Escondido Homes for Sale - What Happened in the Escondido Real Estate Market in March 2012?
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 so you can 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 March 2012 there were 190 homes sold in the Escondido real estate market, up 53% from February (and up 76% over January). Sales volume rose significantly as did average sales prices for detached homes, the bulk of the sales – 26% of the transactions were cash. Buyers were able to negotiate, on average, about 1 - 3% off sales price.
Here’s the breakdown of overall activity.
|
|
TOTAL |
DETACHED |
ATTACHED |
|
# Sold |
190 (up 53%) |
154 (up 54%) |
25 (up 47%) |
|
Average $ |
$312,823 (up 2%) |
$388,691 (up 16%) |
$142,092 (no change) |
|
Days on Market |
98 |
107 |
53 |
|
Sale Price/List Price |
97% |
97% |
99% |
There were 273 Escondido homes (45% 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 March 2012 there were 611 Escondido homes for sale, about 6% fewer homes on the market than at the end of February, another decline. This represents an inventory of 3.8 months for attached homes (down from 4 months in February) and 3.7 months for detached homes (down from 5 months in February), based on the current rate of sales over the last 6 months. Thus the market has gotten even tighter for buyers, and one might argue the Escondido real estate market may now be one that favors sellers, at least at some price points.
READ MORE: How Important is Inventory when Buying or Selling? Very!!
What Impact will the Shadow Inventory Have on the Housing Market?
In March 260 homes came on the market, 30% more than in February. The number of homes going pending (220) also increased again, by 54%, from February pendings, another good sign for the Escondido real estate market.
I am happy to provide 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.
SEARCH FOR ESCONDIDO HOMES FOR SALE
READ MORE:
Escondido Homes for Sale – What Happened in the Escondido Real Estate Market in February 2012?
Escondido Homes for Sale – What Happened in the Escondido Real Estate Market in January 2012?
Escondido Homes for Sale – What Happened in the Escondido Real Estate Market in December 2011?
Escondido Homes for Sale – What Happened in the Escondido Real Estate Market in November 2011?
Escondido Homes for Sale | Escondido Real Estate Market Report for October 2011
Escondido Homes for Sale | Escondido Real Estate Market Report for September 2011
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If I can provide more information about Carlsbad homes and real estate for sale 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 my mobile office or text me at (760) 840-1360 or email me at JeffDowlerSolutions@gmail.com
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