What’s the Value of my San Marcos Home?
San Marcos Market Report for November 2021
The San Marcos real estate market continues to shift each month. The data do not include private sales, mobile homes or multi-family housing (the data are taken from the MLS and are believed to be accurate at the time this report was published, but are not guaranteed).
Having up to date information about local market conditions benefits you as a seller or buyer so you can make educated decisions about buying and selling San Marcos homes for sale especially in this competitive market.
In November 2021 there were 93 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
57 (down 22%); 20 Average Days on Market; Average Sales Price $1,125,036 (up 14%); Average sale 102% of original asking price
Condos, Townhomes and Duplexes Sold
36 (up 57%); 18 Average Days on Market; Average Sales Price $546,217 (down by 9%); Average sale 102% of original asking price
Overall sales volume in November declined significantly from last month, with a decline in single family home sales but a big jump in condo, townhome and duplex sales. The average sales price rose for single family homes (no doubt due, in part, to the sale of 7 homes over $1.6 million), but dropped for condos, townhomes, and duplexes. Sales prices ranged from $130,000 to $4,250,000.
The average time on the market (DOM) was 5 days longer for single family homes, but 2 days shorter for condos, townhomes and duplexes. However, buyers still should expect to make quick decisions about touring listings that meet their needs, and making offers, since nearly half of the homes, 49%, went pending in 1 week or less.
A number of buyers were able to negotiate sales prices down from list price, however, the majority of buyers (71%) paid asking price or higher! The median sales price of single family homes was $978,000 (up 6%), and $602,500 (down by 6%) for condos, townhomes and duplexes.
There was 1 San Marcos home for sale at the end of November with an Active Under Contract status, the same as last month. This home is included in the overall Active statistics below.
The San Marcos housing inventory declined again in November, with 34 homes for sale (vs. 45 last month); list prices range from $169,000 to $1,896,000. This represents an inventory of only 13 days for condos, townhomes and duplexes (up from 12 days last month) and only 9 days for single family homes, down from 12 days in October, based on the rate of sales over the last 3 months.
Based on inventory and demand, San Marcos remains a very strong seller’s market.
In November 2021 we saw fewer new listings, 69, compared to 78 last month – another decline. The number of homes going pending also dropped from 78 last month to 68 (excluding homes that closed in November). Despite these shifts November 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 November. I can provide more details regarding current activity, within the zip codes of San Marcos (92078 and 92069), and in specific neighborhoods that may be of interest including San Elijo Hills, Twin Oaks, Lake San Marcos, or Santa Fe Hills.
Let’s talk real estate! Please reach out to me at (760) 840-1360 so we can discuss your particular housing needs, timing, lifestyle, and budget, and any questions. We can then develop a plan to help you buy a new San Marcos home.
Are you considering 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 help your sale happen quickly and for the best price, terms and conditions.