What’s the Value of my Escondido Home?
Escondido Real Estate Market in September 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 202 homes sold in September, just 2 fewer than last month. Here’s the breakdown of activity.
Single Family Homes Sold
177 (up 7%); Average Sales Price $710,977 (up 4%); Average sales price was 98% of original asking price
Condos, Townhomes & Duplexes Sold
25 (34% fewer); 35 Days on Market; Average Sales Price $368,864 (up 4%); Average sales price was 96% of original asking price
Overall home sales in September dropped slightly, with more single family homes sold but substantially fewer condos, townhomes and duplexes. The average sales price was modestly higher for single family homes, and for condos, townhomes and duplexes, compared to last month. Sales prices ranged from $225,000 to $1,800,000.
On average buyers negotiated 2 – 4% off the original list price, and well over half of the home buyers (64%) paid full price or more for their homes, no doubt due to competitive offers. The average marketing time was longer for condos, townhomes and duplexes than last month; 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 $659,900 (up 4%), and $370,000 (up 16%) for attached homes compared to last month.
There were 11 Escondido homes on the market with a Contingent status (now referred to as “Active Under Contract” in our MLS) compared to 12 last month (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). 3 were short sales and the rest are first right of refusals. These are included in the statistics below.
At the end of September there were 165 homes for sale in Escondido, 17% more than last month and good news for buyers. This represents an inventory of less than 1 month for attached properties (the same as in August), and 1 month for detached homes (just slightly better than last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In September 219 homes came on the market, 2% more than in August, despite the pandemic, good news for buyers with an average of 7 new listings per day. The number of homes going pending also rose in September, from 179 to 189 (up 6%); both buyers and sellers were busy in the Escondido housing market during September.
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!
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.