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, and do not represent the reality of the local San Marcos housing market. Having details about local market conditions benefits you as a buyer or seller so you can make informed decisions about buying and selling San Marcos homes for sale.
In December 2016 there were 94 homes sold in San Marcos’ 2 zip codes (92069 and 92078), a decrease of 4% from last month, a trend we saw in other North San Diego County communities. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
94 (down 4%), 36 Days on Market, Ave. Sales Price $547,533 (down 8%) Ave. sale 96% of asking price
Detached Homes Sold
66 (down 1%), 41 Days on Market, Ave. Sales Price $617,565 (down 11%), Ave. sale 95% of asking price
Attached Homes Sold,
28 (down 7%), 23 Days on Market, Ave. Sales Price $382,458 (up 1%), Ave. sale 98% of asking price
Overall sales volume in December decreased slightly from November across the board, the 3rd consecutive decline. Average time on market increased for both detached and attached homes but remained pretty low.
14% of the transactions were for cash, compared to 16% last month. Buyers negotiated their asking prices on average 2 - 5%, but 25 homes (27%) sold at or above asking price. The Median sales price of detached homes was $592,500 (down 10%) and $372,500 (down 6%) for attached homes/condos.
There were 13 San Marcos homes for sale at the end of December with a Contingent status (15% of the total), i.e., homes with offers awaiting approval from short sale and REO lenders, up from 10 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 significantly from November by 28% to 88, the 7th consecutive inventory decline. This represents an inventory of less than 1 month for attached homes (the same as last month) and less than 1 month for detached (down from 1.2 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 very strong seller’s market.
In December 2016 we saw 50 homes come on the market, down by 32% from last month. Similarly the number of homes going pending in December decreased, by 26%, to 61.
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. I can provide more details with regard to current activity as well as within the specific zip codes of San Marcos (92078 and 92069), or focus on certain communities that interest you such as San Elijo Hills. Lake San Marcos, or Santa Fe Hills.