What’s the Value of my San Marcos Home?
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 March 2016 there were 97 homes sold in San Marcos’ 2 zip codes (92069 and 92078), up by 23% from last month. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
97 (up 23%), 30 Days on Market, Ave. Sales Price $535,170 (up 6%) Ave. sale 98% of asking price
Detached Homes Sold
53 (up 8%), 34 Days on Market, Ave. Sales Price $685,285 (up 13%), Ave. sale 98% of asking price
Attached Homes Sold,
44 (up 47%), 25 Days on Market, Ave. Sales Price $359,168 (up 5%), Ave. sale 98% of asking price
Overall sales volume in March increased significantly from February, as it did the prior month. We also saw an increase in average sales prices, especially for detached homes (this, in part, was due to the sale of 4 homes over $1M which raised the average). The average time on market declined across the board to around 1 month.
19% of the transactions were cash, the same as last month. Buyers negotiated their asking prices on average 2%, but 38 homes (39%) sold at or above asking price. The Median sales price of detached homes was $650,000 (up 14%) and $387,000 (up 8%) for attached homes/condos.
There were 9 San Marcos homes for sale at the end of March with a Contingent status (6% of the total), i.e., homes with offers awaiting approval from short sale and REO lenders, the same as last month. 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 decreased from February by 11% to 144. This represents an inventory of 1.2 months for attached homes (up from 1.1 months last month) and 2 months for detached (down from 2.2 months last month) 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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How Important is Inventory when Buying or Selling? Very!!
In March 2016 we saw 146 homes come on the market, down 4% from last month. The number of homes going pending in March, however, increased again, by 37%, to 134.
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 March. 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) or certain communities such as San Elijo Hills. Lake San Marcos, or Santa Fe Hills.
SEARCH FOR SAN MARCOS HOMES FOR SALE
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What’s My San Marcos Home Worth? San Marcos Real Estate Market Report February 2016
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