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 January 2017 there were 123 homes sold in Escondido, a significant decrease in sales volume by 31% from last month, a pattern we saw in other nearby communities. Average sale prices increased modestly across the board. Buyers were able to negotiate, on average, 1 - 6% off sales price; however, 32% of the homes sold for asking price or more. 11% of the transactions were cash, compared to 12% last month. Days on market increased for detached homes but decreased for attached.
Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
123 (down 31%), 53 Days on Market, Ave. Sales Price $540,386 (up 8%), Ave. sale 95% of asking price,
Detached Homes Sold
103 (down 31%), 57 Days on Market, Ave. Sales Price $588,388 (up 9%), Ave. sale 94% of asking price
Attached Homes Sold
20 (down 29%), 33 Days on Market, Ave. Sales Price $293,175 (up 2%), Ave. sale 99% of asking price
The MEDIAN price of the detached homes sold was $505,000 (up 5%), with $300,000 (up 5%) for attached.
There were 17 Escondido homes (7% 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 4 (20%) from December. These are included in the statistics below.
At the end of January there were 240 homes for sale in Escondido, a decline in inventory by 10% from last month, following a significant drop in inventory from November to December. This represents an inventory of less than 1 month for attached properties (the same as last month), and 1.6 months for detached homes (up from 1.3 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 January 179 homes came on the market, a significant increase in new listings by 41% from last month – good news for buyers. In contrast the number of homes going pending (129), excluding homes that closed escrow, decreased by 10% from December pendings.
I am happy to provide more information about current real estate activity in the Escondido real estate market, specific zip codes, and neighborhoods, and answer any questions that you may have about current market conditions.