What’s the Value of my Escondido Home?
Escondido Real Estate Market in May 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 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.
Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
183 (up 22%), 24 Days on Market, Ave. Sales Price $595,654 (up 7%), Ave. sale 98% of asking price,
Detached Homes Sold
153 (up 24%), 25 Days on Market, Ave. Sales Price $642,051 (up 6%), Ave. sale 98% of asking price
Attached Homes (condos, town homes) Sold
30 (up 11%), 14 Days on Market, Ave. Sales Price $359,030 (up 7%), Ave. sale 99% of asking price
In May 2018 there were 183 homes sold in Escondido, a substantial increase of 22% from last month! Average sale prices increased modestly for detached homes and for attached. Buyers were able to negotiate an average of 1 - 2% off their sales price; however, 41% 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 attached homes (condos, town homes) but moved up modestly for detached, but remain under 1 month.
The MEDIAN price of the detached homes sold was $570,000 (up 3%), with $359,000 (up 9%) for attached homes compared to last month.
There were 16 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 19 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 May there were 339 homes for sale in Escondido, another significant bump up in inventory, by 10% from last month. This represents an inventory of 1.2 months for attached properties (down from 1.6 months last month), and 2.5 months for detached homes (the same as last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market. That likely means competition and multiple offers.
In May 252 homes came on the market, an increase in new listings by 6% from last month. In contrast, the number of homes going pending (153), excluding homes that closed, dropped by 15% from April 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 housing needs and budget, and plan a strategy to buy or sell a home in Escondido!