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What’s my Escondido Home Worth? Escondido Real Estate Market July 2020

By
Real Estate Agent with eXp Realty of California, Inc. CA DRE #01490977

What’s the Value of my Escondido Home?

Escondido Home Sales for July 2020

 

California Center for the Arts in Escondido CAEscondido 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 198 homes sold in July, an increase by 6% from last month despite the pandemic, and a similar trend seen in other communities. Here’s the breakdown of activity.

 

Detached Homes Sold
163 (no change), 35 Days on Market, Average Sales Price $730,355 (up by 12%), Average sales price was 98% of original asking price

 

Attached Homes (condos, town homes) Sold
35 (up 52%), 24 Days on Market, Average Sales Price $353,430 (down 3%), Average sales price was 99% of original asking price

 

Home sales in July rose, mostly due to the significant increase in attached home sales while detached home sales remained at the same level. The average sales price was higher for detached homes, but declined for attached homes compared to June prices.

 

While buyers were able to negotiate an average of 1 - 2% off the original list price, over half (52%) of the home buyers paid full price or more for their homes, despite the pandemic, no doubt due to competitive bidding. 11% of the Escondido home buyers paid cash for their homes. While the average marketing time was modestly longer for both detached single family homes and attached home sales, many buyers still made quick decisions; 41% of the homes went pending in 1 week or less!

 

Escondido homes 

 

The MEDIAN sales price of the detached homes sold was $650,000 (up 11%), and $365,000 (down 3%) for attached homes compared to last month.

 

There were 5 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), compared to 14 last month; 1 is a short sale and the rest are first right of refusals. These are included in the statistics below.

 

At the end of July there were 143 homes for sale in Escondido, down 23% from last month, the 3rd decline. This represents an inventory of less than 1 month for attached properties (dropping from 1.5 months last month), and less than 1 month for detached homes (down from 1.4 months last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market despite the pandemic and became even more competitive in July.

 

In July 191 homes came on the market, 6 fewer than in June, despite the pandemic, but good news for buyers with an average of 6 homes listed per day. In contrast the number of homes going pending rose in July, from 175 to 205 (up 17%); both buyers and sellers were active in the Escondido housing market during July.

 

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 personal 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.

 

Be aware there are specific recommendations in place to help keep everyone safe for showings, and some new procedures as the result of the SIP Order that impacts the buying and selling process in our area. I am happy to share this valuable information with you and answer any questions about what this means for buyers and sellers, and what to expect when buying or selling a home in today’s housing market.

 

SEARCH FOR ESCONDIDO HOMES FOR SALE

 

READ MORE:

What’s my Escondido Home Worth? Escondido Real Estate in June 2020

Posted by

Jeff Dowler, CRS
Certified Residential Specialist / Realtor®


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Comments (13)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Jeff. Pandemics and local politics cannot derail California real estate. Enjoy your day!

Aug 17, 2020 05:19 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Good Morning Jeff and I am sure you are getting plone calls to see what the home has gone up to since they purchase.

 

Aug 17, 2020 07:49 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Escondido home buyers and sellers are sure to value your real estate market report, Jeff!

Aug 17, 2020 09:34 AM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I always enjoy reading your thoughts and updates...

I hope you have a great weekend planned  Jeff...

Aug 21, 2020 11:03 PM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Jeff Dowler, CRS - I never spent any time in Escondido but I know that the information you provide to your buyers and sellers will help them with their real estate decisions.  You are the " Southern California Relocation Dude" and an expert in the North San Diego County community of Escondido.

Aug 23, 2020 09:29 AM