What’s the Value of my Escondido Home?
Escondido Home Sales for June 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 164 homes sold in June, a decrease of 20% from May following several increases in sales. Here’s the breakdown of activity.
Detached Homes Sold
136 (down 17%), 32 Days on Market, Average Sales Price $688,651 (up 10%), Average sale 98% of original asking price
Attached Homes (condos, town homes) Sold
28 (down 32%), 24 Days on Market, Average Sales Price $336,553 (down 2%), Average sale 98% of original asking price
Home sales in June decreased significantly for both detached and attached homes. Average sale prices increased modestly for detached homes, but dropped slightly for attached homes.
Buyers were able to negotiate an average of 2% off the list price; however, 41% of the home buyers ended up paying full price or more, which is likely in most cases due to competitive bidding. 9% of the Escondido home buyers paid cash, compared to 11% last month. Average marketing time increased slightly for both attached and detached single family homes.
The MEDIAN price of the detached homes sold was $629,500 (up 9%), and $317,500 (down 13%) 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), the same as last month; the majority are first right of refusals, with 2 short sales. These are included in the statistics below.
At the end of June there were 392 homes for sale in Escondido (ranging in price from $229,900 to $3,645,000), 12% more than last month. This represents an inventory of only 1.3 months for attached properties (up from less than 1 month last month), and 2.3 months for detached homes (up from 2.2 months last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In June 267 homes came on the market, 12% more new listings than in May, which is good news for Escondido buyers. The number of homes going pending (123), excluding homes that closed in June, also shifted up substantially, by 33%, from May 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!