What’s the Value of my Escondido Home?
Escondido Real Estate Market in January 2020
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 126 homes sold in January, a substantial decrease by 24% from January, a trend seen in other communities. Here’s the breakdown of activity.
Detached Homes Sold
106 (down 19%), 42 Days on Market, Average Sales Price $624,011 (no change), Average sale 97% of original asking price
Attached Homes (condos, town homes) Sold
20 (down 41%), 52 Days on Market, Average Sales Price $360,220 (up 9%), Average sale 98% of original asking price
Home sales in January decreased significantly overall, and for both detached and attached home sales. The average sales price did not shift for detached homes, but rose for attached homes compared to December.
While buyers were able to negotiate an average of 2 - 3% off the original list price, 29% 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 slightly for detached single family homes but was significantly longer for attached home sales.
The MEDIAN sales price of the detached homes sold was $595,000 (up 3%), and $331,000 (up 12%) 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 9 last month; the majority are first right of refusals, but 4 are short sales. These are included in the statistics below.
At the end of January there were 217 homes for sale in Escondido, 7% more than last month, following 4 months of decline. This represents an inventory of only 1.1 months for attached properties (the same as last month), and 1.6 months for detached homes (up from 1.3 months last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In January 192 homes came on the market, 85% more new listings than in December and good news for buyers. Similarly, the number of homes going pending (141), excluding homes that closed in January, was 29% higher than in December.
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 and/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 housing needs, lifestyle, and budget, then plan a strategy for you to buy your new Escondido home in 2020!
And if you are planning to sell your home, I will provide you with a market value and equity analysis, and discuss your timing and plans so we can create the right strategy to get your home sold quickly and for the best price, terms and conditions.