What’s the Value of my San Marcos Home?
San Marcos Home Sales for July 2023
The San Marcos real estate market continues to evolve. This report does not include private sales, mobile homes or multi-family housing (the information is taken from the MLS and believed to be accurate at the time this report was published, but not guaranteed).
It’s essential that buyers and sellers have up-to-date information about local market conditions in order to make informed buying and/or selling decisions about San Marcos homes for sale.
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53 homes sold in July 2023 in San Marcos’ 2 zip codes (92069 and 92078), 20% fewer than last month. Here’s the breakdown of activity.
Single Family Homes Sold
40 (down by 7); 19 Average Days on Market; Average Sales Price $1,252,101 (up 7%); Average sale was 101% of original asking price.
Condos, Townhomes and Duplexes Sold
13 (down by 8); 8 Average Days on Market; Average Sales Price $601,780 (down 14%); Average sale was 102% of original asking price.
Overall sales volume in July decreased from June. There were fewer single family homes sold, and fewer condo, townhome and duplex sales. The average sales price rose modestly for single family homes, but was lower for condos, townhomes, and duplexes. Sales prices ranged from $205,500 to $3,600,000.
Looking back to July 2022, there were 22% fewer single family home sales in 2023, and 32% fewer condos, townhomes and duplexes were sold. The average sales price for single family homes in 2023 was 5% higher than 1 year ago (the median was 9% higher). In contrast the average was 15% lower in July 2023 for condos, townhomes and duplexes while the median was 30% lower.
The average time on the market (DOM) in July was the same for single family homes, but was shorter for condos, townhomes and duplexes than last month. Slightly less than half (47%) of the homes were pending in 7 days or less, about the same as in June.
Some home buyers were able to negotiate their sales prices down. At the same time, 66% of the buyers paid asking price or higher, fewer than in June. The median sales price of the single family homes was $1,150,000 (up 4% from last month), and $533,000 (down 27%) for condos, townhomes and duplexes.
There were 6 San Marcos homes for sale at the end of July with an Active Under Contract status, compared to 1 last month. These homes are included in the overall Active statistics below.
The San Marcos housing inventory declined slightly in July, with 51 homes for sale at the end of the month (down 2). List prices range from $230,000 to $2,950,000. This is a supply of 28 days for condos, townhomes and duplexes (up from 18 days last month), and 24 days for single family homes (down from 27 days 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.
52 new listings came on the market in July, a drop from last month (66). The number of homes going pending also decreased, from 52 to 40, excluding homes that closed in July.
This overview of the San Marcos real estate market is based on MLS data. I can share more details for particular neighborhoods of interest (e.g., San Elijo Hills, Twin Oaks, Lake San Marcos, Santa Fe Hills).
Let’s discuss your real estate plans given today’s real estate market? Please contact me at (760) 840-1360 directly or by text to discuss your particular housing needs, timing, lifestyle, budget, and questions. Then we’ll develop a strategy to buy your new San Marcos home if that’s your intention.
Are you thinking about selling your San Marcos home? Let’s discuss the current market conditions that will affect your sale, and review a market and equity analysis. Then we’ll develop a plan to sell your home quickly for the best price, terms and conditions.
If you would like to know more about your home’s current market value, please reach out to me at (760) 840-1360.
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