What’s the Value of my San Marcos Home?
San Marcos Market Report for November 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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48 homes sold in November 2022 in San Marcos’ 2 zip codes (92069 and 92078), 5 fewer than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
37 (up by 1); 28 Average Days on Market; Average Sales Price $1,075,148 (up 2%); Average sale 95% of original asking price.
Condos, Townhomes and Duplexes Sold
11 (down by 6); 21 Average Days on Market; Average Sales Price $626,131 (down 1%); Average sale 98% of original asking price.
Overall sales volume in November declined modestly from October. There was 1 more single family home sold but fewer condo, townhome and duplex sales. The average sales price rose slightly for single family homes, but dropped slightly for condos, townhomes, and duplexes. Sales prices ranged from $350,000 to $1,964,000.
Looking back to November 2021, there were 33% fewer single family home sales in 2022, and 21% fewer sales of condos, townhomes and duplexes. The average sales price for single family homes in 2022 was 5% lower than 1 year ago, and 7% lower in November 2022 for condos, townhomes and duplexes.
The average time on the market (DOM) in November was 3 days longer for single family homes (now 4 weeks), but 2 day shorter for condos, townhomes and duplexes. 29% of the homes went pending in 7 days or less, slightly more than last month.
The majority of buyers were able to negotiate their sales prices in November. At the same time, however 30% of the buyers paid asking price or higher. The median sales price of the single family homes was $975,000 (up 5%), and $608,542 (down 6%) for condos, townhomes and duplexes.
There were 4 San Marcos home for sale at the end of November with an Active Under Contract status, compared to 5 last month. These homes are included in the overall Active statistics.
The San Marcos housing inventory dropped in November, with 108 homes for sale at the end of the month (down by 9%). List prices range from $339,000 to $3,995,000. This is a supply of 1.8 months for condos, townhomes and duplexes (up from 1.2 months last month), and 1.7 months for single family homes (the same as 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 fewer new listings coming on the market in November, 54 (down 14%), another decline. Similarly, the number of homes going pending decreased to 29 (down 27%), excluding homes that closed in November. It was a quieter month for buying and selling.
This summary of the San Marcos real estate market is based on data provided by the MLS. I can share more specifics regarding current activity, and for particular neighborhoods (e.g., San Elijo Hills, Twin Oaks, Lake San Marcos, Santa Fe Hills).
Given the shifting market should we talk real estate? Please contact me at (760) 840-1360 directly or by text to discuss your particular housing needs, timing, lifestyle, budget, and questions. We can then create a strategy to buy your new San Marcos home.
Are you considering selling your home in San Marcos? Let’s discuss the current market conditions that will impact 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.
If you are simply interested in your home’s current market value, please reach out to me at (760) 840-1360.
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