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Escondido Home Sales in May 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 homes). The data are believed to be reliable at the time this report was written but are not guaranteed.
A total of 189 homes sold in May, several more sales than last month (186). Here’s the breakdown of activity:
Single Family Homes Sold
166 (up by 7); 11 Average Days on Market; Average Sales Price $873,267 (up 9%); Average Sales Price was 105% of original asking price
Condos, Townhomes & Duplexes Sold
23 (down by 4); 10 Average Days on Market; Average Sales Price $381,071 (down 3%); Average sales price was 105% of original asking price
Overall home sales in May were 4% higher than last month, with 7 more single family homes sold but 4 fewer condo, townhome and duplex sales. The average sales price was modestly higher for single family homes, but slightly lower for condos, townhomes and duplexes compared to last month. Sales prices ranged from $80,000 to $2,288,888.
Some buyers were able to negotiate money off the original list price, but the vast majority of home buyers (89%) paid full price or more for their homes (more than last month, and with 1 at 127% of asking price), no doubt due to competitive bidding.
Plenty of buyers decided quickly on seeing homes and then making their offers, with 61% of the homes going pending in 1 week or less, about the same as in April!
The MEDIAN sales price of the single family homes sold was $836,495 (13% higher), and $365,000 (down by 6%) for condos, townhomes and duplexes compared to last month.
There were 9 Escondido homes on the market with an Active Under Contract status compared to 7 last month. These are included in the statistics below.
At the end of May there were 129 homes for sale in Escondido, an 8% improvement from last month and good news for home buyers. This represents an inventory of 25 days for condos, townhomes and duplexes (up from 16 days in April), and 20 days for detached homes (versus 23 days last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
228 homes came on the market in May, an increase by 7% from April, an average of more than 7 new listings each day…and great news for buyers. Similarly, the number of homes going pending increased significantly in May (excluding those homes that sold that month) to 202, up 25%. It was another busy month of buying and selling!
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 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.