What’s the Value of my Escondido Home?
Escondido Home Sales for August 2023
It’s important for buyers and sellers in the Escondido housing market to be well educated about current local market conditions (Read More: Real Estate Is Local…But HOW Local?) 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, nor are multifamily properties, or mobile and manufactured homes). The statistics are believed reliable at the time this report was compiled but are not guaranteed.
101 homes sold in August, down 11% from last month. Here’s a summary of the activity.
Single Family Homes Sold
87 (down 5); 18 Average Days on Market; Average Sales Price $1,012,744 (up 8%); the Average Sales Price was 100% of original asking price.
Condos, Townhomes & Duplexes Sold
14 (down 33%); 13 Average Days on Market; Average Sales Price $503,678 (down 1%); the Average sales price was 100% of original asking price.
Overall home sales in August decreased from July. Detached single family home sales dropped, and condo, townhome and duplex sales declined substantially. The average sales price increased for single family homes, but decreased slightly for condos, townhomes and duplexes, compared to July.
The average marketing time was 2 days shorter for single family homes, but remained the same for condos, townhomes and twinhomes. Sales prices ranged from $315,000 to $2,280,000.
Some buyers were able to negotiate their purchase prices down from original asking price. However, 59% paid list price or more for their new homes. There is still plenty of competition.
Plenty of buyers made quick decisions about touring homes and making successful offers, with 47% of the homes going pending in 1 week or less, fewer than last month.
The median sales price of the detached single family homes was $906,888 (up 9%), and $467,500 (down 8%) for condos, townhomes and duplexes compared to July.
There were 11 Escondido homes on the market with an Active Under Contract Status, compared to 10 last month. These are included in the statistics below.
At the end of August there were 114 homes for sale in Escondido, about the same as July (113). List prices range from $365,000 to $8,700,000.
This represents an inventory of only 20 days for condos, townhomes and duplexes (versus 21 days in July). There is a 1.1 month supply of single family detached homes (up slightly from 30 days 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.
98 homes came on the market in August, compared to 105 last month. Similarly, the number of homes going pending decreased from last month, from 86 to 71, excluding homes that closed escrow in August.
I’m happy to share more details 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.
Please reach out to me by phone or text at (760) 840-1360 so we can discuss your personal 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 Escondido home, I will provide a market value and equity analysis. We can also discuss marketing, and your specific plans and timing. We’ll then create a plan to get your home sold quickly for the best price, terms, and conditions.