Tuesday, October 27, 2009
San Marcos 92069 Statistics and Trends
In the San Marcos zip code of 92069, property values have declined 9.2% over the past year but have steadied over the past 6 months which may be due to seasonal trends and/or a recent reduction on bank owned listings and may not be due to natural market forces or be sustainable. Demand and supply are in balance with 3 months of housing inventory. On average, properties have sold in 23 days over the past quarter indicating that marketing times are also typically under 3 months. There are currently 142 bank owned homes, 199 properties that have received a notice of default but are not in foreclosure, and 195 properties that are in foreclosure. Based on 18 bank sales over the past month there are 8 months of bank owned inventory and 22 months of additional potential bank owned inventory for a total of 30 months of bank owned and potential bank owned inventory. News reports state that lenders may be holding bank owned properties off of the market to keep property values steady or to support market appreciation. The significant number of bank owned properties and potential bank owned properties suggest that future declines from foreclosed properties are possible.