What’s the Value of my Escondido Home?
Escondido Real Estate Market in April 2018
Escondido is an inland community, about 17 miles from the beaches and just east of San Marcos. Interestingly, one of the most expensive properties in the county is in Escondido, a mountain-top estate with 290+ acres priced between $29,900,000 and $34,900,000.
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 for sale.
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 April 2018 there were 150 homes sold in Escondido, an increase of 9% from last month! Average sale prices increased modestly for detached homes and for attached. Buyers were able to negotiate an average of up to 2% off their sales price; however, 51% of the homes sold for asking price or more. 11% of the transactions were for cash, compared to 8% last month. Days on market dropped for single family detached homes as well as for attached homes (condos, town homes).
Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
150 (up 9%), 20 Days on Market, Ave. Sales Price $556,774 (up 3%), Ave. sale 99% of asking price,
Detached Homes Sold
123 (up 5%), 21 Days on Market, Ave. Sales Price $605,362 (up 3%), Ave. sale 98% of asking price
Attached Homes (condos, town homes) Sold
27 (up 35%), 18 Days on Market, Ave. Sales Price $335,426 (up 12%), Ave. sale 100% of asking price
The MEDIAN price of the detached homes sold was $564,000 (up 3%), with $330,000 (down 17%) for attached homes compared to last month.
There were 19 Escondido homes (6% 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 16 last month and more than likely some of the same homes still awaiting approval. These are included in the statistics below.
At the end of April there were 308 homes for sale in Escondido, another significant bump up in inventory, by 33% from last month. This represents an inventory of 1.6 months for attached properties (down from 1.9 months last month), and 2.5 months for detached homes (up from 2.4 months last month), based on the current rate of sales over the last 3 months. The market remains a very strong seller’s market.
In April 238 homes came on the market, an increase in new listings by 2% from last month. Similarly, the number of homes going pending (179), excluding homes that closed, rose by 8% from March 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 a home in Escondido!