What’s the Value of my Escondido Home?
Escondido Real Estate Market in November 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 derived 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 compiled but are not guaranteed.
A total of 165 homes sold in November, 11% fewer than last month and another drop in sales. Here’s the breakdown of activity:
Single Family Homes Sold
140 (down by 2); 19 Average Days on Market; Average Sales Price $869,942 (down 2%); Average Sales Price was 101% of original asking price
Condos, Townhomes & Duplexes Sold
25 (down 43%); 16 Average Days on Market; Average Sales Price $406,960 (down 4%); Average sales price was 104% of original asking price
Overall home sales in November were lower than last month, with a slight drop in single family sales but a significant decrease in condo, townhome and duplex sales. The average sales price decreased modestly for single family homes, and for condos, townhomes and duplexes compared to last month. Days on market increased modestly for single family homes, and for condos, townhomes and twinhomes. Sales prices ranged from $310,000 to $2,675,000.
A number of buyers successfully negotiated their purchase prices down from the original list price, however the majority (76%) paid list price or more for their new homes, even more than last month, no doubt due to continued competition.
Clearly lots of buyers made quick decisions about seeing homes and then making successful offers, since 61% of the homes went pending in 1 week or less.
The median sales price of the single family homes that sold was $775,000 (down 2%), and $372,500 (down 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 24 last month. These are included in the statistics below.
At the end of November there were 72 homes for sale in Escondido, a 42% decline from last month, and the 4th consecutive drop in inventory. Home prices range from $265,000 to $27,500,000 (the most expensive, a 290 acre property with an orchard and multiple buildings). This represents an inventory of 12 days for condos, townhomes and duplexes (down from 14 days last month), and only 7 days for single family detached homes (a drop from 19 days last month), based on the current rate of sales over the last 3 months. Buyers are still faced with a very strong seller’s market in Escondido.
125 homes came on the market in November, 22% fewer than last month, an average of 4 new listings per day. In contrast the number of homes going pending increased by 2 in November (excluding homes that sold in November) to 138. It was still an active month of buying and selling in Escondido!
I’m happy to share more details about current real estate activity in the Escondido real estate market, in specific zip codes, and for 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 particular 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 will provide you with a market value and equity analysis, and 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.