San Marcos Market Report May 2024

Oceanside Market Report June 2024

Here’s the San Marcos Market Report for May. And here is the Market Report for April for comparison.

The San Marcos real estate market continues to change. This Market Report does not include private sales, mobile homes or multi-family housing 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 current information about local market conditions so they can make educated buying and/or selling decisions.

Lake San Marcos

SAN MARCOS MARKET REPORT DETAILS

75 homes sold in May 2024 in San Marcos, up 27% from last month, another increase in sales. Here’s the breakdown of activity.

Single Family Homes Sold – 56 (up 27%). 15 Average Days on Market. The Average Sales Price was $1,354,292 (up 11%). Average sale price was 100% of the original asking price.

Condos, Townhomes and Duplexes Sold – 19 (up by 4). 39 Average Days on Market. The Average Sales Price was $678,052 (up 6%). Average sale price was 100% of the original asking price.

The overall sales volume in May rose significantly from last month. There were more single family homes sold, as well as more condo, townhome and duplex sales. The average sales price rose for single family homes, and was also higher for condos, townhomes, and duplexes. Sales prices ranged from $325,000 to $4,300,000.

Compared to May 2023, there were 30% more single family home sales in 2024. There were 2 fewer condo, townhome and duplex sales in 2024. The average sales price for single family homes in 2024 was 20% higher than 1 year ago, and the median was 23% higher. In contrast, the average price was 6% lower in May 2024 for condos, townhomes and duplexes while the median price was 3% higher.

The average marketing time in May was longer for single family homes as it also was for condos, townhomes and duplexes compared to April. 57% of the homes went pending in 1 week or less.

Some home buyers were able to negotiate their sales prices. At the same time, however, 67% of the buyers paid asking price or more. The median sales price of the single family homes was $1,221,000 (up 9% from April). The median sales price was 2% higher for condos, townhomes and duplexes at $737,000

The San Marcos housing inventory improved from April (85), with 101 homes for sale at the end of the month, and good news for buyers. List prices range from $158,000 to $6,000,000. There is a supply of 1.7 months for condos, townhomes and duplexes (down from up from 1.3 months last month). There is a supply of 1.6 months for single family homes (down from 1.8 months last month), based on the rate of sales over the last 3 months.

San Marcos is still a very strong seller’s market based on current supply and buyer demand.

86 new listings came on the market in May, down from last month’s 88. The number of homes going pending also dropped slightly, from 55 to 54, excluding homes that closed escrow in May.

This summary of the San Marcos housing market is based on data found in the MLS. I can share more details for neighborhoods that interest 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 any questions. Then we can work together to create 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 may affect your home sale and review a customized market and equity analysis. Then we can create a plan 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 further.