What’s the Value of my Escondido Home?
Escondido is an inland community, about 17 miles from the coast and just east of San Marcos.
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.
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A Tour of Escondido – A Diverse Inland San, Diego Community
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 November 2016 there were 173 homes sold in Escondido, an increase in sales volume by 3% from last month, a contrast to a number of other nearby communities. Average sale prices decreased across the board. Buyers were able to negotiate, on average, 4 - 5% off sales price; however, 28% of the homes sold for asking price or more. 8% of the transactions were cash, compared to 14% last month. Days on market increased slightly for both detached and attached homes.
Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
173 (up 3%), 41 Days on Market, Ave. Sales Price $488,652 (down 7%), Ave. sale 95% of asking price,
Detached Homes Sold
145 (up 2%), 42 Days on Market, Ave. Sales Price $533,359 (down 3%), Ave. sale 96% of asking price
Attached Homes Sold
28 (up 8%), 33 Days on Market, Ave. Sales Price $257,135 (down 9%), Ave. sale 96% of asking price
The MEDIAN price of the detached homes sold was $505,000 (down 1%), with $238,000 (down 21%) for attached.
There were 23 Escondido homes (5% 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, down by 8 (26%) from October. These are included in the statistics below.
At the end of November there were 450 homes for sale in Escondido, an increase by 10% from last month, a contrast to a number of North San Diego County communities. This represents an inventory of 1.2 months for attached properties (down from 1.6 months last month), and 2.8 months for detached homes (up from 2.5 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).
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How Important is Inventory when Buying or Selling? Very!!
In November 137 homes came on the market, down 26% from last month. The number of homes going pending (143), excluding homes that closed escrow, also decreased, by 7%, from October 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.
SEARCH FOR ESCONDIDO HOMES FOR SALE
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What’s my Escondido Home Worth? Escondido Real Estate in October 2016
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