What Happened in the San Marcos Real Estate Market in November 2011?
The San Marcos real estate market continues to evolve, especially with the large number of distress sales. These data do not include any private sales nor manufactured housing; the numbers are derived from the MLS and are believed to be accurate but are not guaranteed.
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Media reports tend to speak in general terms, rather than local, so their information will not likely represent the reality of our local San Marcos real estate market. Having information about local market conditions benefits you as the buyer or seller when making decisions about buying and selling.
In November 2011 there were 85 homes sold in San Marcos’ 2 zip codes (92069 and 92078), up 10% from October. Here’s the breakdown of overall activity.
|
|
TOTAL |
DETACHED |
ATTACHED |
|
# Sold |
85 (up 10%) |
63 (up 29%) |
22 (down 21%) |
|
Ave. $ |
$358,180 (down 1%) |
$396,762 (down 6%) |
$247,695 (up 5%) |
|
DOM |
89 |
82 |
106 |
|
List $/Sale $ |
98% |
98% |
98% |
Sales volume increased significantly for detached single family homes in San Marcos but declined for attached properties. Average sales prices shifted down modestly for detached homes but rose for attached. Buyers are not negotiating much on their purchases, getting only 1-2% off the asking price (and in the case of attached homes a number sold for over asking, typically REOs and short sales).
There were 135 San Marcos homes for sale at the end of November with a Contingent status, i.e., homes with offers awaiting approval from the short sale and REO lenders. These homes are included in the overall Active stats since they are still considered active until the approvals are obtained.
At the end of November 2011 the San Marcos real estate market had 407 homes for sale (33% are contingent), 8% fewer than at the end of October, probably a reflection of the time of year.
This represents an inventory of 3.9 months for attached homes (down from 4.2 months) and 4.4 months for detached (down from 4.5 months) based on the current rate of sales over the last 6 months. The San Marcos real estate market remains highly competitive for buyers, with the lowest absorption rates for the North San Diego County coastal communities! And good news for sellers is that homes are not taking long to sell, on average about 3 months.
READ MORE: How Important is Inventory when Buying or Selling? Very!!
In November 2011 we saw 98 homes come on the market, 22% fewer than last month, suggesting a furthering tightening of the San Marcos real estate market. In contrast the number of homes going pending in November (94) rose by 9% from last months pendings, a reflection that buyers are taking advantage of the current pricing.
This overview of the San Marcos real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in November. More details can be provided if needed with regard to current activity as well as within the specific zip codes of San Marcos (92078 and 92069).
Search for San Marcos Homes for Sale
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READ MORE:
San Marcos Homes for Sale | San Marcos Real Estate Market Report for October 2011
San Marcos Homes for Sale | San Marcos Real Estate Market Report for September 2011
San Marcos Homes for Sale | San Marcos Real Estate Market Report for August 2011
San Marcos Homes for Sale | San Marcos Real Estate Market Report for July 2011
San Marcos Homes for Sale | San Marcos Real Estate Market Report for June 2011
San Marcos Homes for Sale | San Marcos Real Estate Market Report for May 2011
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If I can provide more information about Carlsbad homes and real estate for sale and surrounding areas, the housing market in general (or locally), or otherwise assist you, friends or family in a home search or sale, please contact my mobile office or text me at (760) 840-1360 or email me at JeffDowlerSolutions@gmail.com
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Thanks for the local market report, Jeff. Have a very Merry Christmas!
Jeff, that's a pretty in-depth report on San Marcos real estate! Good job!
Great market report for San Marcos! Felt I was riding a roller coaster with all the ups and downs but hey - at least there are ups!!