What’s the Value of my San Marcos Home?
San Marcos Market Report for December 2020
The San Marcos real estate market continues to shift, especially with the pandemic and great interest rates. 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 December 2020 there were 100 homes sold in San Marcos’ 2 zip codes (92069 and 92078), 16% fewer home sales than last month, a trend we saw in other neighboring communities. Here’s the breakdown of overall activity.
Single Family Homes Sold
60 (down 29%); 30 Average Days on Market; Average Sales Price $916,713 (up 6%); Average sale 101% of original asking price
Condos, Townhomes and Duplexes Sold
40 (up 14%); 19 Average Days on Market; Average Sales Price $488,642 (up 9%); Average sale 97% of original asking price
Overall sales volume in December dropped from last month, with a significant decline in single family home sales but an increase in sales of condos, townhomes and duplexes. The average sales price rose for single family homes, as well as for condos, townhomes, and duplexes.
While the average days on the market (DOM) rose for single family homes, and for condos, townhomes and duplexes, 52% of the homes went pending in 1 week or less. Prospective buyers should keep in mind the need to decide quickly about touring listings they like, and then making offers if it makes sense to do so in order to not miss opportunities that suit them.
While some buyers negotiated sales prices down from list price, over half the buyers, 60%, paid full price or more for their new homes, a reflection of competition and multiple offers! The median sales price of single family homes was $817,500 (up 4%), and $506,500 (up 15%) for condos, townhomes and duplexes.
There were 5 San Marcos homes for sale at the end of December with an Active Under Contract status, compared to 3 last month. These homes are included in the overall Active statistics below.
The San Marcos housing inventory dropped significantly from last month by 20%, with 39 homes for sale (list prices range from $125,000 to $5,250,000), a trend seen in other communities and not a surprise given the holidays. This represents an inventory of only 10 days for condos, townhomes and duplexes (down from 11 days last month) and 12 days for single family homes, down from 14 days in November, 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 December.
In December 2020 we saw fewer homes come on the market, 53 as compared to 76 last month. The number of homes going pending also decreased, by 19%, to 61 pendings (excluding the homes that closed in December). That said, it was still a relatively busy month for both 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 December. I can provide more details regarding current activity, within the zip codes of San Marcos (92078 and 92069), and in specific neighborhoods that may interest you including San Elijo Hills, Twin Oaks, Lake San Marcos, or Santa Fe Hills.
Let’s talk! Please call me at (760) 840-1360 to discuss your specific housing needs, timing, lifestyle, and budget, and any questions you have. We can then create a strategy to get you into a new home in San Marcos in 2021.
And if you are considering selling your San Marcos home, let’s get together so we can review the current market conditions, review a market and equity analysis, and discuss a strategy that will make your home sale happen quickly and for top dollar.