What’s the Value of my Escondido Home?
Escondido Real Estate Market in January 2022
Escondido is an inland North San Diego County community, about 20 miles from the beaches, and east of San Marcos and Fallbrook.
It’s essential that buyers and sellers in the Escondido housing market understand current local market conditions so they can make educated 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.
116 homes sold in January, 25 fewer than last month and another decline in sales. Here’s the breakdown of activity:
Single Family Homes Sold
87 (down by 33%); 13 Average Days on Market; Average Sales Price $917,487 (up by 3%); Average Sales Price was 104% of original asking price
Condos, Townhomes & Duplexes Sold
29 (up by 4); 11 Average Days on Market; Average Sales Price $438,881 (no change); Average sales price was 105% of original asking price
Overall home sales in January were lower than last month, due to a significant drop in single family sales but a modest increase in condo, townhome and duplex sales. The average sales price increased slightly for single family homes, but did not shift appreciably for condos, townhomes and duplexes, compared to last month.
The days on the market (DOM) was 4 days shorter for single family homes at 13 days, and 2 days longer for condos, townhomes and twinhomes, at 11 days. Sales prices ranged from $238,000 to $2,540,000.
Some buyers negotiated their purchase prices down from original asking price. However, the majority (84%) paid full price and higher for their new homes, even more than last month. No doubt continuing buyer demand and competition due to low supply are fueling these offers.
The data reveal that plenty of buyers decided quickly about seeing homes and making successful offers, with 59% of the homes going pending in 1 week or less.
The median sales price of the single family homes that sold was $785,000 (no appreciable change) and $430,000 (up 6%) for condos, townhomes and duplexes versus last month.
There were 4 Escondido homes on the market with an Active Under Contract status compared to 5 last month. These are included in the statistics below.
At the end of January there were 72 homes for sale in Escondido, a 20% increase from last month following multiple monthly declines in inventory. Home prices range from $299,000 to $27,500,000 (for a 290 acre property with an orchard and multiple buildings).
This represents an inventory of only 6 days for condos, townhomes and duplexes (up from 3 days last month) with only 5 listings as of this writing. There is a supply of 16 days for single family detached homes (up from 12 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 in particular for condos, townhomes and duplexes.
137 homes came on the market in January, 63% more new listings than last month which is good news. Similarly, the number of homes going pending increased by 44% in January (excluding homes that sold in January) to 127. It was an active month of selling and buying in Escondido!
I’m happy to share more detailed information about current real estate activity in the Escondido housing market, in specific zip codes, and for neighborhoods that interest you, and to answer your questions about the local 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 particular housing needs, lifestyle, and budget, then plan a strategy to buy your new Escondido home when the timing is right for you!
If you are planning to sell your home in Escondido, I will provide a market value and equity analysis, and we can discuss your specific plans and timing. With that information we can create a plan to get your home sold quickly for the best price, terms, and conditions.
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READ MORE:
What’s my Escondido Home Worth? Escondido Real Estate in December 2021
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