What’s the Value of my Escondido Home?
Escondido Real Estate Market in December 2018
Escondido is an inland community, about 22 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.
A total of 111 homes sold in December, a substantial decrease of 22% from November, a trend we saw in other communities due to the holidays. Here’s the breakdown of activity.
Detached Homes Sold
94 (down 19%), 46 Days on Market, Ave. Sales Price $586,173 (down 3%), Ave. sale 95% of asking price
Attached Homes (condos, town homes) Sold
17 (down 37%), 39 Days on Market, Ave. Sales Price $328,240 (down 5%), Ave. sale 97% of asking price
Home sales dropped substantially from last month for detached single family homes, and even more so for attached homes. Average sale prices decreased slightly for detached homes, and modestly for attached homes.
Buyers were able to negotiate an average of 4 - 5% off their sales prices; however, 23% of the buyers paid full price or more. 11% of the Escondido home buyers paid cash. Marketing time increased for both attached (condos, town homes) and detached single family homes.
The MEDIAN price of the detached homes sold was $535,750 (up 1%), with $283,000 (down 19%) for attached homes compared to last month.
There were 9 Escondido homes 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; some of these are first right of refusals, while others are short sales. These are included in the statistics below.
At the end of December there were 315 homes for sale in Escondido, a decrease in inventory, by 25%, from last month and a trend seen in other communities during the holiday season. This represents an inventory of 2.3 months for attached properties (the same as last month), and 2.5 months for detached homes (down from 3.2 months last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In December 102 homes came on the market, a decrease in new listings, by 39%, compared to last month, likely due to the holiday season. Similarly, the number of homes going pending (113), excluding homes that closed, decreased by 16% from November pendings. Plenty of homes still sold, were listed, and went pending during the holidays.
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!
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READ MORE:
What’s my Escondido Home Worth? Escondido Real Estate in November 2018
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