Here’s the San Marcos Market Report for November 2023. And here’s the market report for October 2023 as a comparison.
The San Marcos real estate market continues to evolve. This report does not include private sales, mobile homes or multi-family housing. The data are from the MLS and believed to be accurate at the time this report was published, but not guaranteed.
It’s essential for buyers and sellers to have current information about local market conditions if they wish to make informed buying and/or selling decisions. Read more – Real Estate is Local – But HOW Local?
44 homes sold in November 2023 in San Marcos, 31% fewer than last month.
San Marcos Market Report Details
Single Family Homes Sold – 25 (down 39%). 34 Average Days on Market. The Average Sales Price was $1,198,718 (up 1%). Average sale was 98% of original asking price.
Condos, Townhomes and Duplexes Sold – 19 (down by 4). 19 Average Days on Market. The Average Sales Price was $763,313 (up 8%). Average sale was 99% of original asking price.
Overall sales volume in November decreased substantially from last month. There were fewer single family homes sold, and fewer condo, townhome and duplex sales. The average sales price rose slightly for single family homes, and increased for condos, townhomes, and duplexes. Sales prices ranged from $175,000 to $3,200,000.
Compared to November 2022, there were 36% fewer single family home sales in 2023. In contrast, 27% more condos, townhomes and duplexes were sold in November 2023. The average sales price for single family homes in 2023 was 12% higher than 1 year ago (median price was 5% higher). Similarly, the average price was 22% higher in November 2023 for condos, townhomes and duplexes and the median price was 27% higher.
The average time on the market was longer for single family homes, as it was for condos, townhomes and duplexes compared to last month. 41% of the homes were pending in 1 week or less.
Almost half of the home buyers were able to negotiate their sales prices down. That means over half, 55%, paid asking price or higher. The median sales price of the single family homes was $1,025,000, down 11% from last month.The median price was $770,000 for condos, townhomes and duplexes, up by 4%.
The San Marcos housing inventory rose by 3 in November, with 66 homes for sale at the end of the month. List prices range from $299,000 to $2,150,000. This is a supply of only 1.2 months for condos, townhomes and duplexes (up from 28 days last month). There is a 1.3 month supply for single family homes (up from 1.1 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.
59 new listings came on the market in November, an increase from 52 last month. The number of homes going pending decreased, from 37 to 33, excluding homes that closed in November.
This overview of the San Marcos real estate market is based on MLS data. I can share more details for neighborhoods of interest (e.g., San Elijo Hills, Lake San Marcos, Santa Fe Hills).
Please contact me directly or by text at (760) 840-1360 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 your plan.
Are you thinking about selling your San Marcos home? Let’s talk about the current market conditions that may affect your sale and review a market and equity analysis. Then we can develop a plan to sell your home for the best price, terms and conditions.