San Diego Real Estate Update - Escondido - October 2024

Pending sales are up in Escondido, as are the number of listings right now. So let's take a look at what's going on. Hang out till the end to find out. Everything today is October 8th, 2024, and you are watching an Escondido Real Estate Market Update. If you're new to this channel, please give us a like and subscribe so you don't miss any of these updates. Leave us a comment. Let us know where you're watching from, and we will add your zip code to our rotation. Let's get right into Escondido. Looking at what's going on right now, there are a total of 386 active properties. Large area, so you know that's not completely unheard of. Last time we looked, there were around 340. Now with that, the number of pendings has popped up from about 140 last time we looked to 181. So that means that there have been a few more sales since we last looked than last time. However, in the last 30 days, only 106 have actually closed escrow. And when we looked last time, there were about 140 or so that had closed escrow in the last 30 days. Or I mean, I'm sorry, there were 140 pendings. So that means not all of those pendings closed or haven't closed yet. So definitely the number of pendings is much higher than the number of sold in the last 30 days. So that does indicate an upward trend in activity. We'll see if that actually translates into more closings when we look again in about 30 days. And we will also keep track closely of that number of active inventory, because if that keeps going up and everything else stays the same, that is obviously going to increase demand with supply remaining the same and soften pricing. All of this is a bit of shifting dynamics that we've seen in the San Diego real estate market as a whole over the last five or six weeks. And the rate drops that we saw about four weeks ago that are holding more or less steady in the high sixes, low fives, depending on your loan program and how much you have down and all that sort of stuff. That did not spike pending sales the way that rate declines have over the past couple of years. So it's interesting and we are keeping an eye on it. If you have a home to sell in Escondido, very important that you get that price right, because more than half the currently active inventory does not look like it's going under contract, at least not without some sort of increase in pending sales or other intervention, notwithstanding the sellers dropping price. So that's what's going on with the inventory in Escondido. Let's go ahead and take a look at the longer term trends now, looking at median price back in January of 21. Escondido was at 645 under the San Diego County median and again, remaining under the San Diego County median, but bumping up to 957 by the spring of 2022 and everything was just going nuts. And now, interestingly enough, a lot of zip codes have really never come back or sustained the high that they saw in 2022. Escondido is no different. We have a couple of really big peaks here in August of 23 and then in April of this year at a million 155. Now, of course, could have been a handful of more expensive properties that spike these up here, but we did see this median nonetheless, but look what's happened since April of this year down, down, down, down, down. So currently 800,000 is the median price in Escondido. And when you look back here in May of 2022, it was 957. So again, all of the talk that you hear about out of control housing prices, it's been up and down since 2022, but now it's below where it was in 2022. And of course, when we hit that high interest rates were really low, so that made things more affordable. However, still price is price. So now when we look at percent of original list price to close sale price, there's a peak here in June of 21 at 107.1%. And then at 107% again in May of 2022, when we saw that last, when we saw the spike in 2022 median price, and that was pretty much the end of the over exuberant buyer in Escondido. It plummeted all the way down to 95.9% by the beginning of 2023 and has never returned to this high level currently at 98.3%, which is actually quite normal. San Diego County as a whole, I've said this a bunch of times over the last 20 years. What I have seen, because I've tracked this for that long, what I have seen is that the average percent of original list price to final closed sale price through all of the ups and downs, the average is about 96, 97%. So to be at 98.3 is still pointing towards a strong, stronger seller advantage. However, with twice the number of active properties as pending properties, the buyers do have some choices right now and definitely have some negotiating power if they encounter a ready, willing and able and realistic seller. So that's the key right there. Realism. Looking at market time, both San Diego County and Escondido are up from August to September. Really no surprise there based on the reporting that you've been seeing us doing over the past few weeks. Escondido currently at 24 days, San Diego County at 29. And that's definitely creeping up there because again, as I talked about tracking over the last 20 years, average market time over about the last 20 years, average market time on average has been about 30 days. You know, we've seen it go up to 45, 47 down to 15. The average roughly is about a month. That's what it takes to sell a house in San Diego County generally. So that is what's going on in Escondido right now. If you like this content, please like, share, subscribe and comment. We so appreciate your support. If you're thinking of buying or selling anywhere in San Diego County, we would be honored to help you. So send us a message or give us a call and we will talk to you soon.