What’s the Value of my Escondido Home?
Escondido Real Estate Market in September 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 140 homes sold in September, a significant decrease of 23% from August. Here’s the breakdown of activity.
Detached Homes Sold
110 (down 31%), 37 Days on Market, Average Sales Price $644,781 (up 5%), Average sale 97% of original asking price
Attached Homes (condos, town homes) Sold
30 (up 3%), 31 Days on Market, Average Sales Price $309,620 (down 8%), Average sale 99% of original asking price
Home sales in September decreased overall, with a big decline in detached home sales but 1 more attached home sale than last month. The average sales price increased modestly for detached homes, but was lower for attached homes.
Buyers were able to negotiate an average of 1 - 3% off the list price; however, 32% 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 3 months. Average marketing time increased by several days for both attached and detached single family homes.
The MEDIAN price of the detached homes sold was $589,000 (up 5%), and $312,000 (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 5 short sales and 1 court approval. These are included in the statistics below.
At the end of September there were 351 homes for sale in Escondido, 15% fewer than last month, a trend seen in other nearby communities. This represents an inventory of 1.5 months for attached properties (down from 2.3 months last month), and 2.1 months for detached homes (down from 2.3 months last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In September 172 homes came on the market, 23% fewer new listings than in August, another decline. The number of homes going pending (155), excluding homes that closed in September, also dropped substantially, by 15%, from August 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!