What’s the Value of my Escondido Home?
Escondido Real Estate Market in January 2019
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.
A total of 100 homes sold in January, a decrease of 10% from December. Here’s the breakdown of activity.
Detached Homes Sold
86 (down 9%), 44 Days on Market, Ave. Sales Price $565,829 (down 3%), Ave. sale 96% of asking price
Attached Homes (condos, town homes) Sold
14 (down 18%), 35 Days on Market, Ave. Sales Price $361,964 (up 17%), Ave. sale 97% of asking price
Home sales dropped from last month for detached single family homes, and even more so for attached homes. Average sale prices decreased slightly for detached homes, but increased for attached homes.
Buyers were able to negotiate an average of 3 - 4% off their sales prices; however, 25% of the buyers ended up paying full price or more. 9% of the Escondido home buyers paid cash. Marketing time decreased for both attached (condos, town homes) and detached single family homes but remains at over 1 month.
The MEDIAN price of the detached homes sold was $513,555 (down 4%), with $350,500 (up 24%) 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), the same as last month; some of these are first right of refusals, others are short sales. These are included in the statistics below.
At the end of January there were 348 homes for sale in Escondido, a good increase by 10% from last month. This represents an inventory of 2.7 months for attached properties (up from 2.3 months last month), and 2.9 months for detached homes (up from 2.5 months last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In January 228 homes came on the market, more than double the number of new listings in December. The number of homes going pending (115), excluding homes that closed, shifted up slightly by 2% from December 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 for you to buy or sell a home in Escondido!