Here’s the Market Report for San Marcos for February 2024. And here is the Market Report for January in case you missed it.
The San Marcos real estate market continues to shift. This report does not include private sales, mobile homes or multi-family housing. The information is from the MLS and believed accurate when 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. Decisions should not be made based on what you read in the media headlines.
39 San Marcos homes sold in February 2024, the same as last month.
SAN MARCOS MARKET REPORT DETAILS
Single Family Homes Sold – 20 (down by 3). 19 Average Days on Market. The Average Sales Price was $1,130,468 (up 8%). Average sale was 101% of the original asking price.
Condos, Townhomes and Duplexes Sold – 19 (up by 3). 14 Average Days on Market. The Average Sales Price was $712,810 (up 13%). Average sale was 98% of original asking price.
Overall sales volume in February did not change from last month. 3 fewer single family homes sold, but there were 3 more condo, townhome and duplex sales. The average sales price increased for single family homes. The same was true for condos, townhomes, and duplexes. Sales prices ranged from $490,000 to $1,960,000.
Compared to February 2023, there were 8 fewer single family home sales in 2024. One fewer condo, townhome and duplex was sold in 2024. The average sales price for single family homes in 2024 was 4% higher than in 2023 (the median was 6% higher). The average price was 6% higher in February 2024 for condos, townhomes and duplexes while the median price was 1% lower.
Average time on the market in February was shorter for single family homes. It was also shorter for condos, townhomes and duplexes. 49% of the homes went pending in 1 week or less.
While some home buyers negotiated their sales prices down, 69% of the buyers paid list price or more. The median sales price of the single family homes was $1,116,368 (up 18% from last month). The median was $699,000 (up 2%) for condos, townhomes and duplexes.
The San Marcos housing inventory increased from January (53), with 71 homes for sale at the end of February. List prices range from $169,900 to $2,349,900. This is a supply of 1.7 months for condos, townhomes and duplexes (up from 1.6 months last month). There is a supply of 1.9 months for single family homes (up from 1.2 months last month). This is based on the rate of sales over the last 3 months.
Consequently, San Marcos remains a very strong seller’s market based on current supply and demand.
57 new listings entered the market in February, more than in January. The number of homes going pending increased modestly, from 40 to 43. This excludes the homes that closed escrow in February.
This overview of the San Marcos housing market is based on data from the MLS. I can share more details for neighborhoods of interest as well (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 talk about your personal housing needs, timing, lifestyle, budget, and questions. Then we can create a strategy to buy your new San Marcos home if that’s the plan.
Are you considering selling your San Marcos home? Let’s talk more about the local market conditions that may impact your sale. We’ll also review a customized market and equity analysis on your home. Then we can create a plan to sell your home for the best price, terms and conditions.