What’s the Value of my Escondido Home?
Escondido Home Sales in September 2017
Escondido is an inland community, about 17 miles from the coast 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.
READ MORE:
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 and manufactured homes). The data are believed to be reliable at the time this report was written but are not guaranteed.
In September 2017 there were 140 homes sold in Escondido, a decrease of 29% from last month, a trend we have seen in other communities. Average sale prices decreased modestly for attached and detached homes. Buyers were able to negotiate, on average, 1 - 2% off sales price; however, 31% of the homes sold for asking price or more. 14% of the transactions were cash, compared to 11% last month. Days on market decreased for single family detached homes but increased slightly for attached homes.
Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
140 (down 29%), 32 Days on Market, Ave. Sales Price $542,373 (up 4%) Ave. sale 98% of asking price,
Detached Homes Sold
120 (down 25%), 33 Days on Market, Ave. Sales Price $580,726 (up 3%), Ave. sale 98% of asking price
Attached Homes Sold
20 (down 34%), 22 Days on Market, Ave. Sales Price $312,255 (up 1%), Ave. sale 99% of asking price
The MEDIAN price of the detached homes sold was $515,500 (down 4%), with $312,255 (down 12%) for attached homes compared to past month.
There were 13 Escondido homes (4% of all active properties) on the market with a Contingent status (i.e., in most cases these are short sale or REO homes that have offers being considered by lenders), versus 12 last month and more than likely many of the same homes still awaiting approval. These are included in the statistics below.
At the end of September there were 306 homes for sale in Escondido, a decrease in inventory by 17% from last month. This represents an inventory of 1.1 months for attached properties (down from 1.4 months last month), and 1.8 months for detached homes (down from 2.1 months last month), based on the current rate of sales over the last 6 months. The market remains very competitive for buyers, and is a very strong seller’s market based on inventory levels, especially for buyers of attached homes (condos, townhomes).
In September 177 homes came on the market, a decrease in new listings by 27% from last month. In contrast the number of homes going pending (167), excluding homes that closed escrow, rose slightly by 1% from August pendings.
I am happy to provide more information about current real estate activity in the Escondido real estate market, specific zip codes, and neighborhoods, and answer any questions that you may have about current market conditions, as well as to assist you with the purchase OR sale of a home in Escondido. Please contact me at (760) 840-1360 so we can find the best time to get together!
SEARCH FOR ESCONDIDO HOMES FOR SALE
READ MORE:
What’s my Escondido Home Worth? Escondido Real Estate in August 2017
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