2016 Year-End Market Report for San Marcos CA
Here is my 2016 year-end market update for single family detached homes in San Marcos, just east of Carlsbad. San Marcos has seen some fairly dramatic shifts in the market since the recession and is one of the more competitive communities in terms of limited inventory for buyers.
San Marcos offers a mix of single family detached homes, from smaller older homes to impressive view homes in communities like San Elijo Hills where you can still buy new construction houses! While San Marcos is a fairly good sized town the inventory is low, and prices can vary significantly depending on location and views.
2016 Housing Market for San Marcos:
868 detached single family homes sold in 2016, just 1% less than 2015 sales (875 sales). The average sales price for the 2016 was $641,027, an increase of 7% over 2015 average sales prices ($601,634). The average marketing time was 34 days, as compared to 31 days for 2015 sales.
Prices for detached single family homes sold in San Marcos in 2016 ranged from $238,500 to $1,600,000 for a 3 bedroom 1 bath 1500 SF home on 34 acres offering tremendous development potential.
The Median Price for a single family home in San Marcos in 2016 was $603,134, up 5% from the 2015 median price of $575,000.
12% of the single family detached homes sold in 2016 in Cardiff were cash transactions compared to 7% in 2015. Homes sold, on average, at 97% of the asking price.
The overall inventory right now remains low, and the market continues to favor sellers in San Marcos. As of this writing there are only 50 single family detached homes on the market ranging from $360,000 to $3,500,000. The average time on the market for these homes is 52 days. As of my last complete market report for San Marcos in January 2017 there is about 1.2 months of inventory for single family detached homes.
7 single family homes are pending right now with original pricing from $1,095,000 to $2,249,000. These homes have been on the market an average of 33 days. Only 2 homes have closed escrow since the beginning of the year.
If you would like more information about the San Marcos housing market in general, or regarding specific neighborhoods (San Elijo Hills, Santa Fe Hills, Twin Oaks, Lake San Marcos, etc.), and would like to discuss your housing needs and budget, let’s set a time to talk!
And if you are considering selling your San Marcos home it would be my pleasure to schedule a time to meet with you and review the current market conditions, the potential value of your home, the sales process and provide answers to all of your questions.
Please call me at (760) 840-1360 or you may send an email to me at JeffDowlerSolutions@gmail.com.
