What’s the Value of My Escondido Home?
Escondido Real Estate Market in December 2017
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.
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 December 2017 there were 136 homes sold in Escondido, an increase of 5 % from last month, a contrast to a number of North County San Diego communities. Average sale prices decreased modestly for detached homes, but rose for attached. Buyers were able to negotiate an average of 1 - 3% off their sales price; however, 42% of the homes sold for asking price or more. 17% of the transactions were cash, compared to 13% last month. Days on market dropped below a month for single family detached homes but did not shift for attached homes.
Here’s the breakdown of overall activity:
TOTAL HOMES SOLD
143 (up 5%), 39 Days on Market, Ave. Sales Price $546,942 (no change) Ave. sale 97% of asking price,
Detached Homes Sold
118 (up 7%), 42 Days on Market, Ave. Sales Price $588,936 (down 2%), Ave. sale 97% of asking price
Attached Homes Sold
25 (down 7%), 29 Days on Market, Ave. Sales Price $348,732 (up 6%), Ave. sale 99% of asking price
The MEDIAN price of the detached homes sold was $554,000 (up 1%), with $353,000 (up 20%) for attached homes compared to last month.
There were 9 Escondido homes (4% 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 19 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 December there were 218 homes for sale in Escondido, another decrease in inventory, by 24% from last month (286). This represents an inventory of less than 1 month for attached properties (the same as the last 2 months), and 1.7 months for detached homes (down from 1.8 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 very strong seller’s market based on inventory levels, especially for buyers of attached homes (condos, townhomes).
In December 106 homes came on the market, a decrease in new listings by 33% from last month. Similarly, the number of homes going pending (98), excluding homes that closed escrow, declined by 21% from November 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 and plan a strategy!