Here’s the San Marcos Market Report for August 2024. And here’s the Market Report for July for comparison.
The San Marcos real estate market continues to evolve. This report does not include private sales, mobile homes or multi-family housing. This information is from the MLS and believed accurate at the time this report was published but is not guaranteed.
It’s important that buyers and sellers have up-to-date information about local market conditions in order to make educated buying and/or selling decisions.
78 homes sold in August 2024 in San Marcos, 8 more than last month.
SAN MARCOS MARKET REPORT DETAILS
Single Family Homes Sold – 48 (down by 1). 15 Average Days on Market. The Average Sales Price was $1,130,359 (down 10%). Average sale price was 100% of the original asking price.
Condos, Townhomes and Duplexes Sold – 30 (up 43%). 22 Average Days on Market. The Average Sales Price was $665,650 (down 12%). Average sale price was 99% of the original asking price.
The overall sales volume in August increased from last month. Single family home sales dropped by 1, while condo, townhome and duplex sales went up substantially. The average sales price decreased for single family homes, and for condos, townhomes, and duplexes. August sales prices ranged from $408,000 to $2,900,000.
There was 1 more single family home sale in 2024 than 1 year ago, as well as 4 more condo, townhome and duplex sales in 2024. The average sales price for single family homes in 2024 was 1% higher than 1 year ago. The median price was 5% lower. On the other hand, the average sales price was 4% lower in August 2024 for condos, townhomes and duplexes and the median price was down 8%.
The average time on the market in August was shorter for single family homes. In contrast the marketing time was longer for condos, townhomes and duplexes compared to last month. 45% of the homes went pending in 7 days or less.
Many home buyers negotiated their sales prices, however, 56% of the buyers paid list price or more. The median sales price of the single family homes was $1,017,000 (down 15% from August). The median price of $665,000 was 15% lower for condos, townhomes and duplexes.
The housing inventory increased from last month (105) with 121 homes for sale at the end of the month. List prices range from $170,000 to $4,159,000. There is a supply of 1.7 months for condos, townhomes and duplexes (the same as last month). And there’s a supply of 1.6 months for single family homes (up from 1.4 months last month). This is 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.
86 new listings came on the market in August, up from last month’s 79. The number of homes going pending declined, from 52 to 46, excluding homes that closed escrow in August.
This summary of the San Marcos housing market is based on information in the MLS. I’m happy to share more details for neighborhoods that are of interest (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 questions. Then we can work together to create a plan to buy your new San Marcos home if that’s your desire.
Are you considering selling your San Marcos home? Let’s discuss the current market conditions that can affect your home sale and review a customized market and equity analysis. Then we’ll create a strategy 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 directly or via text at (760) 840-1360.