What’s the Value of my Escondido Home?
Escondido Real Estate Market in August 2020
It’s important for buyers and sellers in the Escondido housing market 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 204 homes sold in August, an increase of 6 homes from last month despite the pandemic, and a similar trend seen in other communities. Here’s the breakdown of activity.
Detached Homes Sold
166 (up by 3), 26 Days on Market, Average Sales Price $686,666 (down by 6%), Average sales price was 100% of original asking price
Attached Homes (condos, town homes) Sold
38 (up by 3), 21 Days on Market, Average Sales Price $353,690 (down 1%), Average sales price was 100% of original asking price
Overall home sales in August rose, with slight increases in both detached and attached home sales. The average sales price was modestly lower for detached homes, but slightly less for attached homes compared to July prices. Sales prices ranged from $187,000 to $2,200,000.
Buyers did not negotiate much off the original list price, and well over half of the home buyers (60%) paid full price or more for their homes, despite the pandemic, no doubt due to competitive bidding. 9% of the Escondido home buyers paid cash. The average marketing time declined by 9 days for detached single family homes, and was 1 day shorter for attached home sales; many buyers made quick decisions with 51% of the homes going pending in 1 week or less!
The MEDIAN sales price of the detached homes sold was $633,000 (down 3%), and $318,750 (down 13%) for attached homes compared to last month.
There were 12 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 others are first right of refusals), compared to 5 last month; 1 is a short sale and the rest are first right of refusals. These are included in the statistics below.
At the end of August there were 141 homes for sale in Escondido, ranging in price from $229,000 to $3,575,000, 2 fewer than last month. This represents an inventory of less than 1 month for attached properties (the same as last month), and less than 1 month for detached homes (also like last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market despite the pandemic and became even more competitive in August.
In August 214 homes came on the market, 12% more than in July, despite the pandemic, which was good news for buyers with an average of 7 homes listed per day. In contrast, the number of homes going pending dropped in August, from 205 to 179 (down 13%); both buyers and sellers were busy in the Escondido housing market during the month.
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 personal 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.
Be aware there are specific recommendations in place to help keep everyone safe for showings, and some new procedures as the result of the SIP Order that impacts the buying and selling process in our area. I am happy to share information with you and answer any questions about what to expect when buying or selling a home in today’s housing market.