What’s the Value of My Escondido Home?
Escondido Real Estate Market in March 2020
Escondido is an inland community in North San Diego County, about 20 miles from the beaches, depending on your route, 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 for sale.
READ MORE:
A Tour of Escondido – A Diverse Inland San Diego Community
The following data are taken from the 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.
A total of 167 homes sold in March, a significant jump in sales by 28% from last month. Here’s the breakdown of activity.
Detached Homes Sold
139 (up 30%), 39 Days on Market, Average Sales Price $663,092 (up 2%), Average sales price was 99% of original asking price
Attached Homes (condos, town homes) Sold
28 (up 22%), 27 Days on Market, Average Sales Price $322,246 (no change), Average sales price was 98% of original asking price
Overall home sales in March rose substantially, and especially for detached home sales. The average sales price rose slightly for detached homes, but did not shift for attached homes compared to February prices.
While buyers were able to negotiate an average of 1 - 2% off the original list price, more than half (56%) of the home buyers paid full price or more for their homes, which is likely due to competitive bidding in many cases. 7% of the Escondido home buyers paid cash for their homes. Average marketing time was several days shorter for detached single family homes but was significantly longer for attached home sales!
The MEDIAN sales price of the detached homes sold was $615,000 (down 4%), and $300,000 (down 4%) for attached homes compared to last month.
There were 12 Escondido homes on the market with a Contingent status (i.e., in some cases these are short sale or REO homes that have offers being considered by lenders but others are first right of refusals), versus 18 last month; 4 are short sales and the rest are first right of refusals. These are included in the statistics below.
At the end of March there were 226 homes for sale in Escondido, up by 5% from last month. This represents an inventory of only 1.3 months for attached properties (rising from 1 month last month), and 1.6 months for detached homes (the same as the last 2 months), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In March 175 homes came on the market, 9% fewer new listings than in February which was still good news for buyers with 6 homes listed per day. Similarly, the number of homes going pending (103), excluding homes that closed in March, was 27% lower than in February.
I am happy to provide more information about current real estate activity in the Escondido real estate market, specific zip codes, and neighborhoods that interest you, and answer any questions about the current market conditions, as well as to assist you with the purchase and/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 discuss your particular housing needs, lifestyle, and budget, then plan a strategy for you to buy your new Escondido home in 2020!
And if you are planning to sell your home, I will provide you with a market value and equity analysis, and discuss your timing and plans so we can create the right strategy to get your home sold quickly and for the best price, terms and conditions.
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READ MORE:
What’s my Escondido Home Worth? Escondido Real Estate in February 2020
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