What’s the Value of my Escondido Home?
Escondido Home Sales for May 2024
Escondido is around 20 miles inland from the beaches, and borders San Marcos and Fallbrook in North San Diego County.
It’s essential that buyers and sellers in the Escondido housing market are well informed about the current local market conditions (Read More: Real Estate Is Local…But HOW Local?) so they can make educated buying and selling decisions about Escondido homes for sale.
READ MORE:
A Tour of Escondido – A Diverse Inland San Diego Community
The following data are taken from the MLS (private sales are not included, nor are multifamily properties, or mobile and manufactured homes). The information is believed reliable at the time this market report was written but not guaranteed.
124 homes sold in May, 28% more sales than last month (97). Here’s a summary of the activity.
Single Family Homes Sold
104 (up 25%); 18 Average Days on Market; Average Sales Price $1,106,824 (down 1%); the Average Sales Price was 100% of the original asking price.
Condos, Townhomes & Duplexes Sold
20 (up by 6); 18 Average Days on Market; Average Sales Price $572,761 (up 2%); the Average sales price was 101% of the original asking price.
Overall home sales in May increased from April. There were substantially more single family home sales, as well as more condo, townhome and duplex sales. The average sales price was slightly lower for single family homes, but 2% higher for condos, townhomes and duplexes, compared to April.
The marketing time was 1 day shorter for single family homes than last month, and 6 days shorter for condos, townhomes and duplexes. Sales prices ranged from $396,000 to $2,800,000.
Some home buyers were able to negotiate their purchase prices, however, the majority (64%) paid asking price or more for their new homes. Buyer competition continues to affect pricing and sales.
Plenty of buyers made quick decisions about touring homes and making offers. Slightly less than half the homes (48%) were pending in 1 week or less.
The median sales price of the detached single family homes was $1,015,037 (up 13%). The median price was $557,500 for condos, townhomes and duplexes, up 4% from April.
There were 14 Escondido homes on the market with an Active Under Contract Status, compared to 13 last month. These are included in the following statistics.
At the end of May there were 185 homes for sale in Escondido, up 13% from last month, which is good news for buyers. List prices range from $349,900 to $25,000,000 (plus 3 condo time shares priced at $2500, $4,000 and $44,900 respectively).
This represents an inventory of 2.7 months for condos, townhomes and duplexes (the same as last month). There is a 1.5 month supply of single family detached homes (up from 1.4 months last month), based on the rate of sales over the last 3 months. Escondido remains a very strong seller’s market for home buyers.
158 homes came on the market in May, compared to 140 last month. Similarly, the number of homes going pending increased from last month, from 90 to 97, excluding homes that closed escrow in May.
I’m pleased 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 develop a strategy to buy your new Escondido home when the time is right for you!
If you want to sell your Escondido home, I will provide a market value and equity analysis for your property. We can also discuss a marketing strategy, plus your specific plans and timing. We’ll then develop 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 April 2024
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