San Marcos Market Report April 2023

Here’s the San Marcos Market Report for April 2023. And here’s the market report for March for comparison.

The San Marcos real estate market continues to change, as is true of other nearby communities. This report does not include private sales, mobile homes or multi-family housing. Information was taken from the MLS and believed accurate at the time this report was published, but not guaranteed.

It’s essential to have up-to-date information about local market conditions so you can make educated buying and/or selling decisions.

67 homes sold in April 2023 in San Marcos2 zip codes, 12% more than last month, and another sales increase. Here’s what happened.

Single Family Homes Sold – 43 (up 10%). 16 Average Days on Market. The Average Sales Price was $1,145,102 (up 6%). Average sale was 100% of original asking price.

Condos, Townhomes and Duplexes Sold – 24 (up by 3). 30 Average Days on Market. The Average Sales Price was $662,408 (up 6%). Average sale was 100% of original asking price.

Sale increased from March overall. Plus there were more single family homes sold, and several more condo, townhome and duplex sales. The average sales price was higher for single family homes. Average sale price was also higher for condos, townhomes, and duplexes. April sales prices ranged from $280,000 to $3,550,000.

Compared to April 2022, there were 28% fewer single family home sales in 2023. And we saw 33% fewer sales of condos, townhomes and duplexes in 2023.

The average sales price for single family homes in 2023 was 9% lower than 1 year ago (the median was down 16%). Similarly, the average was 7% lower for condos, townhomes and duplexes while the median was 9% lower in April 2023.

Average marketing time in April was shorter for single family homes than last month. The same was true for condos, townhomes and duplexes. Almost half (48%) of the homes went pending in 7 days or less, more than in March.

About 1/3 of the home buyers negotiated their sales prices down. However, 63% of the buyers paid asking price or better, well more than did so in March.

The median sales price of the single family homes was $960,000, a decline of 7% from last month. The median was $675,000 for condos, townhomes and duplexes, an 8% increase from March. (photo below is a view of Lake San Marcos from the Panorama Condos).

San Marcos housing inventory dropped modestly in April, with 48 homes available for sale at the end of the month. List prices range from $339,000 to $3,295,000. This is a supply of only 15 days for condos, townhomes and duplexes. And there is a 1 month supply of single family homes, based on the rate of sales over the last 3 months.

San Marcos remains a very strong seller’s market based on existing supply and current demand.

51 new listings came on the market in April, fewer than last month (66). The number of homes going pending also decreased, from 60 in March to 48. This excludes homes that closed in April.

This overview of the San Marcos real estate market is based on MLS data. If interested I can share more details for particular neighborhoods (e.g., San Elijo Hills, Lake San Marcos, Santa Fe Hills).

Is it time to talk about your real estate plans? Please contact me at (760) 840-1360 directly or via 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.

Are you thinking about selling your San Marcos home? Let’s discuss current market conditions that can impact your sale, and review a market and equity analysis. Together we can develop a plan to sell your home for the best price, terms and conditions.

If you are interested in your home’s current market value, please reach out to me at (760) 840-1360.