What’s the Value of my San Marcos Home?
San Marcos Market Report for February 2018
The San Marcos real estate market continues to shift. These data do not include private sales or manufactured housing; the data 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 February 2018 there were 65 homes sold in San Marcos’ 2 zip codes (92069 and 92078), a 3% decrease from last month. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
65 (down 3%), 25 Days on Market, Ave. Sales Price $619,634 (up 7%) Ave. sale 99% of asking price
Detached Homes Sold
41 (down 2%), 26 Days on Market, Ave. Sales Price $735,007 (up 8%), Ave. sale 98% of asking price
Attached Homes Sold
24 (down 4%), 22 Days on Market, Ave. Sales Price $422,538 (up 4%), Ave. sale 100% of asking price
Overall sales volume in February decreased by only 2 homes from January, 1 detached and 1 attached home. Average time on market decreased across the board.
18% of the transactions were for cash, compared to 16% last month. Buyers negotiated their asking prices on average by 1 - 2%, but 51% of the homes sold at or above asking price! The median sales price of detached homes was $685,000 (up 6%) and $444,500 (up 6%) for attached homes/condos.
There were 6 San Marcos homes for sale at the end of February 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 4 last month. These homes are included in the overall Active statistics (be aware that these may have multiple offers in place; some are not being shown nor accepting more offers).
The San Marcos real estate market inventory increased from January substantially, by 28% to 96. This represents an inventory of less than 1 month for attached homes (the same as the last 2 months) and 1.4 months for detached (up from less than 30 days last month) based on the current rate of sales over the last 3 months. The San Marcos real estate market remains a very strong seller’s market.
In February 2018 we saw 106 homes come on the market, another big bump in new listings by 15% from last month, more good news for buyers. The number of homes going pending in February also increased from January but only by 1 home, to 83.
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 February. I can provide more details regarding current activity, within the specific zip codes of San Marcos (92078 and 92069), or in 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 San Marcos home, let’s get together to review the current market conditions, the value of your property, and discuss a strategy to make your sale happen.