What’s the Value of my San Marcos Home?
San Marcos Home Sales for March 2024
The San Marcos real estate market continues to change. This report does not include private sales, mobile homes or multi-family housing (the information is from the MLS and believed accurate at the time this report was published but is not guaranteed).
It’s essential 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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52 homes sold in March 2024 in San Marcos’ 2 zip codes (92069 and 92078), up 33% from last month. Here’s the breakdown of activity.
Single Family Homes Sold
34 (up 70%); 18 Average Days on Market; The Average Sales Price was $1,326,671 (up 17%); Average sale price was 101% of original asking price.
Condos, Townhomes and Duplexes Sold
18 (down by 1); 14 Average Days on Market; The Average Sales Price was $620,802 (down 13%); Average sale price was 101% of original asking price.
The overall sales volume in March rose fairly significantly from February. There were substantially more single family homes sold, but condo, townhome and duplex sales were down by 1. The average sales price rose for single family homes, but decreased for condo, townhome, and duplexes. Sales prices ranged from $179,000 to $2,350,000.
14 of the sales (27%) were cash transactions.
Compared to March 2023, there were 7 fewer single family home sales in 2024, with 3 fewer condo, townhome and duplex sales in 2024. The average sales price for single family homes in 2024 was 23% higher than 1 year ago (the median was 18% higher). In contrast the average price was 1% lower in March 2024 for condos, townhomes and duplexes but the median price was 6% higher.
The average time on the market in March was slightly shorter for single family homes but was 6 days longer for condos, townhomes and duplexes compared to last month. 48% of the homes went pending in 7 days or less, about the same as in February.
While some home buyers negotiated their sales prices down, 69% of the buyers paid list price or higher. The median sales price of the single family homes was $1,116,368 (up 8% from February), but 4% lower for condos, townhomes and duplexes at $670,000.
There were 6 San Marcos home for sale at the end of March 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 decreased from February (71), with 60 homes for sale at the end of the month – this was due to a decline in condo and townhome listings while single family home listings remained the same. List prices range from $169,900 to $4,300,000. There is a supply of only 25 days for condos, townhomes and duplexes (down from 1.7 months last month), and 1.7 months for single family homes (down from 1.9 months 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, especially for condos, townhomes and duplexes.
63 new listings came on the market in March, an increase from last month’s 57. The number of homes going pending also increased, from 43 to 53, excluding homes that closed escrow in March.
This summary of the San Marcos housing market is based on data found in the MLS. I can share more details for neighborhoods that interest you, too (e.g., San Elijo Hills, Lake San Marcos, Santa Fe Hills).
Please reach out to me directly or by text at (760) 840-1360 to discuss your personal housing needs, timing, lifestyle, budget, and any questions. Then we’ll work together to develop a strategy to buy your new San Marcos home if that’s your plan.
Are you thinking about selling your San Marcos home? Let’s talk about the current market conditions that may affect your home sale and review a customized market and equity analysis. Then we can create 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 let’s talk - please reach out to me at (760) 840-1360.
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READ MORE:
What’s My San Marcos Home Worth? San Marcos Real Estate Market Report February 2024
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