What’s my Escondido Home Worth?
Escondido Real Estate Market in January 2016
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 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.
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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 January 2016 there were 86 homes sold in Escondido, a significant decrease in sales volume by 41% from last month. Average sale prices increased for detached homes but declined for attached homes. Buyers were able to negotiate, on average, 2 - 4% off sales price; some homes sold for over asking. 9% of the transactions were cash, compared to 14% last month. Days on market increased modestly for detached single family homes but decreased for attached.
Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
86 (down 41%), 41 Days on Market, Ave. Sales Price $484,571 (up 9%), Ave. sale 98% of asking price
Detached Homes Sold
73 (down 38%), 44 Days on Market, Ave. Sales Price $525,983 (up 8%), Ave. sale 98% of asking price
Attached Homes Sold
13 (down 54%), 25 Days on Market, Ave. Sales Price $252,030(down 8%), Ave. sale 96% of asking price
The MEDIAN price of the detached homes sold was $465,000 (up 2%), with $263,000 (up 1%) for attached.
There were 35 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, the same in November. These are included in the statistics below.
At the end of January 2015 there were 284 homes for sale in Escondido, down by 3% from last month, the 6th month of inventory decline, a trend we have seen in some other North County communities in January. This represents an inventory of 1.5 months for attached properties (up from 1.4 months last month), and 2.2 months for detached homes (up from 1.9 months last months), 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 January 169 homes came on the market, up 61% from last month. The number of homes going pending (125), excluding homes that closed escrow, also increased, by 87%, 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 may have about current market conditions.
SEARCH FOR ESCONDIDO HOMES FOR SALE
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What’s my Escondido Home Worth? Escondido Real Estate in December 2015
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