What’s the Value of my Escondido Home?
Escondido Real Estate Market in May 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 205 homes sold in May, an increase of 19% from April, another increase. Here’s the breakdown of activity.
Detached Homes Sold
164 (up 15%), 34 Days on Market, Average Sales Price $625,606 (down 2%), Average sale 97% of original asking price
Attached Homes (condos, town homes) Sold
41 (up 17%), 21 Days on Market, Average Sales Price $344,277 (up 3%), Average sale 97% of original asking price
A Tour of the Hidden Meadows Neighborhood in Escondido
Home sales in May increased significantly for both detached and attached homes, a good indicator of our spring housing market activity. Average sale prices decreased slightly for detached homes, but rose modestly or attached homes.
Buyers were able to negotiate an average of 1 - 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, like last month. Marketing time decreased for attached (condos, town homes) home and for detached single family homes.
The MEDIAN price of the detached homes sold was $575,000 (down 4%), and $365,000 (up 4%) 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), versus 18 for last month; most of these are first right of refusals, with 2 short sales. These are included in the statistics below.
At the end of May there were 349 homes for sale in Escondido, 3% more than last month. This represents an inventory of less than 1 month for attached properties (down from 1.1 months last month), and 2.2 months for detached homes (down 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 May 238 homes came on the market, 3% fewer new listings than in April, but despite that a good number of new homes for buyers to consider. The number of homes going pending (123), excluding homes that closed in May, shifted down substantially by 31% from April 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, lifestyle and budget, and plan a strategy for you to buy or sell your home in Escondido!