Here is the San Marcos Market Report for July 2024. And here is the Market Report for June as a 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 essential that buyers and sellers have up-to-date information about local market conditions in order to make informed buying and/or selling decisions.
70 homes sold in July 2024 in San Marcos, the same as last month.
SAN MARCOS MARKET REPORT DETAILS
Single Family Homes Sold – 49 (up by 1). 21 Average Days on Market. The Average Sales Price was $1,260,296 (down 6%). Average sale price was 98% of the original asking price.
Condos, Townhomes and Duplexes Sold – 21 (down by 1). 16 Average Days on Market. The Average Sales Price was $755,233 (up 14%). Average sale price was 99% of the original asking price.
The overall sales volume in July did not change from last month. 1 more single family home sold, while condo, townhome and duplex sales dropped by 1. The average sales price increased for single family homes, as it also did for condos, townhomes, and duplexes. Sales prices ranged from $450,000 to $2,712,000.
There were 23% more single family home sales in 2024 compared to July 2023. There were 62% more condo, townhome and duplex sales in 2024 than in 2023. The average sales price for single family homes in 2024 was 1% higher than 1 year ago (the median was 4% higher). Similarly, the average sales price was 25% higher in July 2024 for condos, townhomes and duplexes while the median price was 41% lower.
The average time on the market in July was 4 days longer for single family homes. Marketing time was 3 days longer for condos, townhomes and duplexes compared to last month. 37% of the homes were pending in less than 1 week.
The majority of home buyers negotiated their sales prices. At the same time 47% of the buyers paid asking price or higher. The median sales price of the single family homes was $1,200,000 (down 4% from June). The median was 7% higher for condos, townhomes and duplexes at $751,000.
The San Marcos housing inventory remained the same as last month with 105 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 (down from 1.8 months last month). There is a supply of1.4 months for single family homes (no change from last month). This 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.
79 new listings came on the market in July, an increase from last month’s 77 listings. The number of homes going pending decreased slightly, from 56 to 52, excluding homes that closed escrow in July.
This summary of the San Marcos housing market is based on information found in the MLS. I’m happy to share more details for neighborhoods of interest to you (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 can 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 have a conversation. Please reach out to me directly or by text at (760) 840-1360 so we can talk.