What’s the Value of my San Marcos Home?
San Marcos Market Report for June 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 June 2018 there were 120 homes sold in San Marcos’ 2 zip codes (92069 and 92078), a substantial increase by 32% from last month. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
120 (up 32%), 25 Days on Market, Ave. Sales Price $660,273 (up 4%), Ave. sale 98% of asking price
Detached Homes Sold
85 (up 31%), 25 Days on Market, Ave. Sales Price $740,782 (up 3%), Ave. sale 97% of asking price
Attached Homes (condos, town homes) Sold
35 (up 35%), 25 Days on Market, Ave. Sales Price $464,751 (up 11%), Ave. sale 98% of asking price
Overall sales volume in June increased significantly, by 32%, from May, and for detached and attached homes. Average time on market shifted up modestly for both detached and attached homes, but remains below 1 month.
15% of the transactions were for cash, compared to 18% last month. Buyers negotiated their asking prices on average by 2 - 3%, but 38% of the homes sold at or above asking price! The median sales price of detached homes was $694,820 (up 1%) and $499,000 (up 21%) for attached homes/condos/town homes.
There were 6 San Marcos homes for sale at the end of June with a Contingent status (3% of the total), i.e., typically these are homes with offers awaiting approval from short sale and REO lenders, compared to 14 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 again, up 20% from May, to 200. This represents an inventory of 2.1 months for attached homes (up from 1.6 months last month) and 1.8 months for detached (the same as last month) based on the current rate of sales over the last 3 months. Despite the significant increase in inventory the San Marcos real estate market remains a very strong seller’s market given the buyer demand.
In June 2018 we saw 154 homes come on the market, a slight decrease in new listings by 1% from last month. The number of homes going pending in June also decreased, but more significantly, by 9% to 96 pendings.
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 June. 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.