What’s the Value of my Escondido Home?
Escondido Real Estate Market in September 2018
It’s important for buyers and sellers in the Escondido housing market to understand recent trends and current local market conditions in order to make informed decisions about buying and selling Escondido homes for sale.
The following data are taken from the San Diego MLS (private sales are not included in these statistics, nor are multifamily properties, or mobile and manufactured homes). The data are believed to be reliable at the time this report was written but are not guaranteed.
Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
141 (down 22%), 31 Days on Market, Ave. Sales Price $574,901 (down 11), Ave. sale 96% of asking price,
Detached Homes Sold
118 (down 18%), 31 Days on Market, Ave. Sales Price $620,666 (up 3%), Ave. sale 96% of asking price
Attached Homes (condos, town homes) Sold
23 (down 38%), 32 Days on Market, Ave. Sales Price $340,108 (up 6%), Ave. sale 97% of asking price
In September 2018 overall home sales declined fairly significantly from last month, especially for attached homes. In contrast average sale prices increased modestly for both detached and attached homes. Buyers were able to negotiate an average of 3 - 4% off their sales price; however, 26% of the homes sold for asking price or more. 10% of the transactions were for cash, the same as last month. Days on market increased for attached homes (condos, town homes) but declined modestly for detached single family homes.
The MEDIAN price of the detached homes sold was $595,500 (up 3%), with $357,000 (up 13%) for attached homes compared to last month.
There were 16 Escondido homes (4% of all active properties) on the market with a Contingent status (i.e., in most cases these are short sale or REO homes that have offers being considered by lenders), versus 23 last month; a number of these are first right of refusals. These are included in the statistics below.
At the end of September there were 427 homes for sale in Escondido, another increase in inventory, by 5%, from last month. This represents an inventory of 1.5 months for attached properties (up from 1.2 months last month), and 2.8 months for detached homes (up from 2.5 months last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In September 221 homes came on the market, another decline in new listings, by 6%, compared to last month. Similarly, the number of homes going pending (112), excluding homes that closed, decreased by 22% from August pendings.
I am happy to provide more information about current real estate activity in the Escondido real estate market, specific zip codes, and neighborhoods, and answer any questions that you may have about current market conditions, as well as to assist you with the purchase OR sale of a home in Escondido.
Please contact me at (760) 840-1360 so we can find the best time to get together to discuss your needs and budget, and plan a strategy to buy or sell a home in Escondido!
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If I can provide more information about homes for sale in Carlsbad and in surrounding areas, our local housing market, or otherwise assist you, friends or family in a home search or home sale, please contact my mobile office or text me at (760) 840-1360, or feel free to email me at JeffDowlerSolutions@gmail.com
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