What’s my Escondido Home Worth? Escondido Real Estate Market in March 2019
Buyers and sellers in the Escondido housing market need 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.
A total of 150 homes sold in March, an increase of 33% from February. Here’s the breakdown of activity.
Detached Homes Sold
118 (up 26%), 35 Days on Market, Average Sales Price $600,221 (up 1%), Average sale 98% of original asking price
Attached Homes (condos, town homes) Sold
32 (up 68%), 44 Days on Market, Average Sales Price $297,355 (down 7%), Average sale 98% of original asking price
Home sales increased significantly, especially for attached homes, and are a good indicator of our spring housing market activity. Average sale prices increased slightly for detached homes, but declined for attached homes.
Buyers were able to negotiate an average of 2% off the list price; however, 39% of the home buyers ended up paying full price or more, which is likely due to competitive bidding. 13% of the Escondido home buyers paid cash, compared to 4% last month. Marketing time increased slightly for attached (condos, town homes) home but dropped modestly for detached single family homes.
The MEDIAN price of the detached homes sold was $542,000 (down 1%), and $279,000 (down 4%) for attached homes compared to last month.
There were 13 Escondido homes 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), the same as last month; most of these are first right of refusals, while 3 are short sales. These are included in the statistics below.
At the end of March there were 337 homes for sale in Escondido, just 1 less than last month. This represents an inventory of 1.5 months for attached properties (down from 2.5 months last month), and 3 months for detached homes (down from 3.2 months last month), based on the current rate of sales over the last 3 months. Escondido remains a strong seller’s market.
In March 251 homes came on the market, 39% more new listings than in February which is good news for buyers. Similarly, the number of homes going pending (175), excluding homes that closed in March, shifted up by 33% from February pendings, more indications of the active market in Escondido.
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 for you 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 conditions, or assist you, friends or family in a purchase 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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