What’s the Value of my San Marcos Home?
San Marcos Market Report for November 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.
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In November 2019 there were 91 homes sold in San Marcos’ 2 zip codes (92069 and 92078), a substantial 19% decrease from last month, a trend seen in other nearby communities. Here’s the breakdown of overall activity.
Detached Homes Sold
64 (down 14%), 39 Days on Market, Average Sales Price $709,032 (down 1%), Average sale 98% of original asking price
Attached Homes (condos, town homes) Sold
27 (down 32%), 26 Days on Market, Average Sales Price $414,001 (down 7%), Average sale 98% of original asking price
Overall sales volume in November dropped substantially compared to last month, and for both detached and attached home sales. The average sales price dropped slightly for detached single family homes but moderately so for attached homes. The average time on the market was higher by several days for detached homes but dropped below 1 month for attached homes.
14% of the transactions were for cash, about the same as last month. While buyers negotiated sales prices on average by 2% off original price, 36% 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 $674,950 (up 4%) and $410,000 (down 2%) for attached homes/condos/townhomes.
There were 6 San Marcos homes for sale at the end of November with a Contingent status, versus 5 last month. All 6 are first right of refusals. These homes are included in the overall Active statistics.
The San Marcos real estate market inventory decreased, again, by 31% from October to 145 listings, the 4th consecutive decline in inventory. This represents an inventory of only 1.4 months for attached homes (up from 1.3 months last month) and 1.5 months for detached single family homes (down 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, based on the buyer demand and current inventory.
In November 2019 we saw 75 homes come on the market, 26% fewer than last month. The number of homes going pending in November also decreased, modestly, by 5%, to 80 pendings (excluding homes that sold in November).
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, do a market and equity analysis, then discuss a strategy to make your sale happen quickly and for top dollar.
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