What’s the Value of my Escondido Home?
Escondido Market Report for December 2023
Western Escondido is around 20 miles inland from the beaches, and borders San Marcos and Fallbrook in North San Diego County.
It’s important that buyers and sellers in the Escondido housing market are well educated about current local market conditions (Read More: Real Estate Is Local…But HOW Local?) so they can make informed buying and selling decisions around Escondido homes for sale.
READ MORE:
A Tour of Escondido – A Diverse Inland San Diego Community
The following data were taken 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 market report was written but are not guaranteed.
69 homes sold in December, 13% fewer than last month. Here’s a summary of the activity.
Single Family Homes Sold
52 (down 20%); 11 Average Days on Market; Average Sales Price $1,082,618 (up 7%); the Average Sales Price was 99% of the original asking price.
Condos, Townhomes & Duplexes Sold
17 (up by 3); 18 Average Days on Market; Average Sales Price $529,201 (up 9%); the Average sales price was 102% of original asking price.
Overall home sales in December declined from November. There were fewer single family home sales, but 3 more condo, townhome and duplex sales. The average sales price was modestly higher for single family homes, but decreased for condos, townhomes and duplexes, compared to November.
The marketing time was longer for single family homes than last month, as it was for condos, townhomes and twinhomes. Sales prices ranged from $352,000 to $10,250,000.
Plenty of buyers were able to negotiate their purchase prices down from the original list price. At the same time, however, 59% paid asking price or more for their new homes, about the same as last month. Buyer competition is still impacting prices and sales.
Some buyers decided quickly about touring homes and making their offers. 29% of the homes went pending in 7 days or less.
The median sales price of the detached single family homes was $843,000 (down 11%), and $525,000 (up 9%) for condos, townhomes and duplexes compared to November.
There were 3 Escondido homes on the market with an Active Under Contract Status, versus 9 last month. These are included in the statistics below.
At the end of December there were 85 homes for sale in Escondido, 33% fewer than last month (127). List prices range from $349,000 to $2,750,000 (with 2 condo time shares priced at $5,000 and $44,900).
This represents an inventory of 1.3 months for condos, townhomes and duplexes (down from 2.1 months in November). There is only a 20 day supply of single family detached homes (down from 1.3 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 home buyers.
55 homes came on the market in December, compared to 90 last month. In contrast, the number of homes going pending increased from last month, from 62 to 76, excluding those homes that closed escrow in December.
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 directly or by text at (760) 840-1360 to discuss your personal housing needs, lifestyle, and budget. Then we can create 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’ll also discuss a marketing strategy, plus your specific plans and timing. We can then create a plan to get your home sold quickly for the best price, terms, and conditions.
SEARCH FOR ESCONDIDO HOMES FOR SALE
READ MORE:
What’s my Escondido Home Worth? Escondido Real Estate in November 2023
Comments(9)