What’s the Value of my Escondido Home?
Escondido Real Estate Market in August 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 188 homes sold in August, an increase of 3% from July. Here’s the breakdown of activity.
Detached Homes Sold
159 (up 10%), 32 Days on Market, Average Sales Price $611,577 (down 9%), Average sale 97% of original asking price
Attached Homes (condos, town homes) Sold
29 (down 22%), 26 Days on Market, Average Sales Price $334,965 (down 1%), Average sale 98% of original asking price
Home sales in August increased overall, with a big increase in detached home sales but a decline for attached homes. Average sale prices decreased - modestly for detached homes, and just slightly for attached homes.
Buyers were able to negotiate an average of 2 - 3% off the list price; however, 41% of the home buyers ended up paying full price or more for their homes, which is likely due to competitive bidding. 9% of the Escondido home buyers paid cash, the same as the last 2 months. Average marketing time did not change for attached homes and but increased by several days for detached single family homes.
The MEDIAN price of the detached homes sold was $560,000 (down 9%), and $360,000 (up by 1%) for attached homes compared to last month.
There were 13 Escondido homes on the market with a Contingent status (i.e., in some cases these are short sale or REO homes that have offers being considered by lenders), compared to 17 last month; the majority are first right of refusals, with 6 short sales. These are included in the statistics below.
At the end of August there were 414 homes for sale in Escondido, 6% more than last month, and another increase. This represents an inventory of 2.3 months for attached properties (up from 2.1 months last month), and 2.3 months for detached homes (the same as the last 2 months), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In August 224 homes came on the market, 19% fewer new listings than in July. The number of homes going pending (183), excluding homes that closed in August, also dropped substantially, by 25%, from July pendings; the market was still busy, but quieter than last month…no doubt due, in part, to the time of year.
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!