What’s the Value of my Escondido Home?
Escondido Real Estate Market in August 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
181 (up 1%), 34 Days on Market, Ave. Sales Price $645,518 (down 4%), Ave. sale 97% of asking price,
Detached Homes Sold
144 (up 2%), 38 Days on Market, Ave. Sales Price $603,051 (down 5%), Ave. sale 97% of asking price
Attached Homes (condos, town homes) Sold
37 (down 5%), 19 Days on Market, Ave. Sales Price $321,606 (down 3%), Ave. sale 98% of asking price
In August 2018 there were 181 homes sold in Escondido, an increase by 1 from last month. Average sale prices decreased modestly for detached homes and for attached homes. Buyers were able to negotiate an average of 2 - 3% off their sales price; however, 35% of the homes sold for asking price or more. 10% of the transactions were for cash, compared to 11% last month. Days on market increased modestly for both attached homes (condos, town homes) and detached single family homes.
The MEDIAN price of the detached homes sold was $579,000 (down 5%), with $317,000 (down 1%) for attached homes compared to last month.
There were 23 Escondido homes (6% 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 6 last month; a number of these are first right of refusals. These are included in the statistics below.
At the end of August there were 405 homes for sale in Escondido, an increase in inventory, by 4%, from last month, and 71% more inventory than we saw at the beginning of 2018. This represents an inventory of 1.2 months for attached properties (the same as last month), and 2.5 months for detached homes (up from 2.3 months last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In August 236 homes came on the market, another decline in new listings, by 9%, compared to last month. Similarly, the number of homes going pending (143), excluding homes that closed, decreased by 19% from July 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, 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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