Here’s the October 2022 Market Report for San Marcos. In case you missed it, here’s the September market report for comparison.
The San Marcos real estate market is shifting each month. These statistics do not include private sales, mobile homes or multi-family housing. The data are from the MLS and believed to be accurate when this report was published, but not guaranteed.
Read more: San Marcos – A Thriving Inland Residential Community
53 homes sold in October 2022 in San Marcos’ 2 zip codes, down 40% from last month. Here’s a summary of the activity.
Single Family Homes Sold – 36 (down by 42%). 25 Average Days on Market. The Average Sales Price was $1,058,875 (up 3%). Average sale price was 95% of original asking price.
Condos, Townhomes and Duplexes Sold – 17 (down 35%). 28 Average Days on Market. The Average Sales Price was $631,090 (up 1%). Average sale price was 95% of original asking price.
Overall sales volume in October decreased significantly from September. This was true for single family homes, and for condo, townhome and duplex sales. The average sales price rose modestly for single family homes, and was slightly higher for condos, townhomes, and duplexes. Sales prices ranged from $360,000 to $2,425,000.
Compared to October 2021, there were 51% fewer single family home sales in 2022. And there were 26% fewer sales of condos, townhomes and duplexes in 2022. The average sales price for single family homes in 2022 was 7% higher than 1 year ago. The average sales price was 5% higher in October 2022 for condos, townhomes and duplexes than in 2021.
Average time on the market (DOM or Days on Market) in October did not change for single family homes. Marketing time was 1 week longer for condos, townhomes and duplexes, now almost 1 month. However, 28% of the homes went pending in 7 days or less.
The majority of buyers negotiated their sales prices down in October. At the same time 28% of buyers paid asking price or more. The median sales price of the single family homes was $986,500 (up 7%). The median was $650,000 for condos, townhomes and duplexes, about the same as it was in September.
The San Marcos housing inventory declined slightly in October, with 116 homes for sale at the end of the month (down 3). List prices range from $369,000 to $3,995,000. This is a supply of 1.5 months for condos, townhomes and duplexes (up from 1.2 months last month). There is a supply of 1.7 months for single family homes (no change from last month). These numbers are based on the rate of sales over the last 3 months.
As a result, San Marcos remains a very strong seller’s market considering current supply and demand.
There were more new listings coming on the market in October, 68 compared to 63 last month. Similarly, the number of homes going pending increased to 49 from 40, excluding homes that closed in October.
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, Santa Fe Hills).
Given the shifting market is it time to talk real estate? Please contact me at (760) 840-1360 directly or by text and we’ll review your particular housing needs, timing, lifestyle, budget, and questions. We can then create a strategy for buying your new San Marcos home.
Are you thinking about selling your home in San Marcos? Let’s discuss current market conditions that affect your sale. In addition I’ll share a market and equity analysis with you. Then we’ll create a plan to sell your home quickly for the best price, terms and conditions.
Are you interested in your home’s current market value? Please reach out to me by phone or text at (760) 840-1360.