One trend you may have noticed in the past few weeks of this report is the re-occurrence of red ink in the “Single Family Homes Sold in San Carlos” section, which designates when a home sells for below its asking price. While there certainly hasn’t been a preponderance of homes that are failing to fetch their asking price, there has indeed been an increase in just the past few weeks. And that’s quite noticeable in a year when virtually every home is fetching 10% above the list price — or more.
One may chalk part of this phenomenon up to seasonal slowness in the market. But this tends to point to a market that is starting to test its upper limits of what buyers are willing to spend. And while most homes with high desirability factors are still fetching multiple offers and strong prices, some of the homes that have deficiencies (location, condition, etc…) are not simply jumping off the market like they were earlier in the spring. There are even some nice, new homes that are finding some resistance at the upper end of the price range. It will be interesting to monitor this trend in the coming weeks.
Here are the details from last week:
By The Numbers.
Below is a high-level snapshot of the market performance for single-family residences in San Carlos. This data is for the week ending 7-19-2014:
|San Carlos Housing Data||7-19-14||Prior Week|
|Closed Sales for the Week:||7||3|
|Average Sold Price:||$1,342,143||$1,350,296|
|Average $/Sq Foot (Sold)||$810||$785|
|Average Percentage Over List Price:||108%||113%|
|Average DOM of Closed Sales||16||11|
|No. of Homes Pending Sale:||25||28|
|No. of Active Listings:||21||17|
|Average Price of Active Listings:||$1,542,900||$1,522,611|
|Average DOM of Active Listings:||31||35|
|Average $/Sq Foot (List)||$671||$736|
|Active-Pending Ratio:||0.84 : 1||0.64 : 1|
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