What’s the Value of my San Marcos Home?
San Marcos Market Report for October 2022
The San Marcos real estate market continues to shift each month. These statistics do not include private sales, mobile homes or multi-family housing (the data are taken from the MLS and believed to be accurate at the time this report was published, but are not guaranteed).
Having up-to-date information about the local market conditions benefits you as a seller or buyer so you can make educated buying and selling decisions about San Marcos homes for sale.
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53 homes sold in October 2022 in San Marcos’ 2 zip codes (92069 and 92078), 40% fewer than last month following a month of increased sales. Here’s the breakdown of overall activity.
Single Family Homes Sold
36 (down by 42%); 25 Average Days on Market; Average Sales Price $1,058,875 (up 3%); Average sale 95% of original asking price.
Condos, Townhomes and Duplexes Sold
17 (down 35%); 28 Average Days on Market; Average Sales Price $631,090 (up by 1%); Average sale 95% of original asking price.
Overall sales volume in October declined significantly from September. This was true for single family homes as well as condo, townhome and duplex sales. The average sales price increased modestly for single family homes, and rose slightly for condos, townhomes, and duplexes. Sales prices ranged from $360,000 to $2,425,000.
Looking back to October 2021, there were 51% fewer single family home sales in 2022, and 26% fewer sales of condos, townhomes and duplexes. The average sales price for single family homes in 2022 was 7% higher than 1 year ago, and 5% higher in October 2022 for condos, townhomes and duplexes.
The average time on the market (DOM) in October did not change for single family homes, but was 1 week longer for condos, townhomes and duplexes. 28% of the homes went pending in 7 days or less, a few more than last month.
The majority of buyers were able to negotiate their sales prices in October. At the same time, however, about 1 out of 4 (28%) paid asking price or more. The median sales price of the single family homes was $986,500 (up 7%), and $650,000 (about the same) for condos, townhomes and duplexes.
There was 1 San Marcos home for sale at the end of October with an Active Under Contract status, versus 5 last month. This home is included in the overall Active statistics.
The San Marcos housing inventory dropped slightly in October, with 116 homes for sale at the end of the month (down by 3). List prices range from $369,000 to $3,995,000. This is a supply of 1.5 months for condos, townhomes and duplexes (up from 1.2 months last month), and 1.7 months for single family homes (no change from last month), based on the rate of sales over the last 3 months.
San Marcos remains a very strong seller’s market based on current supply and demand.
There were more new listings coming on the market in October, 68 compared to 63 last month. Similarly, the number of homes going pending increased to 49 from 40, excluding homes that closed in October.
This summary of the San Marcos real estate market is based on data provided by the MLS. I can share more details regarding current activity, and for particular neighborhoods (e.g., San Elijo Hills, Twin Oaks, Lake San Marcos, Santa Fe Hills).
Given the shifting market is it time to talk real estate? Please contact me at (760) 840-1360 directly or by text and we’ll review your particular housing needs, timing, lifestyle, budget, and questions. We can then create a strategy for buying your new San Marcos home.
Are you thinking about selling your home in San Marcos? Let’s discuss current market conditions that affect your sale, and review a market and equity analysis. Then we’ll create a plan to sell your home quickly for the best price, terms and conditions.
Interested in your home’s current market value? Please reach out to me by phone or text at (760) 840-1360.
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