What’s the Value of my San Marcos Home?
San Marcos Home Sales for May 2021
The San Marcos real estate market continues to shift each month. These data do not include private sales, mobile homes or multi-family 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 current local market conditions benefits you as a buyer or seller so you can make educated decisions about buying and selling San Marcos homes for sale especially in this busy market.
In May 2021 there were 109 homes sold in San Marcos’ 2 zip codes (92069 and 92078), 12% fewer home sales than last month, following several increases. Here’s the breakdown of overall activity.
Single Family Homes Sold
75 (down 16%); 9 Average Days on Market; Average Sales Price $1,011,395 (no change); Average sale 107% of original asking price
Condos, Townhomes and Duplexes Sold
34 (down by 1); 12 Average Days on Market; Average Sales Price $544,492 (down 4%); Average sale 106% of original asking price
Overall sales volume in May dropped from last month, with fewer single family home sales, and 1 fewer condo, townhome and duplex sale. The average sales price did not shift for single family homes, but declined modestly for condos, townhomes, and duplexes. Sales prices ranged from $125,000 to $2,380,000.
The average days on the market (DOM) was the same for single family homes at 9 days, but was slightly longer for condos, townhomes and duplexes compared to last month. Home buyers should bear in mind they must decide quickly about touring listings that appeal to them, and should be prepared to make offers quickly in order to not miss limited opportunities, since 76% of the homes went pending in 7 days or less.
While some buyers were able to negotiate sales prices down from list price, the majority of buyers, 88%, paid full price or more for their new homes, the result of multiple competing offers! The median sales price of single family homes was $892,000 (up 2%), and $577,750 (3% lower) for condos, townhomes and duplexes.
There were 6 San Marcos homes for sale at the end of May with an Active Under Contract status, compared to 9 last month. These homes are included in the overall Active statistics below.
The San Marcos housing inventory increased again, up 41% from last month with 76 homes for sale, more good news for buyers; list prices range from $136,500 to $5,250,000. This represents an inventory of 21 days for condos, townhomes and duplexes (down from 25 days last month) and 21 days for single family homes, up from 14 days in April, based on the rate of sales over the last 3 months.
The San Marcos real estate market continues to be a very strong seller’s market, based on buyer demand and available inventory.
In May 2021 we saw about the same number of homes come on the market, 127, as compared to 126 last month. The number of homes going pending rose slightly, with 2 more pendings (100) than last month (excluding the homes that closed in May). It was a busy month for both sellers and buyers.
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 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. With this information we can create a strategy to help you buy a new home in San Marcos in 2021.
And if you are thinking about selling your San Marcos home, let’s find a time to have a conversation and review current market conditions affecting your sale, discuss a market and equity analysis of your home, and create a strategy that will make your sale happen quickly and for top dollar.