What’s the Value of my Escondido Home?
Escondido Real Estate Market in October 2021
Escondido is an inland community in North San Diego County, approximately 20 miles from the beaches, 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 derived 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 compiled but are not guaranteed.
A total of 186 homes sold in October, 7% fewer than last month. Here’s the breakdown of activity:
Single Family Homes Sold
142 (down 16%); 18 Average Days on Market; Average Sales Price $886,582 (up 4%); Average Sales Price was 102% of original asking price
Condos, Townhomes & Duplexes Sold
44 (up 52%); 11 Average Days on Market; Average Sales Price $422,102 (down 1%); Average sales price was 101% of original asking price
Overall home sales in October were lower than last month, with a decline in single family sales sold but a significant increase in condo, townhome and duplex sales. The average sales price increased modestly for single family homes, but was slightly lower for condos, townhomes and duplexes compared to last month. Days on market increased by 2 days for single family homes, but was several days shorter for condos, townhomes and twinhomes.
Sales prices ranged from $266,500 to $2,025,000.
While some buyers were successful in negotiating their purchase prices down from the original list price, the majority of home buyers (72%) paid list price or more for their new homes, about the same a last month and a good indication of competition.
Plenty of buyers made quick decisions about seeing homes and making their offers, with 38% of the homes going pending in 1 week or sooner.
The median sales price of the single family homes that sold was $791,000 (no change), and $395,000 (down 2%) for condos, townhomes and duplexes as compared to last month.
There were 24 Escondido homes on the market with an Active Under Contract status compared to 11 last month. These are included in the statistics below.
At the end of October there were 125 homes for sale in Escondido, an 8% decline from last month, and the 3rd consecutive drop in inventory. Home prices range from $300,000 to $27,500,000 (a 290 acre property with orchards and multiple buildings). This represents an inventory of only 14 days for condos, townhomes and duplexes (but up from 7 days last month), and 19 days for single family detached homes (down from 21 days last month), based on the current rate of sales over the last 3 months. Buyers continue to face a very strong seller’s market in Escondido.
161 homes came on the market in October, 3 more than last month, an average of 5+ new listings each day. In contrast the number of homes going pending decreased in October (excluding those homes that sold that month) to 136, down 13%. It was an active month of buying and selling in Escondido!
I’m pleased to provide more details about current real estate activity in the Escondido real estate market, specific zip codes, and neighborhoods that interest you, and to answer your questions about the current market conditions. I can also assist you with the purchase and/or sale of a home in Escondido.
Please contact me at (760) 840-1360 so we can discuss your specific housing needs, lifestyle, and budget, then plan a strategy to buy your new Escondido home when the timing is right for you!
And if you are planning to sell your Escondido home, I will provide you with a market value and equity analysis, and we can discuss your specific plans and timing and then create a plan to get your home sold quickly for the best price, terms, and conditions.
SEARCH FOR ESCONDIDO HOMES FOR SALE
READ MORE:
What’s my Escondido Home Worth? Escondido Real Estate in September 2021
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