What’s the Value of My Escondido Home Worth? Escondido Real Estate Market in February 2018
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.
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 February 2018 there were 101 homes sold in Escondido, a decrease of 19% from last month. Average sale prices increased modestly for detached homes and for attached. Buyers were able to negotiate an average of 1 - 3% off their sales price; however, 39% of the homes sold for asking price or more. 14% of the transactions were cash, the same as last month. Days on market dropped slightly for single family detached homes but rose for attached homes.
Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
101 (down 19%), 36 Days on Market, Ave. Sales Price $572,102 (up 13%), Ave. sale 97% of asking price,
Detached Homes Sold
91 (down 11%), 36 Days on Market, Ave. Sales Price $598,943 (up 9%), Ave. sale 97% of asking price
Attached Homes Sold
10 (down 55%), 38 Days on Market, Ave. Sales Price $327,850 (up 7%), Ave. sale 99% of asking price
The MEDIAN price of the detached homes sold was $570,000 (up 4%), with $302,500 (down 14%) for attached homes compared to last month.
There were 7 Escondido homes (3% 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 4 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 February there were 232 homes for sale in Escondido, a modest decline in inventory, by 2% from last month. This represents an inventory of less than 1 month for attached properties (the same as the last 4 months), and 2.1 months for detached homes (up from less than 30 days last month), based on the current rate of sales over the last 3 months. The market a very strong seller’s market based on inventory levels.
In February 173 homes came on the market, a decrease in new listings by 9% from last month. However the number of homes going pending (143), excluding homes that closed escrow, rose by 3% from January 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 to discuss your needs and budget, and plan a strategy to buy or sell your home in Escondido!