What’s the Value of my San Marcos Home?
San Marcos Real Estate Market Report for February 2019
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 up-to-date 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 February 2019 there were 84 homes sold in San Marcos’ 2 zip codes (92069 and 92078), a 50% increase from last month, following a couple of declines during the holidays and in January. Here’s the breakdown of overall activity.
Detached Homes Sold
59 (up 64%), 38 Days on Market, Ave. Sales Price $713,639 (down 2%), Ave. sale 97% of asking price
Attached Homes (condos, town homes) Sold
25 (up 25%), 36 Days on Market, Ave. Sales Price $398,156 (down 5%), Ave. sale 96% of asking price
Overall sales volume in February increased substantially compared to last month, especially for detached single family home sales. Average sales prices declined modestly. Average time on market shifted down slightly for detached homes but increased by 2 days for attached properties.
27% of the transactions were for cash, compared to 18% last month. While buyers negotiated sales prices on average by 2 - 4% (off original price), 26% of the San Marcos home buyers paid full price or better! The median sales price of detached homes was $660,000 (down 8%) and $411,500 (down 6%) for attached homes/condos/town homes.
There were 3 San Marcos homes for sale at the end of February with a Contingent status (2% of the total) compared to 10 last month. 1 is a home awaiting approval from short sale and REO lenders, but 2 are first right of refusals based on contingent offers. These homes are included in the overall Active statistics.
The San Marcos real estate market inventory decreased by 7% from January to 169 listings, in contrast to some other communities that saw increases. This represents an inventory of 2.1 months for attached homes (up from 1.9 months last month) and 2.5 months for detached single family homes (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, especially for attached homes, given buyer demand and current supply.
In February 2019 we saw 107 homes come on the market, substantially more than the number of new listings in January (up 88%). Similarly the number of homes going pending in February also increased, by 11%, to 89 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 February. 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.