What’s the Value of my San Marcos Home?
San Marcos Home Sales for April 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 April 2020 there were 77 homes sold in San Marcos’ 2 zip codes (92069 and 92078), 25% fewer home sales than last month. Here’s the breakdown of overall activity
Detached Homes Sold
57 (down 3%), 26 Days on Market, Average Sales Price $779,809 (down 5%), Average sale 99% of original asking price
Attached Homes (condos, town homes) Sold
20 (down 53%), 15 Days on Market, Average Sales Price $468,635 (up 6%), Average sale 101% of original asking price
Overall sales volume in April was substantially lower than last month, mostly due to a big decline in sales of attached homes. The average sales price decreased for detached single family homes but increased for attached homes. The average time on the market was a few days shorter for detached homes and substantially shorter for attached homes, and is under 1 month.
5% of the transactions were for cash, vs. 16% last month. While buyers negotiated sales prices on average by 1% off original price, well over half of the San Marcos home buyers, 68%, 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 $719,000 (no change) and $499,000 (up 6%) for attached homes/condos/townhomes.
There were 3 San Marcos homes for sale at the end of April with a Contingent status, versus 6 last month. All are first right of refusals. These homes are included in the overall Active statistics.
The San Marcos real estate market inventory was the same as last month, with 100 homes for sale. This represents an inventory of only 1.2 months for attached homes (up from 1 month last month) and 1.2 months for detached single family homes (down from 1.3 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, even during the pandemic.
In April 2019 we saw 70 homes come on the market, about 2/3 the number of new listings last month (down 35%). The number of homes going pending also declined, by 19%, to 57 pendings (excluding the homes that closed in April), but that’s still about 2 pendings per day.
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 April. 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 get your home sold quickly and for top dollar.
We should also talk about the specific CDC recommendations in place, and new procedures due to the SIP Order that impact showings and sales in our area, and I’ll answer any questions you have about what this means for buying and selling.