What’s the Value of My Escondido Home?
It’s important for buyers and sellers in the Escondido housing market to understand recent trends and current market conditions in order to 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.
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 2016 there were 178 homes sold in Escondido, an increase in sales volume by 3% from last month, in contrast to a number of other nearby communities. Average sale prices increased across the board. Buyers were able to negotiate, on average, 4 - 5% off sales price; however, 23% of the homes sold for asking price or more. 12% of the transactions were cash, compared to 8% last month. Days on market increased for both detached and attached homes.
Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
178 (up 3%), 47 Days on Market, Ave. Sales Price $500,781 (up 2%), Ave. sale 95% of asking price,
Detached Homes Sold
150 (up 3%), 49 Days on Market, Ave. Sales Price $540,713 (up 1%), Ave. sale 96% of asking price
Attached Homes Sold
28 (no change), 36 Days on Market, Ave. Sales Price $286,858 (up 12%), Ave. sale 95% of asking price
The MEDIAN price of the detached homes sold was $482,500 (down 5%), with $286,658 (up 20%) for attached.
There were 21 Escondido homes (5% 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, down by 2 (9%) from November. These are included in the statistics below.
At the end of December there were 248 homes for sale in Escondido, a dramatic decline in inventory by 45% from last month. This represents an inventory of less than 1 month for attached properties (down from 1.2 months last month), and 1.3 months for detached homes (down from 2.8 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, especially for buyers of attached homes (condos, townhomes).
In December 127 homes came on the market, down 7% from last month. The number of homes going pending (142), excluding homes that closed escrow, also decreased but only slightly, by 1 (down 1%), 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.