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 199 homes sold in September, 11% fewer than last month. Here’s the breakdown of activity:
Single Family Homes Sold
170 (down by 5); 16 Average Days on Market; Average Sales Price $854,639 (down 5%); Average Sales Price was 101% of original asking price
Condos, Townhomes & Duplexes Sold
29 (down 41%); 14 Average Days on Market; Average Sales Price $428,327 (down 1%); Average sales price was 100% of original asking price
Overall home sales in September were lower than last month, with a modest decline in single family sales sold but a significant drop in condo, townhome and duplex sales. The average sales price decreased modestly for single family homes, and just slightly for condos, townhomes and duplexes compared to last month.
Days on market decreased by 1 day for single family homes but rose from about 1 week to 2 weeks for condos, townhomes and twinhomes. Sales prices ranged from $230,000 to $2,025,000.
Some buyers negotiated their purchase prices down from the original asking price, but the majority of home buyers (71%) paid list price or more for their new homes, a good indicator of the competition.
A good number of buyers made quick decisions about seeing homes and then making their offers, with almost half (43%) going pending in 1 week or sooner.
The MEDIAN sales price of the single family homes sold was $792,500 (2% lower), and $405,000 (no change) for condos, townhomes and duplexes as compared to last month.
There were 11 Escondido homes on the market with an Active Under Contract status compared to 12 last month. These are included in the statistics below.
At the end of September there were 136 homes for sale in Escondido, a 20% decline from last month, and the 2nd consecutive drop in inventory. Home prices range from $269,900 to $27,500,000 (for a 290 acre property with multiple buildings and orchards). This represents an inventory of only 7 days for condos, townhomes and duplexes (down from 16 days in September), and 21 days for single family detached homes (down from 23 days last month), based on the current rate of sales over the last 3 months.
Escondido continues as a very strong seller’s market.
158 homes came on the market in September, a substantial decline of 19% from last month, but still an average of 5 new listings daily. The number of homes going pending also decreased in September (excluding those homes that sold that month) to 157, down 16%. Despite the shifts it was still an active month of buying and selling in Escondido!
I am happy to provide more details about current real estate activity in the Escondido real estate market, specific zip codes, and neighborhoods that interest you, and to answer your questions about the current market conditions. I can also assist you with the purchase and/or sale of a home in Escondido.
Please contact me at (760) 840-1360 so we can discuss your specific housing needs, lifestyle, and budget, then plan a strategy to buy your new Escondido home when the timing is right for you!
And if you are planning to sell your home in Escondido, I can provide you with an estimate of market value and an equity analysis, and tips for getting prepared for marketing your home. Then we can discuss your specific plans and timing and then create a plan to get your home sold quickly for the best price, terms, and conditions.