What’s the Value of my Escondido Home?
Escondido Homes Sales in October 2017
Escondido is an inland San Diego County community, about 17 miles from the coast and just east of San Marcos.
It’s important for buyers and sellers in the Escondido housing market to understand recent trends and current local market conditions in order to make informed decisions about buying and selling Escondido homes.
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 and manufactured homes). The data are believed to be reliable at the time this report was written but are not guaranteed.
In October 2017 there were 161 homes sold in Escondido, an increase of 15% from last month. Average sale prices decreased modestly for attached and detached homes. Buyers were able to negotiate, on average, 3 - 4% off sales price; however, 27% of the homes sold for asking price or more. 16% of the transactions were cash, compared to 14% last month. Days on market decreased slightly for single family detached homes but increased for attached homes.
Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
161 (up 15%), 32 Days on Market, Ave. Sales Price $521,805 (down 4%) Ave. sale 96% of asking price,
Detached Homes Sold
133 (up 11%), 31 Days on Market, Ave. Sales Price $564,528 (down 3%), Ave. sale 96% of asking price
Attached Homes Sold
28 (up 40%), 33 Days on Market, Ave. Sales Price $318,875 (up 2%), Ave. sale 97% of asking price
The MEDIAN price of the detached homes sold was $515,000 (no change), with $282,000 (down 10%) for attached homes compared to last month's sales.
There were 15 Escondido homes (5% of all active properties) on the market with a Contingent status (i.e., in most cases these are short sale or REO homes that have offers being considered by lenders), versus 13 last month and more than likely many of the same homes still awaiting approval. These are included in the statistics below.
At the end of October there were 303 homes for sale in Escondido, a slight decrease in inventory by 1% from last month (306). This represents an inventory of less than 1 month for attached properties (down from 1.1 months last month), and 1.8 months for detached homes (the same as last month), based on the current rate of sales over the last 6 months. The market remains very competitive for buyers, and is a very strong seller’s market based on inventory levels, especially for buyers of attached homes (condos, townhomes).
In October 179 homes came on the market, a slight increase in new listings by 1% from last month. In contrast the number of homes going pending (130), excluding homes that closed escrow, declined by 22% from September 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, as well as to assist you with the purchase OR sale of a home in Escondido. Please contact me at (760) 840-1360 so we can find the best time to get together!
SEARCH FOR ESCONDIDO HOMES FOR SALE
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What’s my Escondido Home Worth? Escondido Real Estate in September 2017
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