What’s the Value of my Escondido Home?
Escondido Real Estate Market in October 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 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 October, a significant increase of 17% from September. Here’s the breakdown of activity.
Detached Homes Sold
137 (up 25%), 33 Days on Market, Average Sales Price $639,233 (down 1%), Average sale 98% of original asking price
Attached Homes (condos, town homes) Sold
27 (down 9%), 31 Days on Market, Average Sales Price $330,477 (up 7%), Average sale 98% of original asking price
Home sales in October increased overall, due to a large increase in detached home sales but fewer attached home sales than last month. The average sales price decreased slightly for detached homes, but was higher for attached homes than in September.
While buyers were able to negotiate an average of 2% off the original list price, 33% of the home buyers paid full price or more for their homes, which is likely due to competitive bidding in many cases. 12% of the Escondido home buyers paid cash. Average marketing time dropped by several days detached single family homes but was the same as last month for the attached home sales, and remains around 1 month.
The MEDIAN sales price of the detached homes sold was $600,000 (up 2%), and $356,000 (up 14%) for attached homes compared to last month.
There were 15 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 but in others first right of refusals), versus 13 last month; the majority are first right of refusals, but 6 are short sales. These are included in the statistics below.
At the end of October there were 335 homes for sale in Escondido, 5% fewer than last month. This represents an inventory of 1.8 months for attached properties (up from 1.5 months last month), and 2.1 months for detached homes (no change), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In October 197 homes came on the market, 15% more new listings than in September, about 6 per day. In contrast the number of homes going pending (130), excluding homes that closed in October, dropped substantially, by 16%, from September pendings.
I am happy to provide more information about current real estate activity in the Escondido real estate market, specific zip codes, and neighborhoods that interest you, and answer any questions about the 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 and discuss your needs, lifestyle and budget, then plan a strategy for you to buy or sell your home in Escondido!