Here’s the San Marcos Market Report for February 2023. And here’s the market report for January for comparison.
The San Marcos real estate market continues to shift some each month. The data do not include private sales, mobile homes or multi-family housing. The information was taken from the MLS and believed to be accurate at the time this report was published, but not guaranteed.
Having current information about local market conditions benefits you so you can make informed buying and/or selling decisions about San Marcos homes.
HERE’S WHAT HAPPENED IN SAN MARCOS HOUSING
44 homes sold in February 2022 in San Marcos, 33% more than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold – 27 (no change). 48 Average Days on Market. The Average Sales Price was $1,095,996 (up 2%). Average sale was 97% of original asking price.
Condos, Townhomes and Duplexes Sold – 18 (up 300%). 40 Average Days on Market. The Average Sales Price $677,994 (up 10%). Average sale was 92% of original asking price.
Overall sales volume in February improved significantly from last month. The same number of single family homes was sold. However, there were 3 times as many condo, townhome and duplex sales in February as in January.
The average sales price rose slightly for single family homes. The average price also increased for condos, townhomes, and duplexes. Sales prices for February ranged from $275,000 to $1,741,000.
Looking back to February 2022, there were 36% fewer single family home sales in 2023, and 50% fewer sales of condos, townhomes and duplexes. The average sales price for single family homes in 2023 was 1% lower than 1 year ago (but the median was 7% higher). The average was 12% higher in February 2023 for condos, townhomes and duplexes while the median was 10% higher.
The average time on the market (DOM) in February was substantially longer for single family homes, but shorter for condos, townhomes and duplexes than last month. 16% of the homes went pending in 7 days or less, a few more than in January.
The majority of home buyers were able to negotiate their sales prices in February. At the same time 33% of the buyers paid asking price or higher, about the same percent as last month. The median sales price of the single family homes was $1,065,000 (down 1% from last month). The median was $713,500 (up 12%) for condos, townhomes and duplexes.
The San Marcos housing inventory did not shift from January, with 60 homes for sale at the end of the month. List prices range from $275,000 to $3,295,000. This is a supply of 1.7 months for condos, townhomes and duplexes (down from 2.4 months last month). There is a supply of and 1.4 months for single family homes (up from 1.2 months last month). The supply is based on the rate of sales over the last 3 months.
San Marcos remains a very strong seller’s market based on current supply and demand.
57 homes came on the market in February, about the same as last month (56). The number of homes going pending dropped modestly to 52 (compared to 58 in January), excluding homes that closed in February.
This overview of the San Marcos real estate market is based on MLS data. I can share more details regarding current activity, and for particular neighborhoods (e.g., San Elijo Hills, Twin Oaks, Lake San Marcos, Santa Fe Hills).
Given the changing market should we 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’ll develop a strategy to buy your new San Marcos home.
Are you thinking about selling your San Marcos home? Let’s discuss the current market conditions that will affect your sale, and review a market and equity analysis. Then we can create a plan to sell your home quickly for the best price, terms and conditions.