Here’s the San Marcos Market Report for September 2023. And here’s the market report for August for comparison.
The San Marcos real estate market continues to change. This report does 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.
It’s essential for buyers and sellers to have current information about local market conditions so you can make informed buying and/or selling decisions.
44 homes sold in September 2023 in San Marcos, down 37% from last month. Here’s the breakdown of activity.
MARKET REPORT DETAILS
Single Family Homes Sold – 30 (down 33%). 15 Average Days on Market. The Average Sales Price was $1,254,900 (up 12%). Average sale was 100% of original asking price.
Condos, Townhomes and Duplexes Sold – 14 (down 44%). 14 Average Days on Market. The Average Sales Price was $691,640 (no change). Average sale was 100% of original asking price.
Sales volume in September decreased substantially from August. There were fewer single family homes sold, as well as fewer condo, townhome and duplex sales. The average sales price was lower for single family homes, but about the same for condos, townhomes, and duplexes. September sales prices ranged from $375,000 to $2,650,000.
Compared to September 2022, there were 52% fewer single family home sales in 2023. Similarly, 46% fewer condos, townhomes and duplexes were sold in 2023. The average sales price for single family homes in 2023 was 21% higher than 1 year ago (the median was 31% higher). The average price was 11% higher in September 2023 for condos, townhomes and duplexes while the median price was 9% higher.
Average time on the market in September was the same for single family homes as last month. Time on market was 9 days shorter for condos, townhomes and duplexes. Plenty of buyers made quick decisions with 48% of the homes going pending in 7 days or less.
Some home buyers negotiated their sales prices down. At the same time, however, 61% of the buyers paid asking price or higher. The median sales price of the single family homes was $1,212,750 (up 14% from last month), and $708,500 (down 2%) for condos, townhomes and duplexes.
The San Marcos housing inventory rose in September, with 69 homes for sale at the end of the month, versus 56 last month. List prices range from $175,000 to $2,850,000. This is a supply of 1.4 months for condos, townhomes and duplexes (up from 1.2 months last month). There is a supply of 1.1 months for single family homes (up from 22 days). This is all based on the rate of sales over the last 3 months.
San Marcos continues to be a very strong seller’s market based on current supply and demand.
71 new listings came on the market in September, up from 61 last month. The number of homes going pending also increased, from 38 to 45, excluding homes that closed in September.
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, Twin Oaks, Lake San Marcos, Santa Fe Hills).
NEXT STEPS?
Please contact me at (760) 840-1360 directly or by text to review 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 plan.
Are you thinking about selling your San Marcos home? Let’s discuss the current market conditions that can impact your 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.