What’s the Value of my San Marcos Home?
San Marcos Home Sales for April 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 April 2018 there were 99 homes sold in San Marcos’ 2 zip codes (92069 and 92078), an 8% increase in sales from last month. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
99 (up 8%), 16 Days on Market, Ave. Sales Price $718,128 (up 24%) Ave. sale 99% of asking price
Detached Homes Sold
72 (up 11%), 16 Days on Market, Ave. Sales Price $802,330 (up 21%), Ave. sale 99% of asking price
Attached Homes Sold
27 (down 4%), 16 Days on Market, Ave. Sales Price $493,588 (up 31%), Ave. sale 98% of asking price
Overall sales volume in April increased, by 8%, from March, a trend we saw in other nearby communities. Detached home sale increased, while attached home sales remained close to the same. Average time on market decreased for both detached and attached homes to a little over 2 weeks.
12% of the transactions were for cash, compared to 21% last month. Buyers negotiated their asking prices on average by 1 - 2%, but 47% of the homes sold at or above asking price! The median sales price of detached homes was $707,000 (up 7%) and $492,400 (up 30%) for attached homes/condos/town homes.
There were 11 San Marcos homes for sale at the end of April with a Contingent status (7% of the total), i.e., typically these are homes with offers awaiting approval from short sale and REO lenders, compared to 7 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 these may have multiple offers in place; some are not being shown nor accepting more offers).
The San Marcos real estate market inventory increased significantly from March, by 22% to 158. This represents an inventory of 1.6 months for attached homes (up from 1 month last month) and 1.9 months for detached (up from 1.4 months last month) based on the current rate of sales over the last 3 months. Despite the inventory increase the San Marcos real estate market remains a very strong seller’s market.
In April 2018 we saw 142 homes come on the market, another big bump in new listings by 34% from last month, more good news for buyers. The number of homes going pending in April also increased substantially from March to 104, up by 25%.
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 April. 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 budget, 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.