What’s the Value of my San Marcos Home?
San Marcos Market Report for September 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 September 2020 there were 107 homes sold in San Marcos’ 2 zip codes (92069 and 92078), 28% fewer home sales than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
77 (down by 21%); Average Sales Price $811,028 (down 2%); Average sale 98% of original asking price
Condos, Townhomes and Duplexes Sold
30 (down 40%); Average Sales Price $470,841 (up 2%); Average sale 97% of original asking price
Overall sales volume in September was substantially lower than last month, and for single family home sales but especially for condos, townhomes and duplexes. The average sales price shifted down slightly for single family homes but rose slightly for condos, townhomes, and duplexes.
While buyers negotiated sales prices on average by 2 - 3% off original price, 2/3 of the San Marcos home buyers, 67%, paid full price or more for their new homes, a reflection of the competition and multiple offers! The median sales price of single family homes was $750,000 (down 5%) and $484,500 (no change) for condos, townhomes and duplexes.
There were 3 San Marcos homes for sale at the end of September with a Contingent status (now called “Active Under Contract” in our MLS), the same as last month, all first right of refusals. These homes are included in the overall Active statistics.
The San Marcos housing inventory declined substantially from last month by 21%, with 61 homes for sale, another decline. This represents an inventory of about 3 weeks for condos, townhomes and duplexes (similar to last month) and only 11 days for single family homes, even lower than in August, 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, and became even more competitive, with fewer homes for sale in September.
In September 2020 we saw 109 homes come on the market, 12% fewer than last month. The number of homes going pending increased, however, by 18%, to 125 pendings (excluding the homes that closed in September), so it was 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 September. 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, and discuss a strategy to make your sale happen quickly and for top dollar.