What’s the Value of my Escondido Home?
Escondido Real Estate Market in July 2018
Escondido is an inland community, about 17 miles from the beaches 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 for sale.
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.
Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
180 (up 8%), 31 Days on Market, Ave. Sales Price $568,902 (no change), Ave. sale 97% of asking price,
Detached Homes Sold
141 (down 1%), 35 Days on Market, Ave. Sales Price $634,238 (up 4%), Ave. sale 97% of asking price
Attached Homes (condos, town homes) Sold
39 (up 63%), 15 Days on Market, Ave. Sales Price $332,686 (no change), Ave. sale 99% of asking price
In July 2018 there were 180 homes sold in Escondido, an increase of 8% from last month. Average sale prices increased modestly for detached homes but did not shift for attached homes. Buyers were able to negotiate an average of 1 - 3% off their sales price; however, 41% of the homes sold for asking price or more.
11% of the transactions were for cash, compared to 20% last month. Days on market decreased for attached homes (condos, town homes) but went up for detached homes.
The MEDIAN price of the detached homes sold was $612,000 (up 7%), with $320,000 (down 8%) for attached homes compared to last month.
There were 6 Escondido homes (2% 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 15 last month; some of these are first right of refusals. These are included in the statistics below.
At the end of July there were 391 homes for sale in Escondido, a drop in inventory, by 3%, from last month, following several months of increases. This represents an inventory of 1.2 months for attached properties (down from 1.9 months last month), and 2.3 months for detached homes (down from 2.4 months last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In July 260 homes came on the market, a decline in new listings by 9% compared to last month. In contrast, the number of homes going pending (176), excluding homes that closed, increased by 11% from June 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!
SEARCH FOR ESCONDIDO HOMES FOR SALE
READ MORE:
What’s my Escondido Home Worth? Escondido Real Estate in June 2018
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