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What Happened in the San Marcos Real Estate Market in April 2014?
The San Marcos real estate market continues to shift. These data do not include private sales or manufactured housing; the numbers are derived from the MLS and are believed to be accurate at the time this report was published, but are not guaranteed.
Media reports speak in general terms, so their information does not represent the reality of our local San Marcos housing market. Having details about local market conditions benefits you as the buyer or seller so you can make informed decisions about buying and selling San Marcos homes for sale.
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In April 201 there were 116 homes sold in San Marcos’ 2 zip codes (92069 and 92078), up by 25% from March sales, the second month of increased sales volume. Here’s the breakdown of overall activity.
|
|
TOTAL |
DETACHED |
ATTACHED |
|
# Sold |
116 (up 25%) |
83 (up 30%) |
33 (up 14%) |
|
Ave. $ |
$548,236 (up 7%) |
$630,382 (up 5%) |
$341,628 (up 6%) |
|
DOM |
34 |
43 |
14 |
|
List $/Sale $ |
98% |
98% |
97% |
Sales volume in April rose substantially from March sales across the board. Average prices followed the same pattern for detached and attached homes. 5 homes sold for over $1M with 1 at $1.825M.
24% of the transactions were cash and 9% were short sales. Buyers are negotiating their asking prices on average 2 - 3%, but some homes sold for over asking price (as much as 3%) with others selling below the list price. The Median sales price of detached homes was $599,900 (up by 6%), and $384,000 (up 17%) for attached homes/condos.
There were 25 San Marcos homes for sale at the end of April with a Contingent status (15% of the total), 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 (be aware that many of these have multiple offers in place and some are not being shown nor accepting more offers).
The San Marcos real estate market inventory declined from March, following 2 months of increases, by 8% to 167. This represents an inventory of only 1.7 months for attached homes (up from 1.6 last month) and 2 months for detached (down from 2.4 in March) based on the current rate of sales over the last 6 months. The San Marcos real estate market continues to be very competitive for buyers, and remains a strong seller’s market.
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In April 2013 we saw 147 homes come on the market, a huge gain 56% from last month. We also saw a substantial increase in the number of homes going pending in April (118), up by 69%.
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 April. 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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