San Marcos Real Estate Market Report for July 2011

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.

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Media reports tend to speak in general terms, rather than local, so their information will not likely represent the reality of our local San Marcos real estate market. Having data from a knowledgeable agent about local market conditions benefits you as the buyer or seller when making decisions about buying and selling.

In July 2011 there were 94 homes sold in San Marcos’ 2 zip codes (92069 and 92078), down 22% from last month. Here’s the breakdown of overall activity.

Sales volume rose declined overall, combined with a decline in average sales price for detached homes. Average days on market also declined from last month.

There were 142 San Marcos homes for sale at the end of July with a Contingent status, i.e., homes with offers awaiting approval from the short sale and REO lenders. These homes are included in the overall Active stats since they are still considered active until the approvals are obtained.

At the end of July 2011 the San Marcos real estate market had 469 homes for sale (30% are contingent), a 3% decrease in inventory from June. This represents an inventory of 4.6 months for attached homes (down from 4.7 months) and 4.9 months for detached (down from 5.5 months in June) based on the current rate of sales over the last 6 months. The San Marcos real estate market remains pretty competitive for buyers, with the lowest absorption rates for the North San Diego County coastal communities!

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In July 2011 we saw 174 homes come on the market, 23% more than last month, another increase in overall inventory. The number of homes going pending in July (86) saw a decline, by 16%, from May pendings.

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 July. More details can be provided if needed with regard to current activity as well as within the specific zip codes of San Marcos (92078 and 92069).

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