Escondido is an inland community, about 15 miles from the coast adjacent to San Marcos. Like its neighbors, San Marcos, Vista and Oceanside, Escondido has seen fairly significant shifts in the real estate market with a large number of short sales and foreclosures.
READ MORE: A Tour of Escondido - A Diverse Inland San Diego Community
As a buyer or seller in the Escondido real estate market, understanding recent trends and current market conditions is essential in order to make informed decisions; media reports focus on general market conditions and therefore will not provide an accurate picture of the local Escondido real estate market.
The following data are taken from the San Diego MLS (private sales are not included in these statistics, nor are multifamily properties or mobile/manufactured homes). The data are believed to be reliable but are not guaranteed.
In February 2010 110 homes sold in the Escondido real estate market,about the same as in January. Here's the breakdown of overall activity.
|
|
TOTAL |
DETACHED |
ATTACHED |
|
# Sold
|
110 (down 1%) |
85 (up 4%) |
25 (down 4%) |
|
Average $
|
$289,812 (up 1%) |
$333,435 (down 2%) |
$141,492 (up 2%) |
|
Days on Market
|
67 |
72 |
49 |
|
Sale Price/List Price
|
101% |
102% |
99% |
Sales volume was essentially the same as the previous month, with small changes in average prices. Once again, on average homes are selling at/above asking price. This is likely due to the number of short sales and REOs.
There were 281 Escondido homes (40% of all active properties) on the market with a Contingent status, i.e., short sale or REO homes that have offers being considered by lenders. These are included in the statistics below.
At the end of February 2010 there were 695 Escondido homes for sale, a boost in inventory of 8% over January, a good sign for buyers. This represents an inventory of 3.6 months for attached homes (up from 2.7 months last month) and 4.7 months for detached homes (up from 3.4months), based on the current rate of sales over the last 6 months.
READ MORE: How Important is Inventory when Buying or Selling? Very!!
In February 247 homes (up 3% over last month) came on the market, and 196 homes went pending, a significant 37% increase on last month's pendings - homes ARE selling.
I am happy to provide you with more information about current real estate activity in the Escondido real estate market and answer any questions that you may have about current market conditions.
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If I can provide more information about Escondido real estate and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.
All content copyright © 2010 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
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If I can provide more information about Carlsbad real estate and surrounding areas, the housing market in general (or locally), or otherwise assist you, friends or family in a home search or sale, please contact me by phone or text at (760) 840-1360 or email me at JeffDowlerSolutions@gmail.com
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Good market update. Looks like a beautiful area.
Jeff, I just stopped over at your Escondido link, and you did a wonderful job of making it look like a great place to live.
Hi Jeff ~ The photos that you use to illustrate your market reports are simply beautiful.
Liz
I'm definitely seeing the Escondido market stabilize. Also, I've noticed that LOTS of folks are having trouble closing their transactions. Lots of delays and appraisal reviews!
Randy - it IS beautiful in many ways.
Thanks, Pat. There is lots to like about the area, including the prices...and it's not too far from the ocean.
Thanks, Liz - I added the text using Picnik, at William's suggestion.
Melissa - I have heard that too. It continues to be challenging in many ways.
Jeff