Here’s the San Marcos Market Report for October 2023. And here’s the September Market Report for comparison.
The San Marcos real estate market continues to shift. 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 important that buyers and sellers have up-to-date information about local market conditions in order to make educated buying and/or selling decisions. Read Real Estate is Local, But How Local to learn more about this issue.
64 homes sold in October 2023 in San Marcos, 45% more than last month.
SAN MARCOS MARKET REPORT DETAILS
Single Family Homes Sold – 41 (up 37%). 13 Average Days on Market. The Average Sales Price was $1,189,715 (down 5%). Average sale was 100% of the original asking price.
Condos, Townhomes and Duplexes Sold – 23 (up 64%). 14 Average Days on Market. The Average Sales Price was $704,810 (up 2%). Average sale was 98% of the original asking price.
The overall sales in October increased substantially from September. There were significantly more single family homes sold, and far more condo, townhome and duplex sales. The average sales price dropped for single family homes, but rose slightly for condos, townhomes, and duplexes. Sales prices ranged from $175,000 to $2,050,000.
Compared to 1 year ago there were 4 more single family home sales in 2023, and 35% more condos, townhomes and duplexes were sold. The average sales price for single family homes in 2023 was 12% higher than in October 2022 (the median was 15% higher). Similarly, the average price was 12% higher in October 2023 for condos, townhomes and duplexes and the median was 14% higher.
The average time on the market in October was significantly shorter for single family homes. On the other hand, marketing time was the same for condos, townhomes and duplexes as last month. 45% of the homes were pending in 1 week or less.
Many of the home buyers negotiated their sales prices down from list price. At the same time, however, 52% of the buyers paid asking price or more. The median sales price of the single family homes was $1,150,000 (down 5% from last month), and $738,900 (up 4%)for condos, townhomes and duplexes.
The San Marcos housing inventory dropped modestly in October, with 63 homes for sale at the end of the month (versus 69 last month). List prices range from $299,000 to $2,150,000. This is a supply of only 28 days for condos, townhomes and duplexes (down from 1.4 months last month). And there is a 1.1 month for single family homes (the same as last month), 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.
52 new listings came on the market in October, down from last month (71). The number of homes that went pending also decreased, to 37 from 45, excluding homes that actually closed in October.
This overview of the San Marcos real estate market is based on MLS data. I can provide more specifics for neighborhoods of interest (e.g., San Elijo Hills, Twin Oaks, Lake San Marcos, Santa Fe Hills).
Please reach out to me at (760) 840-1360 directly or by text to discuss your personal housing needs, timing, lifestyle, budget, and questions. Then we can develop a strategy to buy your new San Marcos home if that’s your desire.
Are you thinking about selling your San Marcos home? Let’s talk about the existing market conditions that will affect your home sale and review a market and equity analysis. Then we can create a plan to sell your home for the best price, terms and conditions.