San Diego Real Estate Update - San Marcos - October 2024

Market activity in San Marcos is stable. However, the number of homes for sale is climbing. Today is October 14th, 2024, and this is a San Marcos real estate market update brought to you by special request from one of our viewers last week. So we wanted to get this information out there as quickly as we could. If you're new to this channel, please give us a like, subscribe so you don't miss any updates and let us know where you're watching from, what part of San Diego County you'd like to see us cover next. We are here with all the latest, greatest market data, and we are here to help you with all of your buying and selling needs anywhere in San Diego County. So if you ever have any questions or have a need, give us a call, send us a message. We are here to help and let's jump right into it. Looking at San Marcos, we have the area north of Highway 78, Twin Oaks, Santa Fe Hills, and then south of Highway 78, the Lake San Marcos area, San Alijo Hills, the areas around Cal State San Marcos. So some very different neighborhoods. However, when you look at it all in total, what you see is that we currently have 59 active listings and only 21 pending. That's almost three times the number of actives to pendings and that gives about 2 3rds of these 59 sellers, not quite 2 3rds, but a lot of these sellers here are going to have a problem getting their properties under contract without some sort of adjustment, whether that's an adjustment in the market itself or whether those sellers need to make an adjustment to get their properties under contract. You've got 21 pending and 59 active. And then the 21 pending is pretty well validated as far as the level of market activity currently, because in the last 30 days, 20 have closed. So that indicates what the current level of demand is. And there are roughly 40 or so of these sellers who are going to have to make some sort of adjustment to get the property sold. So that's an interesting feature to what's happening in the San Marcos market right now. Let's see if we can get some perspective on all of it by taking a look at the longer term trend. When we look at median price over time, we see that San Marcos as a whole generally has performed the same as San Diego County in terms of median price. Yes, we've got some spikes and dips above and below this blue line here, which is the San Diego County median price. The trend, however, follows very closely. And we see that back in January 21, San Marcos was at 740, San Diego County at 752. You go here to the spring of 2022 and things had grown massively in both the county as a whole and in San Marcos. And then yes, we've had some pretty decent spikes up over time here, November, the fall of 2022, we had a spike, spring of 23, we had a spike, fall of 23, another spike, and also equally some pretty big dips. Let's look at where we are right now. September of 2024, just last month, the median price in San Marcos was 1.325 million and San Diego County at 1,075. So obviously the median price in San Marcos has zigzagged up and down over this San Diego County trend line, although the general pattern is the same. When we look at percent of original list price to final closed sale price, again, mirroring San Diego County as a whole, definitely peaking out where basically the rest of the San Diego County market peaked out within a month or two at 109.3% of original list price to final closed sale price. This was when people were at the peak of their excitement and exuberance for real estate in San Diego County and in San Marcos, and then all the way down here to 93.2% in the fall of 2022. And so things haven't gotten that low again, although we currently sit at 97.3% for San Marcos, 98.2% for San Diego County, and that is far more normal. It's actually quite a bit more normal to see the active and pending inventory in the ratio that it is right now. We've just gotten used to it being very much a hyper seller's market and are generally not used to, at least in terms of the last three or four years, of much more active inventory than pending and sellers needing to make adjustments and pay more attention to what the market is doing in order to properly price homes. So interesting situation, and San Marcos definitely seems to be behaving a lot like the rest of San Diego County as a whole, definitely what we would consider a median price neighborhood overall. And yes, median price is high. That's where things stand. Looking at market times right now, again, San Marcos almost in the same condition as San Diego County. San Diego County is now at 30 days, San Marcos at 28 days, and 30 days has been more or less, if you go back through time here, San Diego County, it's been higher and it's been lower. However, if you average out the market times over many years more than we've got here, if we go over probably at 10 years, you're gonna find that the average is very, very similar to what it is right now when things get a little tougher, it gets higher. And when it becomes more of a hyper sellers market, that market time goes down. However, we have definitely seen it climbing up and up over the past few months in San Diego County and in San Marcos. So that's what's happening right now in San Marcos. We hope you found this informative. And if you like this content, please remember, like, share, subscribe, and comment, send us a message or give us a call. If you wanna talk about your specific property that you're thinking about selling, or if you're a buyer and have a specific area or a number of areas that you'd like to explore, send us a message or give us a call. We are here to help. And with that, I will say, see you later. We'll be back later this week with more neighborhood real estate updates. And on Thursday for San Diego Market Watch. So stay tuned for that and have a great day.