What’s the Value of my Escondido Home?
Escondido Real Estate Market in November 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 130 homes sold in November, a significant decrease of 21% from October. Here’s the breakdown of activity.
Detached Homes Sold
103 (down 25%), 40 Days on Market, Average Sales Price $598,673 (down 6%), Average sale 98% of original asking price
Attached Homes (condos, town homes) Sold
27 (no change), 34 Days on Market, Average Sales Price $339,903 (up 3%), Average sale 97% of original asking price
Home sales in November decreased overall, due to a large decrease in detached home sales but no change for attached home sales. The average sales price decreased slightly for detached homes, but was modestly higher for attached homes than in November.
While buyers were able to negotiate an average of 2 - 3% off the original list price, 41% of the home buyers paid full price or more for their homes, which is likely due to competitive bidding in many cases. 10% of the Escondido home buyers paid cash. Average marketing time rose by several days for both detached single family homes and attached home sales.
The MEDIAN sales price of the detached homes sold was $575,000 (down 4%), and $360,000 (up 1%) for attached homes compared to last month.
There were 18 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 15 last month; the majority are first right of refusals, but 6 are short sales and 1 was an REO. These are included in the statistics below.
At the end of November there were 301 homes for sale in Escondido, 10% fewer than last month, the 3rd decline. This represents an inventory of 1.4 months for attached properties (down from 1.8 months last month), and 2.2 months for detached homes (up from 2.1 months last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In November 197 homes came on the market, 31% fewer new listings than in October, but still about 4 per day. In contrast the number of homes going pending (137), excluding homes that closed in November, was 5% more than the October 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!