What’s the Value of my Escondido Home?
Escondido Real Estate Market in December 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 186 homes sold in December, 11% more sales than last month. Here’s the breakdown of activity.
Single Family Homes Sold
146 (up 11%); Average Sales Price $701,147 (down 4%); Average Sales Price was 101% of original asking price
Condos, Townhomes & Duplexes Sold
40 (up 14%); 18 Average Days on Market; Average Sales Price $364,124 (down 3%); Average sales price was 100% of original asking price
Overall home sales in December rose fairly significantly in contrast to some other neighboring communities, with more single family homes sold as well as more condo, townhome and duplex sales. The average sales price was modestly lower for single family homes, and lower for condos, townhomes and duplexes compared to last month. Sales prices ranged from $190,000 to $2,750,000.
Some buyers were able to negotiate down from the original list price, but the majority of home buyers (66%) paid full price or more for their homes, no doubt due to multiple offers.
Many buyers made quick decisions, with 44% of the homes going pending in 1 week or less!
The MEDIAN sales price of the single family homes sold was $629,500 (down 4%), and $352,500 (down 7%) for condos, townhomes and duplexes compared to last month.
There were 17 Escondido homes on the market with an Active Under Contract status compared to 9 last month. These are included in the statistics below.
At the end of December there were 106 homes for sale in Escondido, 12% fewer than last month, another decline and a trend seen in other communities, no doubt in part due to the holidays. This represents an inventory of 22 days for condos, townhomes and duplexes (the same as in November), and only 16 days for detached homes (down from 18 days last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market and became more competitive in December.
120 homes came on the market in December, 2 more than in November, an average of 4 new listings per day. The number of homes going pending dropped significantly in December (excluding those homes that sold that month), from 143 to 97 (down 32%); still, buyers and sellers were relatively busy in the Escondido housing market during 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 your questions about the current market conditions, as well as to assist you with the purchase and/or sale of a home in Escondido in 2021.
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 2021!
And if you are planning to sell your home, I will provide you with a market value and equity analysis, and we will discuss your timing and plans in order to create the best strategy to get your home sold quickly and for the best price, terms and conditions.