What’s the Value of my San Marcos Home?
San Marcos Home Sales for August 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 August 2018 there were 102 homes sold in San Marcos’ 2 zip codes (92069 and 92078), down 16% from last month. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
102 (down 16%), 29Days on Market, Ave. Sales Price $680,279 (up 4%), Ave. sale 98% of asking price
Detached Homes Sold
74 (down 16%), 28 Days on Market, Ave. Sales Price $778,455 (up 8%), Ave. sale 98% of asking price
Attached Homes (condos, town homes) Sold
28 (down 18%), 31 Days on Market, Ave. Sales Price $476,564 (down 12%), Ave. sale 97% of asking price
Overall sales volume in August decreased fairly substantially from July. Average time on market shifted up slightly for detached but more significantly for attached homes, but remains at or below 1 month.
14% of the transactions were for cash, compared to 10% last month. Buyers negotiated their asking prices on average by 2 - 3%, but 36% of the homes sold at or above asking price! The median sales price of detached homes was $699,950 (up by 1%) and $445,000 (down 9%) for attached homes/condos/town homes.
There were 9 San Marcos homes for sale at the end of August with a Contingent status (4% of the total) compared to 3 last month. Typically these are homes with offers awaiting approval from short sale and REO lenders, but 6 are first right of refusals based on contingent offers; 2 are short sales and 1 needs court approval. These homes are included in the overall Active statistics since they are still considered active until the approvals are obtained.
The San Marcos real estate market inventory increased substantially by 22% from July to 234, which is more than double the inventory in January. This represents an inventory of 2.2 months for attached homes (up from 1.5 months last month) and 1.9 months for detached (up from 1.7 months 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 given the buyer demand and current inventory.
In August 2018 we saw 154 homes come on the market, a slight increase in new listings, up by 2 (1%) from last month. In contrast the number of homes going pending in August decreased, by 21% to 75 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 August. 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 so we can review the current market conditions, the expected value of your property, and discuss a strategy to make your sale happen quickly and for top dollar.