Here’s the San Marcos Market Report for March 2023. And here’s the February market report for comparison. The San Marcos real estate market continues to shift some each month. This report does not include private sales, mobile homes or multi-family housing. Information is from the MLS and believed to be accurate at the time this report was published, but not guaranteed.
Buyers and sellers need to have current information about local market conditions in order to make informed buying and/or selling decisions. Keep in mind that real estate is local.
60 homes sold in March 2023 in San Marcos, 33% more than last month, and another increase. Here’s the breakdown of activity.
Single Family Homes Sold – 39 (up 44%). 22 Average Days on Market. The Average Sales Price was $1,082,492 (down 1%). Average sale price was 99% of original asking price.
Condos, Townhomes and Duplexes Sold – 21 (up by 3). 37 Average Days on Market. The Average Sales Price was $626,558 (down 8%). Average sales price was 97% of original asking price.
Overall sales volume in March increased significantly from February. There were substantially more single family homes sold, but only a few more condo, townhome and duplex sales. The average sales price dropped slightly for single family homes. The average sale price also decreased for condos, townhomes, and duplexes. Sales prices ranged from $175,000 to $1,760,000.
Compared to March 2022 single family home sales were 43% lower in 2023. Similarly there were 36% fewer sales of condos, townhomes and duplexes in March 2023.
The average sales price for single family homes was 6% lower than 1 year ago (the median was 7% lower). The average was 2% lower in March 2023 for condos, townhomes and duplexes, while the median was 1% lower.
Average time on the market in March was significantly shorter for single family homes. Marketing time was slightly shorter for condos, townhomes and duplexes than last month. 42% of the homes went pending in 7 days or less, significantly more than last month.
52% of the home buyers paid asking price or higher, compared to 33% who did so last month. The median sales price of the single family homes was $1,027,000 (down 4% from last month). The median was $626,558 for condos, townhomes and duplexes, 12% lower. The San Marcos housing inventory dropped modestly in March, with 55 homes for sale at the end of the month. List prices range from $339,000 to $3,295,000. This is a supply of 1.2 months for condos, townhomes and duplexes (down from 1.7 months last month). And there is a supply of 1.1 months for single family homes (down from 1.4 months last month). This based on the rate of sales over the last 3 months.
San Marcos continues to be a very strong seller’s market based on current supply and demand.
66 new listings came on the market in March, compared to 57 last month. The number of homes going pending also rose, from 52 in February to 60, excluding homes that closed in March.
This overview of the San Marcos real estate market is based on MLS data. I can share more details for particular neighborhoods (e.g., San Elijo Hills, Twin Oaks, Lake San Marcos, Santa Fe Hills).
Is it time to 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 create a strategy to buy your new San Marcos home.
Are you thinking about selling your San Marcos home? Let’s discuss current market conditions that can impact your sale, and review a market and equity analysis on your home. Then we can develop a plan to sell your property quickly for the best price, terms and conditions.