What’s the Value of my Escondido Home?
Escondido Real Estate Market in March 2021
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 167 homes sold in March, 24% more sales than last month and another increase. Here’s the breakdown of activity.
Single Family Homes Sold
137 (up 27%); 15 Average Days on Market; Average Sales Price $795,013 (down 2%); Average Sales Price was 105% of original asking price
Condos, Townhomes & Duplexes Sold
30 (up 15%); 29 Average Days on Market; Average Sales Price $369,965 (down 4%); Average sales price was 101% of original asking price
Overall home sales in March rose significantly, with substantially more single family homes sold and more condo, townhome and duplex sales. The average sales price was slightly lower for single family homes, and modestly lower for condos, townhomes and duplexes compared to last month. Sales prices ranged from $222,000 to $2,450,000.
Some buyers were able to negotiate down from the original list price, but the majority of the home buyers (84%) paid full price or more for their homes, with 1 home selling at 35% over list price, no doubt due to competitive offers. Many buyers decided quickly, with 56% of the homes going pending in 1 week or less, similar to last month!
The MEDIAN sales price of the single family homes sold was $715,000 (the same as last month), and $347,500 (down 9%) for condos, townhomes and duplexes compared to last month.
There were 9 Escondido homes on the market with an Active Under Contract status – the same as last month. These are included in the statistics below.
At the end of March there were 86 homes for sale in Escondido, 7% fewer than last month, and another decline. This represents an inventory of only 14 days for condos, townhomes and duplexes (the same as in February), and 19 days for detached homes (versus 20 days last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
185 homes came on the market in March, a substantial jump by 21% from February, an average of 6 new listings per day, and good news for buyers. The number of homes going pending also increased in March (excluding those homes that sold) to 170, up 27%. Buyers and sellers were busy with Escondido real estate in March.
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 discuss your specific 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 Escondido 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.