Here’s the San Marcos Market Report for December 2023. And here’s the Market Report for November as a comparison. You can read more about San Marcos here, and in the Communities section of the Resources tab at the top of the page.
The San Marcos real estate market continues to change. This report does not include private sales, mobile homes or multi-family housing. Information was taken from the MLS and believed to be accurate at the time this report was written, but not guaranteed.
Buyers and sellers need to have current information about local market conditions if they want to make educated buying and/or selling decisions.
34 homes sold in December 2023 in San Marcos, 23% fewer than last month.
SAN MARCOS MARKET REPORT DETAILS
Single Family Homes Sold – 25 (no change). 26 Average Days on Market. The Average Sales Price was $1,132,428 (down 6%). Average sale was 98% of original asking price.
Condos, Townhomes and Duplexes Sold – 9 (down 53%). 18 Average Days on Market. The Average Sales Price was $717,000 (down 6%). Average sale was 96% of original asking price.
Overall sales volume in December dropped from November. The same number of single family homes sold. In contrast, there were substantially fewer condo, townhome and duplex sales. The average sales price declined for single family homes, as it did for condos, townhomes, and duplexes. Sales prices ranged from $360,000 to $1,920,000.
Compared to December 2022, there were 17% fewer single family home sales in 2023. 25% fewer condos, townhomes and duplexes were sold in 2023 than in 2022. The average sales price for single family homes in 2023 was up 12% from 1 year ago (the median was 17% higher). Similarly, the average price was 13% higher in December 2023 for condos, townhomes and duplexes while the median price was up 17%.
The average time on the market in December was about 1 week shorter for single family homes. Marketing time was 1 day shorter for condos, townhomes and duplexes compared to last month. 32% of the homes went pending in 7 days or less.
More than half of the home buyers negotiated their sales prices down from list price, while 44% of the buyers paid asking price or more. The median sales price of the single family homes was $1,020,000 (down just slightly from last month). The median was $717,000 (down 7%) for condos, townhomes and duplexes.
The San Marcos housing inventory decreased in December, with 53 homes for sale at the end of the month (compared to 66 last month). List prices range from $178,900 to $2,499,900. This is a supply of only 1.2 months for condos, townhomes and duplexes (the same as last month). There is only a 1.1 month supply for single family homes (down from 1.3 months last month). This is based on the rate of sales over the last 3 months and the current supply.
As a result, San Marcos continues to be a very strong seller’s market.
26 new listings came on the market in December, a decrease from last month (59). This is not a surprise given the holidays. The number of homes going pending decreased from 33 to 20, excluding homes that closed in December.
This overview of the San Marcos real estate market is based on MLS data. I can share more details for neighborhoods of interest (e.g., San Elijo Hills, Twin Oaks, Lake San Marcos, Santa Fe Hills).
Let’s talk about your real estate plans in today’s real estate market. Please contact me directly or by text at (760) 840-1360 to discuss your personal housing needs, timing, lifestyle, budget, and questions. Then we’ll 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’ll create a plan to sell your home for the best price, terms and conditions.