What’s the Value of my San Marcos Home?
San Marcos Home Sales for May 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 May 2020 there were 54 homes sold in San Marcos’ 2 zip codes (92069 and 92078), 30% fewer home sales than last month. Here’s the breakdown of overall activity
Detached Homes Sold
37 (down 35%), 25 Days on Market, Average Sales Price $738,421 (down 5%), Average sale 98% of original asking price
Attached Homes (condos, town homes) Sold
17 (down 15%), 31 Days on Market, Average Sales Price $458,098 (down 2%), Average sale 98% of original asking price
Overall sales volume in May was substantially lower than last month, mostly due to a big decline in sales of detached homes. The average sales price decreased modestly for both detached single family homes and attached homes. The average time on the market was about the same for detached homes and substantially longer for attached homes, but still about 1 month.
19% of the transactions were for cash, vs. 5% last month. While buyers negotiated sales prices on average by 2% off original price, almost half of the San Marcos home buyers, 46%, 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 $722,000 (no change) and $432,000 (down 13%) for attached homes/condos/townhomes.
There were 4 San Marcos homes for sale at the end of May with a Contingent status, versus 3 last month. All are first right of refusals. These homes are included in the overall Active statistics below.
The San Marcos real estate market inventory rose substantially by 23% from last month, despite the pandemic, with 123 homes for sale. This represents an inventory of only 1.9 months for attached homes (up from 1.2 months last month) and 1.3 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 detached homes, even during the pandemic.
In May 2020 we saw 125 homes come on the market, a substantial increase by 78% compared to new listing for last month. The number of homes going pending also increased significantly, by 65%, to 94 pendings (excluding the homes that closed in May), despite the pandemic.
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 May. 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 also talk about the specific recommendations currently 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 when buying or selling a home.