much more positive direction.
As a buyer or seller in the housing 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 do not provide an accurate picture of the local Escondido real estate market.
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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 December 2014 there were 131 homes sold in Escondido, 31% more than last month. Average sale prices increased for detached homes but rose for attached. Buyers were able to negotiate, on average, 6 - 7% off sales price; a number of homes sold for over asking price. 15% of the transactions were cash, compared to 15% in November.
Here’s the breakdown of overall activity.
|
|
TOTAL |
DETACHED |
ATTACHED |
|
# Sold |
132 (up 31%) |
110 (up 26%) |
22 (up 61%) |
|
Average $ |
$429,271 (down 6%) |
$461,209 (down 6%) |
$262,477 (up 23%) |
|
Days on Market |
50 |
48 |
86 |
|
Sale Price/List Price |
94% |
94% |
93% |
The MEDIAN price of the detached homes sold was $416,000 (down 7%), with $272,000 (up 30%) for attached.
There were 47 Escondido homes (13% 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 December 2014 there were 354 homes for sale in Escondido, down by 14% from last month, another decrease. This represents an inventory of only 2.5 months for attached properties (up from 1.6 last month), and 2.6 months for detached homes (up from 1.8 months in November), 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.
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How Important is Inventory when Buying or Selling?Very!!
In December 113 homes came on the market, down 18% from last month. The number of homes going pending (107), excluding homes that closed escrow, also decreased, by 7% from November 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 November 2014?
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