What’s the Value of my Escondido Home?
Escondido Real Estate Market in December 2019
Escondido is an inland community in North San Diego County, about 20 miles from the beaches, depending on your route, and just east of San Marcos.
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 165 homes sold in December, a significant increase by 27% from December, a trend seen in other communities. Here’s the breakdown of activity.
Detached Homes Sold
131 (up 27%), 41 Days on Market, Average Sales Price $622,765 (up 4%), Average sale 97% of original asking price
Attached Homes (condos, town homes) Sold
34 (up 26%), 37 Days on Market, Average Sales Price $329,201 (down 3%), Average sale 98% of original asking price
Home sales in December increased significantly overall, and for both detached and attached home sales. The average sales price increased for detached homes, but was modestly lower for attached homes than in December.
While buyers were able to negotiate an average of 2 - 3% 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. 9% 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 (no change), and $331,000 (down 8%) for attached homes compared to last month.
There were 9 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 18 last month; the majority are first right of refusals, but 5 are short sales. These are included in the statistics below.
At the end of December there were 202 homes for sale in Escondido, 33% fewer than last month, the 4th decline. This represents an inventory of 1.1 months for attached properties (down from 1.4 months last month), and 1.3 months for detached homes (down from 2.2 months last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In December 104 homes came on the market, down 9% from November. Similarly, the number of homes going pending (109), excluding homes that closed in December, was 20% less than November 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!