Here’s the November 2022 Market Report for San Marcos. And here’s the link to the October Market Report in the event you missed it.
The San Marcos real estate market continues to shift. These statistics do not include private sales, mobile homes or multi-family housing. The data are taken from the MLS and believed accurate at the time this report was published, but not guaranteed.
READ MORE: San Marcos – A Thriving Inland Residential Community
48 homes sold in November 2022 in San Marcos’ 2 zip codes, 5 fewer than last month. Here’s the breakdown of overall activity. (photo is a view of Lake San Marcos from Double Peak Park).
Single Family Homes Sold – 37 (up by 1). 28 Average Days on Market. The Average Sales Price was $1,075,148 (up 2%). Average Sale Price was 95% of original asking price.
Condos, Townhomes and Duplexes Sold – 11 (down by 6). 21 Average Days on Market. The Average Sales Price was $626,131 (down 1%). Average Sale Price was 98% of original asking price.
The overall sales volume in November declined modestly from October. There was 1 more single family home sold, but fewer condo, townhome and duplex sales.
The average sales price rose slightly for single family homes, but dropped slightly for condos, townhomes, and duplexes. Sales prices ranged from $350,000 to $1,964,000.
Compared to November 2021, there were 33% fewer single family home sales in 2022. And there were 21% fewer sales of condos, townhomes and duplexes in 2022. The average sales price for single family homes in 2022 was 5% lower than 1 year ago. The average sales price was 7% lower in November 2022 for condos, townhomes and duplexes.
Average time on the market was 3 days longer for single family homes (now 4 weeks). Average marketing time was 2 days shorter for condos, townhomes and duplexes. 29% of the homes went pending in 7 days or less, slightly more than last month.
The majority of buyers were able to negotiate their sales prices in November. At the same time, however 30% of the buyers paid asking price or higher. The median sales price of the single family homes was $975,000 (up 5%). The median was $608,542 (down 6%)for condos, townhomes and duplexes.
The San Marcos housing inventory dropped 9% in November, with 108 homes for sale at the end of the month. List prices range from $339,000 to $3,995,000. This is a supply of 1.8 months for condos, townhomes and duplexes, and 1.7 months for single family homes. 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.
There were 14% fewer new listings coming on the market in November, 54, another decline. Similarly, the number of homes going pending decreased to 29 (down 27%), excluding homes that closed in November. It was a quieter month for buying and selling.
This summary of the San Marcos real estate market is based on data provided by the MLS. I can share more details regarding current activity, and for particular neighborhoods (e.g., San Elijo Hills, Twin Oaks, Lake San Marcos).
Given the shifting market should we talk real estate? Please contact me at (760) 840-1360 directly or by text to discuss your particular housing needs, timing, lifestyle, budget, and questions. We can then create an effective strategy to buy your new San Marcos home.
Are you considering selling your home in San Marcos? We should discuss the current market conditions that will impact your sale. I’ll also review a comparative market and equity analysis with you. Then we’ll create a plan to sell your home for the best price, terms and conditions.
If you are simply interested in your home’s current market value, please reach out to me at (760) 840-1360. I’m happy to help with that information.