Here’s the Market Report for San Marcos for May 2023. And here’s the market report for April 2023 in case you missed it.
The San Marcos real estate market continues to shift. This report does not include private sales, mobile homes or multi-family housing. The data were taken from the MLS and believed accurate at the time this report was published, but not guaranteed.
Buyers and sellers need current information about local market conditions in order to make informed buying and/or selling decisions.
Read: Real Estate is Local – But HOW Local?
64 homes sold in May 2023 in San Marcos’ 2 zip codes, compared to 67 sales last month. Here’s the breakdown of activity.
Single Family Homes Sold – 43 (no change). 22 Average Days on Market. The Average Sales Price was $1,127,445 (down 2%). Average sale was 99% of original asking price.
Condos, Townhomes and Duplexes Sold – 21 (down by 3). 17 Average Days on Market. The Average Sales Price was $717,767 (up 8%). Average sale was 101% of original asking price.
Overall sales decreased slightly from April. While the same number of single family homes sold, there were fewer condo, townhome and duplex sales. The average sales price dropped slightly for single family homes, but rose for condos, townhomes, and duplexes. Sales prices for May ranged from $369,000 to $2,350,000.
Compared to May 2022, there were 34% fewer single family homes sold in 2023. And 43% fewer condos, townhomes and duplexes sold in 2023.
The average sales price for single family homes in 2023 was 7% lower than 1 year ago – the median was 11% lower. The average was 5% higher in May 2023 for condos, townhomes and duplexes, and the median was 3% lower.
Average time on the market (DOM) in May was longer for single family homes, but shorter for condos, townhomes and duplexes than in April. 48% of the homes went pending in 7 days or less, the same as last month.
A number of home buyers negotiated their sales prices. However, 56% of the buyers paid asking price or higher, which is more than last month. The median sales price of the single family homes was $989,000, 3% more than last month. The median sales price was $714,000 (up 6%) for condos, townhomes and duplexes.
The housing inventory rose slightly in May, with 51 homes for sale at the end of the month. List prices range from $325,000 to $3,750,000. This is a supply of only 19 days for condos, townhomes and duplexes, and 26 days for single family. This is based on the rate of sales over the last 3 months.
San Marcos continues to be a very strong seller’s market based on supply and demand.
62 new listings came on the market in May, an increase over last month’s 51. The number of homes going pending was the same at 48, excluding those homes that closed in May.
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 review 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 if that’s the plan.
Are you thinking about selling your San Marcos home? Let’s discuss the current market conditions that will affect your sale. I can also review a market and equity analysis. Then we can develop a plan to sell your home quickly for the best price, terms and conditions.