Here’s the San Marcos Market Report for July 2023. And here is the Market Report for June as a comparison in case you missed it.
The San Marcos real estate market continues to change. This report excludes private sales, mobile homes or multi-family housing. The data are from the MLS and believed accurate at the time this report was published, butnot guaranteed.
It’s important for sellers and buyers to have current information about local market conditions so they can make informed buying and/or selling decisions.
53 homes sold in July 2023 in San Marcos, 20% fewer than last month. Here’s the breakdown of activity.
MARKET REPORT DETAILS
Single Family Homes Sold – 40 (down by 7). 19 Average Days on Market. The Average Sales Price was $1,252,101 (up 7%). Average sale was 101% of original asking price.
Condos, Townhomes and Duplexes Sold – 13 (down by 8). 8 Average Days on Market. The Average Sales Price was $601,780 (down 14%). Average sale was 102% of original asking price.
Overall sales volume in July declined from June. There were fewer single family homes sold, and fewer condo, townhome and duplex sales. The average sales price rose modestly for single family homes, but was lower for condos, townhomes, and duplexes. Sales prices ranged from $205,500 to $3,600,000.
Looking back to July 2022, there were 22% fewer single family home sales in 2023. And 32% fewer condos, townhomes and duplexes were sold in July 2023. The average sales price for single family homes in 2023 was 5% higher than 1 year ago (the median was 9% higher). In contrast the average was 15% lower in July 2023 for condos, townhomes and duplexes, while the median was 30% lower.
The average time on the market in July was the same for single family homes, but shorter for condos, townhomes and duplexes than last month. Slightly less than half (47%) of the homes were pending in 7 days or less, about the same as June.
Some home buyers were able to negotiate their sales prices down. At the same time, 66% of the buyers paid asking price or higher. The median sales price of the single family homes was $1,150,000 (up 4% from last month). The median was $533,000 (down 27%)for condos, townhomes and duplexes.
The housing inventory declined slightly in July, with 51 homes for sale at the end of the month. List prices range from $230,000 to $2,950,000. This is a supply of 28 days for condos, townhomes and duplexes (up from 18 days last month). There is a supply of 24 days for single family homes (down from 27 days last month). This is based on the rate of sales over the last 3 months.
As a result San Marcos remains a very strong seller’s market based on current supply and demand.
52 new listings came on the market in July, a drop from last month (66). The number of homes going pending also decreased, from 52 to 40, excluding homes that closed in July.
This overview of the San Marcos real estate market is based on MLS data. I can share more details for particular neighborhoods of interest (e.g., San Elijo Hills, Lake San Marcos, Santa Fe Hills).
Let’s discuss your real estate plans given today’s real estate market. Please contact me at (760) 840-1360 directly or by text to discuss your particular housing needs, timing, lifestyle, budget, and questions. Then we can create a strategy to buy your new San Marcos home if that’s your plan.
Are you considering selling your San Marcos home? We should discuss current local market conditions that will impact your sale and review a market and equity analysis. We can also discuss my marketing and how to prepare your home for the market. Then we’ll develop a plan to sell your home quickly 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.