What’s my Escondido Home Worth?
Escondido Market Report for August 2024
Escondido is about 20 miles east of 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 have up-to-date information about the local market conditions (Read More: Real Estate Is Local…But HOW Local?) so they can make informed 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 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 are not guaranteed.
90 homes sold in August, 27% fewer sales than last month (124). Here’s a summary of the activity.
Single Family Homes Sold
72 (down 33%); 20 Average Days on Market; Average Sales Price $970,406 (down 15%); the Average Sales Price was 99% of the original asking price.
Condos, Townhomes & Duplexes Sold
18 (up by 1); 28 Average Days on Market; Average Sales Price $533,000 (up 5%); the Average sales price was 99% of the original asking price.
Overall home sales in August decreased significantly from July. There were substantially fewer single family home sales, but condo, townhome and duplex sales rose by 1. The average sales price was lower for single family homes, but was higher for condos, townhomes and duplexes, compared to July.
The marketing time was the same for single family homes as last month, but was longer by 7 days for condos, townhomes and duplexes. Sales prices ranged from $349,000 to $2,150,000.
While many buyers were able to negotiate their purchase prices, more than half (59%) paid listing price or higher for their new homes. Buyer competition continues to impact prices and sales.
A number of buyers made quick decisions about touring homes and making offers, with 31% of the homes going pending in 7 days or less.
The median sales price of the detached single family homes was $845,000, down 5% from July. The median price was $512,500 for condos, townhomes and duplexes, up by 9% from July.
There were 16 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 August there were 202 homes for sale in Escondido, about the same as last month (201). List prices range from $319,000 to $5,499,990 (there are also 2 condo time shares priced at $3,000 and $4,000).
This represents an inventory of 1.6 months for condos, townhomes and duplexes (down from 1.9 months last month). There is a 2 month supply of single family detached homes (up from 1.7 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.
174 homes came on the market in August, compared to 118 last month, and some good news for buyers. On the other hand the number of homes going pending decreased from last month, from 75 to 66, excluding homes that closed escrow in August.
I’m happy to share more details about the current real estate activity in Escondido, in specific zip codes, and for neighborhoods that interest you, and to answer any questions about the local market conditions.
Please reach out to me directly or via 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 current market value and equity analysis for your property. We can also discuss a marketing strategy, plus your specific plans and timing. Together we’ll 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 July 2024
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