What’s the Value of my San Marcos Home?
San Marcos Market Report for May 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 May 2019 there were 122 homes sold in San Marcos’ 2 zip codes (92069 and 92078), a 15% increase from last month. Here’s the breakdown of overall activity
Detached Homes Sold
92 (up 12%), 28 Days on Market, Average Sales Price $723,525 (up 3%), Average sale 99% of original asking price
Attached Homes (condos, town homes) Sold
30 (up 25%), 28 Days on Market, Average Sales Price $408,290 (down 30%), Average sale 98% of original asking price
Overall sales volume in May increased compared to last month, especially for attached single family home sales. Average sales prices rose modestly for detached homes but declined for attached home sales. Average time on market dropped below 1 month for both detached and attached homes.
11% of the transactions were for cash, compared to 15% last month. While buyers negotiated sales prices on average by 1 - 2% (off original price), 54% of San Marcos home buyers paid full price or more for their new homes, a good indicator of competition and multiple offers! The median sales price of detached homes was $677,000 (up 2%) and $422,500 (down 12%) for attached homes/condos/town homes.
There were 14 San Marcos homes for sale at the end of May with a Contingent status, versus 6 last month. 1 is a short sale, and 1 is subject to court approval; the other 12 are first right of refusals. These homes are included in the overall Active statistics.
The San Marcos real estate market inventory increased by 4% from April to 217 listings. This represents an inventory of 2.2 months for attached homes (down from 2.4 months last month) and 1.8 months for detached single family homes (down from 2 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, based on the buyer demand and current inventory.
In May 2019 we saw 149 homes come on the market, 24% fewer than last month. Similarly the number of homes going pending in May also decreased modestly, by 5%, to108 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 May. 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, do a market and equity analysis, then discuss a strategy to make your sale happen quickly and for top dollar in our competitive market.