What’s the Value of my San Marcos Home?
San Marcos Home Sales for May 2018
The San Marcos real estate market continues to shift. These data do not include private sales or manufactured housing; the data are derived from the MLS and are believed to be accurate at the time this report was published, but are not guaranteed.
Having details about local market conditions benefits you as a buyer or seller so you can make informed decisions about buying and selling San Marcos homes for sale.
In May 2018 there were 91 homes sold in San Marcos’ 2 zip codes (92069 and 92078), a drop by 8% from last month. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
91 (up 8%), 17 Days on Market, Ave. Sales Price $632,463 (down 12%) Ave. sale 99% of asking price
Detached Homes Sold
65 (down 10%), 17 Days on Market, Ave. Sales Price $717,425 (down 11%), Ave. sale 99% of asking price
Attached Homes Sold
26 (down 4%), 17 Days on Market, Ave. Sales Price $420,057 (down 15%), Ave. sale 99% of asking price
Overall sales volume in May decreased, by 8%, from April. Detached home sales decreased, while attached home sales remained close to the same. Average time on market shifted up but only by 1 day for both detached and attached homes, to just a bit over 2 weeks on the market before going pending.
18% of the transactions were for cash, compared to 12% last month. Buyers negotiated their asking prices on average by 1%, but 45% of the homes sold at or above asking price! The median sales price of detached homes was $689,000 (down 3%) and $412,500 (down 16%) for attached homes/condos/town homes.
There were 14 San Marcos homes for sale at the end of May with a Contingent status (7% of the total), i.e., typically these are homes with offers awaiting approval from short sale and REO lenders, compared to 11 last month. These homes are included in the overall Active statistics since they are still considered active until the approvals are obtained (be aware that these may have multiple offers in place; some are not being shown nor accepting more offers).
The San Marcos real estate market inventory increased again, up 6% from April, to 168. This represents an inventory of 1.6 months for attached homes (the same as last month) and 1.8 months for detached (down from 1.9 months last month) based on the current rate of sales over the last 3 months. Despite this increase in inventory the San Marcos real estate market remains a very strong seller’s market given the buyer demand.
In May 2018 we saw 156 homes come on the market, another big bump in new listings by 10% from last month, more good news for buyers. The number of homes going pending in May also increased but just by 1, to 105 pendings.
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 month of so and closed in May. I can provide more details regarding current activity, within the specific zip codes of San Marcos (92078 and 92069), or on certain neighborhoods of interest including San Elijo Hills, Twin Oaks, Lake San Marcos, or Santa Fe Hills. Please call me at (760) 840-1360 so we can discuss your specific housing needs and any questions you have so we can make a plan to get you into a new home in San Marcos soon.
And if you are considering selling your home in San Marcos, let’s get together to review the current market conditions, the value of your property, and discuss a strategy to make your sale happen.
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If I can provide more information about homes for sale in Carlsbad and in 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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