Here’s the San Marcos Market Report for May 2022.
Check out the April 2022 San Marcos Market Report for a comparison.
In May 2022 there were 100 homes sold in San Marcos’ 2 zip codes, 4 more sales than last month.
SAN MARCOS MARKET REPORT SUMMARY
Single Family Homes Sold – 64 (up by 4). 8 Average Days on Market. The Average Sales Price was $1,207,710 (down by 4%). Average sale was 109% of original asking price.
Condos, Townhomes and Duplexes Sold – 36 (no change). 11 Average Days on Market. The Average Sales Price was $684,624 (down 3%). Average sale was 105% of original asking price.
Overall sales volume in May rose modestly, with 4 more single family home sales but no more condo, townhome and duplex sales. The average sales price decreased for single family homes, and for condos, townhomes, and duplexes. Sales prices ranged from $162,500 to $2,585,000.
The average time on the market (DOM) was down by 1 day for single family homes, but was 5 days longer for condos, townhomes and duplexes. It’s clear buyers must be ready to decide quickly about seeing homes they like, and making their offers. Indeed, 3 out of 5 homes (60%) were pending in 1 week or less. (here’s a view of Lake San Marcos.)
Some buyers were able to negotiate their sales prices. However, many of them, 73%, paid more than asking price! The median sales price of single family homes was $1,116,500 (down 2%), and $737,500 (no change)for condos, townhomes and duplexes.
The San Marcos housing inventory rose in May, with 77 homes for sale (up 26%). Thus, this was good news for buyers. List prices range from $150,000 to $3,999,999. This represents a supply of 16 days for condos, townhomes and duplexes, and 27 days for single family homes. This is based on the rate of sales over the last 3 months.
As a result, San Marcos continues to be a very strong seller’s market based on current supply and demand.
In May there were 114 new listings (up 11%), which was positive news. The number of homes going pending dropped 9% to 75, excluding the homes that closed in May.
NEXT STEPS?
This overview of the San Marcos real estate market is based on information in the MLS. I can share more details regarding current activity, within the zip codes of San Marcos. Or let me know the neighborhoods of interest (e.g., San Elijo Hills, Twin Oaks, Lake San Marcos, Santa Fe Hills).
Please reach at (760) 840-1360 by text or direct call so we can review your personal housing needs, timing, lifestyle, budget, and questions. We can then develop a plan to buy your new home in San Marcos.
Are you considering selling your San Marcos home? Let’s discuss your plans, and the current market conditions affecting your sale. We will also review a market and equity analysis for your home. Furthermore, we will create a strategy to sell your home quickly for the best price, terms and conditions.
In addition, you might also want to read this article – Planning to Sell? Where Will You Go?
If you are interested in the market value of your home, please reach out to me at (760) 840-1360.