What’s the Value of my Escondido Home?
Escondido Real Estate Market in December 2021
It’s important for buyers and sellers in the Escondido housing market to understand current local market conditions so they can 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.
155 homes sold in December, 6% fewer than last month and another decline in sales. Here’s the breakdown of activity:
Single Family Homes Sold
130 (down by 7%); 17 Average Days on Market; Average Sales Price $894,709 (up by 3%); Average Sales Price was 103% of original asking price
Condos, Townhomes & Duplexes Sold
25 (no change); 9 Average Days on Market; Average Sales Price $436,800 (up 7%); Average sales price was 105% of original asking price
Overall home sales in December were lower than last month, due to a modest drop in single family sales but no change in condo, townhome and duplex sales. The average sales price increased modestly for single family homes, as it did for condos, townhomes and duplexes, compared to last month.
The time on the market decreased modestly for single family homes, and was 1 week shorter for condos, townhomes and twinhomes. Sales prices ranged from $245,000 to $4,185,000.
Plenty of buyers were able to negotiate their purchase prices down from original asking price. However, the majority (78%) paid full price or more for their new homes, even more than did last month, no doubt due to continuing buyer demand and competition.
The data show that lots of buyers made quick decisions about seeing homes and then making successful offers, as 49% of the homes went pending in 1 week or less.
The median sales price of the single family homes that sold was $787,500 (up 2%), and $405,000 (up 9%) for condos, townhomes and duplexes compared to last month.
There were 5 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 60 homes for sale in Escondido, a 17% decline from last month, and the 5th consecutive drop in inventory. Home prices range from $325,000 to $27,500,000 (the most expensive is a 290 acre property with orchard and multiple buildings).
This represents an inventory of only 3 days for condos, townhomes and duplexes (down from 12 days last month) with only 3 listings as of this writing. There is a supply of 12 days for single family detached homes (up from 7 days last month), based on the current rate of sales over the last 3 months. Buyers are still facing a very strong seller’s market in Escondido especially for condos, townhomes and duplexes.
84 homes came on the market in December, 33% fewer new listings than last month. In similar fashion the number of homes going pending decreased by 36% in December (excluding homes that sold in December) to 88. It was still a fairly active month of selling and buying in Escondido during the holidays!
I’m happy to share more detailed information about current real estate activity in the Escondido housing market, in specific zip codes, and for neighborhoods that interest you, and to answer your questions about the local market conditions. I can also assist 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!
If you are planning to sell your home in Escondido, I will provide a market value and equity analysis, and we can discuss your specific plans and timing. With that information we can create a plan to get your home sold quickly for the best price, terms, and conditions.