What’s the Value of my Escondido Home?
Escondido Market Report for February 2023
Western Escondido is about 20 miles inland from the beaches. The community is located east of San Marcos and Fallbrook, in North San Diego County.
It’s important that buyers and sellers in the Escondido housing market are well-informed about current local market conditions so they can make educated decisions about buying and selling Escondido homes for sale. This is particularly important in our changing market!
A Tour of Escondido – A Diverse Inland San Diego Community
The following data are based on the MLS (private sales are not included in these statistics, nor are multifamily properties, or mobile and manufactured homes). The statistics are believed to be reliable at the time this report was compiled but are not guaranteed.
92 homes sold in February, 15% more than last month (80). Here’s a summary of the housing activity.
Single Family Homes Sold
72 (down by 1); 42 Average Days on Market; Average Sales Price $908,511 (up 8%); the Average Sales Price was 98% of original asking price.
Condos, Townhomes & Duplexes Sold
21 (up 163%); 37 Average Days on Market; Average Sales Price $495,542 (up 32%); the Average sales price was 96% of original asking price.
Overall home sales in February increased from January. Detached single family home sales dropped by 1, but significantly more condos, townhomes and duplexes were sold. The average sales price increased for single family homes, and was also higher for condos, townhomes and duplexes, compared to January.
The marketing time was shorter for single family homes but still over 1 month, and was also shorter for condos, townhomes and twinhomes. Sales prices ranged from $263,000 to $3,250,000.
The majority of the buyers negotiated their purchase prices down from original list price. However, 42% paid asking price or higher for their new homes, more than did so last month.
Plenty of buyers decided quickly about touring homes and making successful offers; 30% of the homes were pending in 1 week or less, more than in January.
The median sales price of the single family homes was $810,000 (up 6%), and $500,000 (up 26%) for condos, townhomes and duplexes compared to last month.
There were 14 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 February there were 101 homes for sale in Escondido, down 21% and another decline. List prices range from $322,500 to $8,700,000.
This represents an inventory of 1.1 months for condos, townhomes and duplexes (down from 2.3 months last month). There is a 1.2 month supply of single family detached homes (down from 1.4 months last month), based on the rate of sales over the last 3 months. Escondido continues to be a very strong seller’s market for buyers.
72 homes came on the market in February, fewer new listings than in January (91). The number of homes going pending also decreased from last month, from 92 to 84, excluding homes that closed escrow.
I’m happy to share more detailed information about up-to-date 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.
Please reach out directly by phone or text at (760) 840-1360 so we can discuss your particular housing needs, lifestyle, and budget. Then we can 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.
SEARCH FOR ESCONDIDO HOMES FOR SALE
What’s my Escondido Home Worth? Escondido Real Estate in January 2023
Thank you for the compliment Hannah Williams !