Here’s the San Marcos Market Report for March 2024. And here’s a link to the Market Report for February for comparison.
The San Marcos real estate market continues to evolve. This report does not include private sales, mobile homes or multi-family housing. The statistics are from the MLS and believed accurate at the time this report was published but are not guaranteed.
Buyers and sellers need to have current information about local market conditions in order to make informed buying and/or selling decisions.
52 homes sold in March 2024 in San Marcos, an increase of 33% from last month.
SAN MARCOS MARKET REPORT DETAILS
Single Family Homes Sold – 34 (up 70%). 18 Average Days on Market. The Average Sales Price was $1,326,671 (up 17%). Average sale price was 101% of the original asking price.
Condos, Townhomes and Duplexes Sold – 18 (down by 1). 14 Average Days on Market. The Average Sales Price was $620,802 (down 13%). Average sale price was 101% of the original asking price.
The overall sales volume in March rose significantly from February. While there were more single family homes sold, condo, townhome and duplex sales declined by 1. The average sales price rose for single family homes, but dropped for condos, townhomes, and duplexes. The sales prices ranged from $179,000 to $2,350,000.
14 of the sales (27%) were cash buyers.
Compared to March 2023, there were 7 fewer single family home sales in 2024, with 3 fewer condo, townhome and duplex sales in 2024. The average sales price for single family homes in 2024 was 23% higher than 1 year ago (the median was 18% higher). In contrast the average price was 1% lower in March 2024 for condos, townhomes and duplexes but the median price was 6% higher.
The average time on the market in March was slightly shorter for single family homes but was 6 days longer for condos, townhomes and duplexes compared to last month. 48% of the homes went pending in 7 days or less, about the same as in February.
While some home buyers negotiated their sales prices down, 69% of the buyers paid list price or higher. The median sales price of the single family homes was $1,116,368 (up 8% from February), but was 4% lower for condos, townhomes and duplexes at $670,000.
There were 6 San Marcos home for sale at the end of March with an Active Under Contract status, compared to 1 last month. These homes are included in the overall Active statistics below.
The San Marcos housing inventory decreased from February (71), with 60 homes for sale at the end of the month. This was due to a decline in condo and townhome listings while single family home listings remained the same. List prices range from $169,900 to $4,300,000. There is a supply of only 25 days for condos, townhomes and duplexes (down from 1.7 months last month). And there is a supply of 1.7 months for single family homes (down from 1.9 months 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. This is especially true for condos, townhomes and duplexes.
63 new listings came on the market in March, an increase from last month’s 57. The number of homes going pending also increased, from 43 to 53, excluding homes that closed escrow in March.
This summary of the San Marcos housing market is based on data from the MLS. I can also share more details for neighborhoods that interest you (e.g., San Elijo Hills, Lake San Marcos, Santa Fe Hills).
Please contact me directly or via text at (760) 840-1360 to discuss your personal housing needs, timing, lifestyle, budget, and any questions. Then we’ll work together to develop a strategy to buy your new San Marcos home if that’s your plan.
Are you thinking about selling your San Marcos home? Let’s talk about the current market conditions that can impact your home sale and review a customized market and equity analysis. Then we can create a plan together to sell your home for the best price, terms and conditions.