What’s the Value of my Escondido Home?
Escondido Real Estate Market in April 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.
If you are thinking about buying a home now or in the near future, you should read 8 Things to Know about Buying a Home in the Pandemic for some important information you should be aware of and think about.
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 106 homes sold in April, a significant drop in sales by 37% from last month and likely due to the pandemic. Here’s the breakdown of activity.
Detached Homes Sold
90 (down 36%), 21Days on Market, Average Sales Price $667,938 (up 1%), Average sales price was 99% of original asking price
Attached Homes (condos, town homes) Sold
28 (down 39%), 22 Days on Market, Average Sales Price $310,194 (down 4%), Average sales price was 100% of original asking price
Home sales in April dropped overall substantially, and for both types of homes. The average sales price rose slightly for detached homes, but declined modestly for attached homes compared to March prices.
While buyers were able to negotiate an average of 1% off the original list price, more than half (54%) of the home buyers paid full price or more for their homes, which is likely due to competitive bidding in many cases. 7% of the Escondido home buyers paid cash for their homes. Average marketing time was shorter for detached single family homes and attached home sales at about 3 weeks, so buyers made decisions quickly – 46 of the homes (43%) went pending in 1 week or less!
The MEDIAN sales price of the detached homes sold was $620,000 (up 1%), and $310,000 (up 3%) for attached homes compared to last month.
There were 12 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), the same as last month; 5 are short sales and the rest are first right of refusals. These are included in the statistics below.
At the end of April there were 233 homes for sale in Escondido, up by 3% from last month. This represents an inventory of only 1.4 months for attached properties (rising from 1.3 months last month), and 1.8 months for detached homes (up from 1.6 months last month), based on the current rate of sales over the last 3 months. Escondido remains a very strong seller’s market despite the pandemic.
In April 139 homes came on the market, 21% fewer new listings than in March which was still good news for buyers with 4 homes listed per day. Similarly, the number of homes going pending (93), excluding homes that closed in April, was 10% lower than in March, but still a relatively busy month during the pandemic.
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, then we'll 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.
NOTE: Be aware there are specific CDC recommendations in place to help keep everyone safe, and some new procedures as the result of the Shelter-in-Place (SIP) Order that impacts the buying and selling process in our area. Much of the real estate transaction is now being done virtually. I am happy to share information with you and answer any questions about what this means for buyers and sellers during the SIP, and what to expect when buying or selling a home in today’s housing market.
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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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