What’s the Value of my Escondido Home?
Buyers and sellers in the Escondido housing market should understand recent trends and current market conditions in order to make informed decisions about buying and selling Escondido homes; media reports focus on general market conditions and do not provide an accurate picture of the local Escondido real estate market nor how it impacts buyers and sellers.
The following data are taken from the San Diego MLS (private sales are not included in these statistics, nor are multifamily properties or mobile/manufactured homes). The data are believed to be reliable at the time this report was written but are not guaranteed.
In September 2016 there were 155 homes sold in Escondido, a decrease in sales volume by 10% from last month. Average sale prices decreased for detached homes but rose modestly for attached homes. Buyers were able to negotiate, on average, 2 - 3% off sales price; however, 32% of the homes sold for asking price or more. 10% of the transactions were cash, compared to 9% last month. Days on market decreased slightly for both detached and attached homes.
Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
155 (down 10%), 36 Days on Market, Ave. Sales Price $481,776 (down 3%), Ave. sale 98% of asking price,
Detached Homes Sold
123 (down 12%), 39 Days on Market, Ave. Sales Price $530,946 (down 3%), Ave. sale 97% of asking price
Attached Homes Sold
32 (down 9%), 26 Days on Market, Ave. Sales Price $292,780 (up 6%), Ave. sale 101% of asking price
The MEDIAN price of the detached homes sold was $476,000 (down 6%), with $311,000 (up 12%) for attached.
There were 30 Escondido homes (7% of all active properties) on the market with a Contingent status, i.e., short sale or REO homes that have offers being considered by lenders, 7% more than in August. These are included in the statistics below.
At the end of September there were 439 homes for sale in Escondido, a slight drop b y 1% from last month. This represents an inventory of 1.7 months for attached properties (up from 1.4 months last month), and 2.7 months for detached homes (down from 2.8 months last months), based on the current rate of sales over the last 6 months. The market remains very competitive for buyers, and is a strong seller’s market based on inventory levels, especially for buyers of attached homes (condos, townhomes).
In September 244 homes came on the market, down 10% from last month. The number of homes going pending (183), excluding homes that closed escrow, however increased, by 3%, from August pendings.
I am happy to provide more information about current real estate activity in the Escondido real estate market and answer any questions that you may have about current market conditions.