What’s the Value of my San Marcos Home?
San Marcos Home Sales for August 2023
The San Marcos real estate market continues to shift. 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 important that buyers and sellers have current 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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70 homes sold in August 2023 in San Marcos’ 2 zip codes (92069 and 92078), 32% more than last month. Here’s the breakdown of activity.
Single Family Homes Sold
45 (up 13%); 15 Average Days on Market; Average Sales Price $1,123,774 (down 10%); Average sale was 101% of original asking price.
Condos, Townhomes and Duplexes Sold
25 (up 92%); 23 Average Days on Market; Average Sales Price $694,622 (up 15%); Average sale was 100% of original asking price.
Overall sales volume in August increased substantially from July. There were more single family homes sold, and almost twice as many condo, townhome and duplex sales. The average sales price dropped for single family homes, but was higher for condos, townhomes, and duplexes. Sales prices ranged from $240,000 to $3,600,000.
Compared to August 2022, there was 1 more single family home sale in 2023, while 2 fewer condos, townhomes and duplexes sold. The average sales price for single family homes in 2023 was 4% higher than 1 year ago (the median was 8% higher). Similarly, the average price was 15% higher in August 2023 for condos, townhomes and duplexes while the median price was 12% higher.
The average time on the market in August was several days shorter for single family homes, but was 2 weeks longer for condos, townhomes and duplexes than last month. 41% of the homes went pending in 7 days or less, fewer than in July.
A number of the home buyers negotiated their sales prices down. At the same time, however, 64% of the buyers paid asking price or higher. The median sales price of the single family homes was $1,065,990 (down 7% from last month), and $726,000 (up 36%) for condos, townhomes and duplexes.
There were 5 San Marcos homes for sale at the end of August with an Active Under Contract status, compared to 6 last month. These homes are included in the overall Active statistics below.
The San Marcos housing inventory rose modestly in August, with 56 homes for sale at the end of the month (up by 5). List prices range from $198,000 to $2,950,000. This is a supply of 1.2 months for condos, townhomes and duplexes (up from 28 days last month), and 22 days for single family homes (down from 24 days last month), based on the rate of sales over the last 3 months.
San Marcos continues to be a very strong seller’s market based on current supply and demand.
61 new listings came on the market in August, an increase from last month (52). The number of homes going pending decreased slightly, from 40 to 38, excluding homes that closed in August.
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 personal housing needs, timing, lifestyle, budget, and questions. Then we can create a strategy to buy your new San Marcos home if that’s your intent.
Are you considering selling your San Marcos home? Let’s discuss the current market conditions that can affect your sale and review a market and equity analysis. Then we can develop a plan to sell your home 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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