The San Marcos real estate market continues to evolve, especially with the large number of distress sales. These data do not include any private sales nor manufactured housing; the numbers are derived from the MLS and are believed to be accurate but are not guaranteed. 

Media reports speak in general terms, rather than local, so that information may not represent the reality of our local San Marcos real estate market. Having data from a knowledgeable agent about the local market conditions benefits you as the buyer or seller. 

In May 2009 there were 80 homes sold in San Marcos' 2 zip codes (92069 and 92078), as compared to 93 in April, down 14%. Here's the breakdown of overall activity. 

Sale volume dropped in May from April numbers. The average sales price of detached homes dropped from April but rose for attached home sales. Time on market dropped as well, down from 70 days in April on average. 

It is noteworthy that 67% of the detached home sales were distress sales  - 25 were REOs (bank owned properties), representing 41% of the total sales, and 16, or 26%, of the total were short sales or homes in the foreclosure process. 84% of the attached homes sold were distress sales - 11 REOs and 5 short sales, with only 3 regular sales. Thus of the homes sold in May, 71% were either short sale, pre-foreclosure or REOs as compared to 86% of sales in April. 

NOTE: There is a new status that is important for buyers to know about. The MLS now tracks those properties that are CONTINGENT, i.e., ones that have accepted offers that are waiting short sale approval, or where offers are submitted to the ROE banks and awaiting approval. In the past these were lumped together in the ACTIVE category, becoming pending only once the offers were officially accepted by the banks. They are still considered active and will be included with the ACTIVE properties when tracking stats from month to month, but they do have a different status that impacts buyers who may want to submit offers (the offers would be considered back-ups). 

At the end of May 2009 there were 318 San Marcos homes for sale (137 or 43% are contingent), a decrease of 8% in total inventory from April. This represents an inventory of 3.5 months for attached homes (as compared to 4.4 for April) and only 2.4 months for detached (compared to 3.4 months for April) based on the current rate of sales over the last 6 months.  The market, then, is getting more competitive for buyers and properties are staying on the market for less time, along with the decline in inventory. 

In May we saw 61 homes come on the market, a drop by 22% from 78 new homes in April, a decline we have seen for each of the last 4 months. During May 83 homes went pending, also a decline by 36% from April. 

This overview of the San Marcos real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in December. More details can be provided if needed with regard to current activity as well as within the specific zip codes of Carlsbad.

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If I can provide more information about San Marcos, Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.

All content copyright © 2009 Jeff Dowler Carlsbad Homes and Real Estate Tidbits