What’s my Escondido Home Worth?
Escondido Real Estate Market in August 2015
Escondido is an inland community, about 17 miles from the coast just east of San Marcos. Like its neighbors, San Marcos, Vista and Oceanside, Escondido’s real estate market has shifted in the last couple of years in a much more positive direction following the downturn.
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 do not provide an accurate picture of the local Escondido real estate market nor how it impacts buyers and sellers.
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 August 2015 there were 172 homes sold in Escondido, a substantial decrease in sales volume by 21% from last month. Average sale prices decreased modestly for detached homes, but increased for attached. Buyers were able to negotiate, on average, 4 - 6% off sales price; some homes sold for over asking price. 16% of the transactions were cash, compared to 13% last month. Average marketing time decreased modestly overall.
Here’s the breakdown of overall activity:
TOTAL HOMES SOLD
172 (down 21%), 46 Days on Market, Ave. Sales Price $468,971 (down 3%), Ave. sale 96% of asking price
Detached Homes Sold
148 (down 18%), 45 Days on Market, Ave. Sales Price $501,730 (down 5%), Ave. sale 96% of asking price
Attached Homes Sold
24 (down 35%), 52 Days on Market, Ave. Sales Price $266,957 (up 3%), Ave. sale 94% of asking price
The MEDIAN price of the detached homes sold was $467,500 (down 2%), with $269,000 (up 2%) for attached.
There were 49 Escondido homes (12% 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 August 2015 there were 405 homes for sale in Escondido, down by 6% from last month, not a surprise for the late summer. This represents an inventory of 1.3 months for attached properties (down from 1.8 months last month), and 2.4 months for detached homes (down from 2.6 months last month), 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 August 164 homes came on the market, down by 32% from last month. The number of homes going pending (148), excluding homes that closed escrow, also decreased, by 4%, from July 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:
What’s my Escondido Home Worth? Escondido Real Estate in July 2015
Comments(2)