What’s the Value of my San Marcos Home?
San Marcos Home Sales Report for August 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 August 2020 there were 148 homes sold in San Marcos’ 2 zip codes (92069 and 92078), 5 more home sales than last month, and another solid month of housing activity. Here’s the breakdown:
Detached Homes Sold
98 (down by 1), 19 Days on Market, Average Sales Price $829,750 (up 1%), Average sale 99% of original asking price
Attached Homes (condos, town homes) Sold
50 (up 14%), 19 Days on Market, Average Sales Price $459,454 (up 1%), Average sale 99% of original asking price
Overall sales volume in August was a little higher than last month, with a slight decline in detached sales but an increase in attached sales. The average sales price shifted up slightly for both detached single family homes and attached homes. The average time on the market was shorter for both detached homes and attached homes, and less than 3 weeks.
9% of the transactions were for cash, vs. 12% last month. While buyers negotiated sales prices on average by 1% off original price, over half of the San Marcos home buyers, 57%, paid full price or more for their new homes, a reflection of the competition and multiple offers! The median sales price of detached homes was $787,500 (up 5%) and $484,500 (up 2%) for attached homes.
There were 3 San Marcos homes for sale at the end of August with a Contingent status, versus 4 last month. All 3 were first right of refusals. These homes are included in the overall Active statistics.
The San Marcos housing inventory declined from last month by 8%, with 77 homes for sale, another drop in supply. This represents an inventory of less than 1 month for attached homes (like last month) and less than 1 month for detached single family homes (like last month) based on the 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, even during the pandemic, and became even more competitive, with fewer homes for sale in August.
In August 2020 we saw 124 homes come on the market, 10% fewer than last month, despite the pandemic but that’s still 4 new listings daily. The number of homes going pending decreased as well, by 21%, to 106 pendings (excluding the homes that closed in August), but still a busy month for buyers and sellers.
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 August. 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.In the mean time you may want to read these 2 articles if you plan to buy and/or sell a home.
I’m happy to answer any questions you have about what these procedures specifically mean for you when buying or selling a house.