What’s the Value of my Escondido Home?
Escondido Real Estate Market in February 2020
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 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 130 homes sold in February, 4 more than last month (up 3%). Here’s the breakdown of activity.
Detached Homes Sold
107 (no change), 42 Days on Market, Average Sales Price $647,565 (up 4%), Average sale 98% of original asking price
Attached Homes (condos, town homes) Sold
23 (up 15%), 18 Days on Market, Average Sales Price $323,017 (down 10%), Average sale 99% of original asking price
Home sales in February rose by 4 overall, with 1 more detached sale and 3 more attached sales. The average sales price rose modestly for detached homes, but declined for attached homes compared to January.
While buyers were able to negotiate an average of 1 - 2% off the original list price, almost half (47%) of the home buyers paid full price or more for their homes, which is likely due to competitive bidding in many cases. 5% of the Escondido home buyers paid cash. Average marketing time did not change for detached single family homes but was significantly shorter for attached home sales – 10 of the homes, almost half, went pending in 7 days or less!
The MEDIAN sales price of the detached homes sold was $639,000 (up 7%), and $314,000 (down 5%) for attached homes compared to last month.
There were 18 Escondido homes on the market with a Contingent status (i.e., in some cases these are short sale or REO homes that have offers being considered by lenders but others are first right of refusals), versus 15 last month; 6 are short sales and the rest are first right of refusals. These are included in the statistics below.
At the end of February there were 215 homes for sale in Escondido, just 2 less than last month. This represents an inventory of only 1 month for attached properties (dropping from 1.1 months last month), and 1.6 months for detached homes (no change from last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market.
In February 192 homes came on the market, 85% more new listings than in January which was good news for buyers. Similarly, the number of homes going pending (141), excluding homes that closed in February, was 29% higher than in January.
I am happy to provide more information about current real estate activity in the Escondido real estate market, specific zip codes, and neighborhoods that interest you, and answer any questions about the current market conditions, as well as to assist you with the purchase and/or sale of a home in Escondido.
Please contact me at (760) 840-1360 so we can find the best time to get together and discuss your particular housing needs, lifestyle, and budget, then plan a strategy for you to buy your new Escondido home in 2020!
And if you are planning to sell your home, I will provide you with a market value and equity analysis, and discuss your timing and plans so we can create the right strategy to get your home sold quickly and for the best price, terms and conditions.
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If I can provide more information about homes for sale in Carlsbad and in surrounding areas, local housing market conditions, or assist you, friends or family in a purchase or sale, please call or text me at (760) 840-1360, or email me at JeffDowlerSolutions@gmail.com
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