What’s the Value of my San Marcos Home?
San Marcos Market Report for November 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 November 2018 there were 89 homes sold in San Marcos’ 2 zip codes (92069 and 92078), up 16% from last month. Here’s the breakdown of overall activity.
Detached Homes Sold
61 (up 30%), 36 Days on Market, Ave. Sales Price $733,288 (down 9%), Ave. sale 98% of asking price
Attached Homes (condos, town homes) Sold
28 (down 7%), 32 Days on Market, Ave. Sales Price $410,094 (down 10%), Ave. sale 97% of asking price
Overall sales volume in November rose substantially compared to last month, but with fewer attached home sales but significantly more detached. Average time on market shifted up modestly overall.
17% of the transactions were for cash, compared to 22% last month. Buyers negotiated their asking prices on average by 2 - 3%, but 29% of the buyers paid full price or better! Be preapred to do this, depending on the circumstances. The median sales price of detached homes was $680,000 (up 2%) and $447,000 (down 5%) for attached homes/condos/town homes.
There were 3 San Marcos homes for sale at the end of November with a Contingent status (4% of the total) compared to 11 last month. Typically these are homes with offers awaiting approval from short sale and REO lenders (1), but some are first right of refusals based on contingent offer. These homes are included in the overall Active statistics.
The San Marcos real estate market inventory decreased, again, by 11% from October to 213. This represents an inventory of 2.5 months for attached homes (down from 2.6 months last month) and 2.6 months for detached (down from 2.8 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 November 2018 we saw 94 homes come on the market, a decrease in new listings, by 24%, from last month. Similarly the number of homes going pending in November decreased, by 17%, to 64 pendings (excluding homes that sold last month).
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 November. 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 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.