Escondido, California is attractive to buyers because San Diego house costs are so high and increasing. $575,000 was the house value average in Escondido in December 2017. This is so much more than $364,900 which is the home cost average for the state of California.
There is strong real estate activity in Escondido. This is especially so when it comes to the category of single family – S415,000 is the sales price average. This cost is quite a bit less than that of San Diego.
And Escondido is a very attractive city to live in. There is the California Center for the Arts, San Diego Zoo’s Safari Park, breweries and a few vineyards. Also, there is a great mixture of art galleries, restaurants, and the attraction of activities that are local.
Inventory in Escondido, California is low because of it having so many of these attractions that includes favorable real estate prices. Taking some of this pressure off inventory are some new construction projects currently being built.
70 houses are being added that has a division of single family homes in a subdivision named Pradera. There are also the Canteridge, Seabreeze, and Andalucia housing developments that Harmony Grove Village is constructing at a mix of prices.
Sellers are happy because there has been a continual increase in the price of houses. And they love it when inventory is low. Buyers are winning too in Escondido, because currently the prices are good relative to San Diego.
The median household annual income is $49,409 in Escondido, California
Moving on to commercial real estate, the old landmark hospital of Escondido has sold for a price of $18 million. This large hospital has been a landmark location wise for quite a few years. And many have used its services over the years, including giving birth, adendex operations, etc.
It is the 6 story (with 9 story tower) old Palomar Hospital.
The hospital was closed due to it not meeting standards for earthquakes. It will be raised, but there will not be anything occurring for 15 months. Palomar Health is finding other locations for services still working in the hospital. Once the hospital building is raised, there will be around 1,000 units as part of a mixed use plan that could be constructed there.