San Marcos Homes for Sale - What Happened in the San Marcos Real Estate Market in October 2013?

San Marcos Homes for Sale - What Happened in the San Marcos Real Estate Market in October 2013?

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, not specific, so information does not represent the reality of our local San Marcos real estate 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 October 2013 there were 95 homes sold in San Marcos’ 2 zip codes (92069 and 92078), up 22% from September sales. Here’s the breakdown of overall activity.

Sales volume in October rose significantly from September sales for detached homes but declined modestly for attached. Average prices also rose significantly for detached homes, in large part due to the sale of a $4.7M property which raised the average (ignoring that sale, the average sales price of a detached home was $540,050, up 5%).

24% of the transactions were cash and 11% were short sales. Buyers are negotiating their asking prices, on average about 2%, but a good number of homes are selling for over asking price (as much as 7%) with others selling below the list price. The Median sales price of detached homes was $517,000 (the same as last month), and $339,000 (down 8%) for attached homes/condos.

There were 36 San Marcos homes for sale at the end of October with a Contingent status (18% 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 slightly, by 1%, from September to 199. This represents an inventory of only 1.7 months for attached homes (the same as last month) and 1.9 months for detached (the same as in September) based on the current rate of sales over the last 6 months. The San Marcos real estate market continues to be competitive for buyers, and is a strong seller’s market.

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How Important is Inventory when Buying or Selling? Very!!

In October 2013 we saw 106 homes come on the market, down 15% from last month. The number of homes going pending in October (77) also dropped from September pendings by 16%.

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 October. 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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