What’s the Value of my San Marcos Home?
San Marcos Market Report for February 2020
The San Marcos real estate market continues to change. 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 2020 there were 70 homes sold in San Marcos’ 2 zip codes (92069 and 92078), 2 more home sales than last month. Here’s the breakdown of overall activity
Detached Homes Sold
48 (up 12%), 40 Days on Market, Average Sales Price $756,339 (down 3%), Average sale 98% of original asking price
Attached Homes (condos, town homes) Sold
22 (down 12%), 31 Days on Market, Average Sales Price $446,881 (down 6%), Average sale 97% of original asking price
Overall sales volume in February was slightly higher than last month, with more detached home sales but fewer attached home sales. The average sales price declined for both detached single family homes and attached homes. The average time on the market was a few days less for both types of homes.
13% of the transactions were for cash, vs. 24% last month. While buyers negotiated sales prices on average by 2 - 3% off original price, 44% of San Marcos home buyers paid full price or more for their new homes, a good indication of competition and multiple offers! The median sales price of detached homes was $686,000 (down 9%) and $450,000 (down 4%) for attached homes/condos/townhomes.
There were 5 San Marcos homes for sale at the end of February with a Contingent status, versus 3 last month. 3 are first right of refusals, and 2 are short sales. These homes are included in the overall Active statistics.
The San Marcos real estate market inventory was 22% lower than in January, which saw a big increase from December. This represents an inventory of 1.1 months for attached homes (down from 1.6 months last month) and 2.8 months for detached single family homes (up from 1.2 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, especially for attached homes.
In February 2019 we saw 101 homes come on the market, down 17% from last month. In contrast, the number of homes going pending increased, by 38%, to 106 pendings (excluding the homes that closed in February).
This overview of the San Marcos real estate market is based on data from the MLS for homes that went under contract in the last month or 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 in neighborhoods that may interest you including San Elijo Hills, Twin Oaks, Lake San Marcos, or Santa Fe Hills.
Please call me at (760) 840-1360 to discuss your specific housing needs, timing, and budget, and any questions you have so we can create a strategy to get you into a new home in San Marcos in 2020.
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.