What’s the Value of my Escondido Home?
Escondido Real Estate Market in April 2019
Buyers and sellers in the Escondido housing market need 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 178 homes sold in April, an increase of 19% from March. Here’s the breakdown of activity.
Detached Homes Sold
143 (up 21%), 39 Days on Market, Average Sales Price $636,755 (up 6%), Average sale 97% of original asking price
Attached Homes (condos, town homes) Sold
35 (up 9%), 34 Days on Market, Average Sales Price $334,517 (up 12%), Average sale 98% of original asking price
Home sales in April increased significantly, especially for detached homes, and are a good indicator of our spring housing market activity. Average sale prices increased for detached homes, as well as for attached homes.
Buyers were able to negotiate an average of 2 - 3% off the list price; however, 38% of the home buyers ended up paying full price or more, which is likely due to competitive bidding. 11% of the Escondido home buyers paid cash, compared to 13% last month. Marketing time decreased for attached (condos, town homes) home but was longer for detached single family homes.
The MEDIAN price of the detached homes sold was $599,000 (up 11%), and $350,000 (up 25%) for attached homes compared to last month.
There were 18 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 13 for last month; most of these are first right of refusals, with 5 short sales and 1 REO. These are included in the statistics below.
At the end of April there were 339 homes for sale in Escondido, just 2 fewer than last month. This represents an inventory of 1.1 months for attached properties (down from 1.5 months last month), and 2.5 months for detached homes (down from 3 months last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In April 245 homes came on the market, 2% fewer new listings than in March. The number of homes going pending (179), excluding homes that closed in April, shifted up by 2% from March pendings, more indications of the active spring market in Escondido.
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!