What’s the Value of my San Marcos Home?
San Marcos Home Sales for July 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.
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In July 2020 there were 143 homes sold in San Marcos’ 2 zip codes (92069 and 92078), 47% more home sales than last month, a 2nd substantial increase in sales and a trend seen in some other communities like Carlsbad. Here’s the breakdown of overall activity.
Detached Homes Sold
99 (up 48%), 22 Days on Market, Average Sales Price $818,987 (no shift), Average sale 100% of original asking price
Attached Homes (condos, town homes) Sold
44 (up 47%), 23 Days on Market, Average Sales Price $455,561 (down 2%), Average sale 99% of original asking price
Overall sales volume in July was substantially higher than last month, with big increases in sales for both styles of homes following significant increases in June. The average sales price did not shift for detached single family homes but dropped slightly for attached homes. The average time on the market was shorter for both detached homes and attached homes, about 3 weeks.
12% of the transactions were for cash, vs. 10% last month. While buyers negotiated sales prices on average by 1% off original price, over half of the San Marcos home buyers, 55%, paid full price or more for their new homes, a good indication of the competition and multiple offers! The median sales price of detached homes was $753,500 (up 6%) and $476,735 (down by 1%) for attached homes/condos/townhomes.
There were 4 San Marcos homes for sale at the end of July with a Contingent status, versus 10 last month. 1 is a court approval and the other 3 are first right of refusals. These homes are included in the overall Active statistics below.
The San Marcos real estate market inventory declined from last month by 25%, with 84 homes for sale. This represents an inventory of less than 1 month for attached homes (down from 1.7 months last month) and less than 1 month 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 detached homes, even during the pandemic and became even more competitive, with lower inventory, in July.
In July 2020 we saw 138 homes come on the market, just 1 less than last month, despite the pandemic. The number of homes going pending increased again, by 7%, to 135 pendings (excluding the homes that closed in July), another busy month.
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 July. 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 San Marcos home, 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.
We can talk about the specific recommendations in place, and new procedures due to the pandemic that impact showings and sales in our area. I’m happy to answer any questions you have about what these procedures means when buying or selling a home.
SEARCH FOR SAN MARCOS HOMES FOR SALE
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