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Escondido Home Sales in May 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 103 homes sold in May, just 4 fewer sales than last month and likely due to the pandemic. Here’s the breakdown of activity.
Detached Homes Sold
82 (down 9%), 23 Days on Market, Average Sales Price $665,405 (no change), Average sales price was 99% of original asking price
Attached Homes (condos, town homes) Sold
21 (up 24%), 20 Days on Market, Average Sales Price $324,138 (up 4%), Average sales price was 100% of original asking price
Home sales in May dropped overall modestly, with fewer detached home sales but more attached sales. The average sales price rose slightly for attached homes, but did not shift for detached homes compared to April prices.
While buyers were able to negotiate an average of 1% off the original list price, half (50%) of the home buyers paid full price or more for their homes, despite the pandemic, which is likely due to competitive bidding. 2% of the Escondido home buyers paid cash for their homes.
Average marketing time was about the same for both detached single family homes and attached home sales at about 3 weeks, so buyers made decisions quickly – 38 of the homes (37%) went pending in 1 week or less!
The MEDIAN sales price of the detached homes sold was $605,000 (down 2%), and $358,000 (up 15%) for attached homes compared to last month.
There were 16 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 12 last month; 5 are short sales and the rest are first right of refusals. These are included in the statistics below.
At the end of May there were 202 homes for sale in Escondido, down 13% from last month. This represents an inventory of only 1.8 months for attached properties (rising from 1.4 months last month), and 1.6 months for detached homes (down from 1.8 months 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.
In May 194 homes came on the market, 40% more new listings than in April, despite the pandemic, and good news for buyers with 6 homes listed per day. Similarly, the number of homes going pending doubled from 93 in April to 192 in May, signs of an active market during the pandemic.
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 particular 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 this means for buyers and sellers, and what to expect when buying or selling a home in today’s housing market.