What’s the Value of my Escondido Home?
Escondido Real Estate Market in February 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 113 homes sold in February, an increase of 13% from January. Here’s the breakdown of activity.
Detached Homes Sold
94 (up 9%), 45 Days on Market, Ave. Sales Price $594,810 (up 5%), Ave. sale 97% of original asking price
Attached Homes (condos, town homes) Sold
19 (up 36%), 43 Days on Market, Ave. Sales Price $318,236 (down 12%), Ave. sale 98% of asking price
Home sales increased from last month for detached single family homes, and even more so for attached homes. Average sale prices increased modestly for detached homes, but declined for attached homes.
Buyers were able to negotiate an average of 2 - 3% off the original sales prices; however, 33% of the buyers ended up paying full price or more. 4% of the Escondido home buyers paid cash, compared to 9% last month. Marketing time increased modestly for both attached (condos, town homes) and detached single family homes.
The MEDIAN price of the detached homes sold was $549,950 (up 7%), with $290,000 (down 17%) for attached homes compared to last month
There were 13 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), compared to 9 for 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 February there were 338 homes for sale in Escondido, a modest decrease by 3% from last month, and substantially more than February 2018. This represents an inventory of 2.5 months for attached properties (down from 2.7 months last month), and 3.2 months for detached homes (up from 2.9 months last month), based on the current rate of sales over the last 3 months. Escondido remains a strong seller’s market.
In February 180 homes came on the market, 21% fewer new listings than in January. However, the number of homes going pending (132), excluding homes that closed in February, shifted up by 15% from January 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 personal housing needs and budget, and plan a strategy for you to buy or sell a home in Escondido!