What’s the Value of my San Marcos Home?
Real Estate Market Report for January 2018
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.
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 January 2018 there were 67 homes sold in San Marcos’ 2 zip codes (92069 and 92078), a 27% decrease from December. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
67 (down 27%), 33 Days on Market, Ave. Sales Price $578,768 (down 9%) Ave. sale 98% of asking price
Detached Homes Sold
42 (down 29%), 36 Days on Market, Ave. Sales Price $681,450 (down 1%), Ave. sale 97% of asking price
Attached Homes Sold
25 (down 24%), 28 Days on Market, Ave. Sales Price $406,262 (down 9%), Ave. sale 99% of asking price
Overall sales volume in January decreased from December for both detached and attached homes. Average time on market increased across the board.
16% of the transactions were for cash, compared to 18% last month. Buyers negotiated their asking prices on average by 1 - 3%, but 37% of the homes sold at or above asking price! The median sales price of detached homes was $649,000 (up 2%) and $420,000 (down 6%) for attached homes/condos.
There were 4 San Marcos homes for sale at the end of January with a Contingent status (6% of the total), i.e., typically these are homes with offers awaiting approval from short sale and REO lenders, compared to 5 last month. These homes are included in the overall Active statistics 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 December modestly, by 4% to 75, following a large drop on inventory in December. This represents an inventory of less than 1 month for attached homes (the same as last month) and less than 1 month for detached (the same as last month) based on the current rate of sales over the last 3 months. The San Marcos real estate market continues to be very competitive for buyers, and remains a very strong seller’s market.
In January 2018 we saw 93 homes come on the market, a big bump in new listings by 66% from last month, good news for buyers. Similarly, the number of homes going pending in January increased from December by 39%, to 82.
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 month of so and closed in January. I can provide more details regarding current activity, within the specific zip codes of San Marcos (92078 and 92069), or on certain neighborhoods of interest including San Elijo Hills, Twin Oaks, Lake San Marcos, or Santa Fe Hills.
Please call me at (760) 840-1360 so we can discuss your specific housing needs and any questions you have so we can make a plan to get you into a new home in San Marcos soon.
And if you are considering selling your home in San Marcos, let’s get together to review the current market conditions, the value of your property, and discuss a strategy to make your sale happen.