What’s the Value of my Escondido Home?
Escondido Home Sales for July 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 182 homes sold in July, an increase of 11% from June following a decline from May to June. Here’s the breakdown of activity:
Detached Homes Sold
145 (up 7%), 28 Days on Market, Average Sales Price $647,616 (down 6%), Average sale 98% of original asking price
Attached Homes (condos, town homes) Sold
37 (up 32%), 26 Days on Market, Average Sales Price $339,846 (up 1%), Average sale 98% of original asking price
Home sales in July increased significantly for both detached and attached homes. Average sale prices decreased modestly for detached homes, but rose slightly for attached homes.
Buyers were able to negotiate an average of 2% off the list price; however, 38% of the home buyers ended up paying full price or more, which is likely due to competitive bidding. 9% of the Escondido home buyers paid cash, the same as last month. Average marketing time increased by 2 days for attached homes and dropped by 2 days for detached single family homes but remains under 1 month - buyers need to move pretty quickly.
The MEDIAN price of the detached homes sold was $620,000 (down 2%), and $357,000 (up 12%) for attached homes compared to last month.
There were 17 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 13 last month; the majority are first right of refusals, with 4 short sales. These are included in the statistics below.
At the end of July there were 392 homes for sale in Escondido, 7% more than last month, and another increase. This represents an inventory of 2.1 months for attached properties (up from 1.3 months last month), and 2.3 months for detached homes (the same as last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In July 276 homes came on the market, 3% more new listings than in June, which is more good news for Escondido buyers. The number of homes going pending (183), excluding homes that closed in July, also shifted up substantially, by 49%, from June pendings, signs of a very active Escondido housing market.
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!