Surge in Pending Sales.
After what can be best described as a “watch and wait” month in January, home buyers in San Carlos appear ready to step to the plate and do business as the calendar turns to February. Consider the following: In the first four weeks of 2011, only 6 single-family homes went into contract in all of San Carlos. Fast-forward to today, where 8 homes have already sold this week — and we’re only at Wednesday morning.
Now, it’s generally understood that January is a slow month for real estate in every region, but the lack of production this past January was not a result of lack of interest. Quite the contrary — open house attendance spiked right after the beginning of the year and remained high throughout the month of January. And it’s also generally accepted that anyone who is trudging through open houses in January is probably a serious buyer. The interest was definitely there.
So why the hesitancy to pull the trigger in January? A big part of the puzzle is simply the lack of new inventory. As of last week, the average days on the market (DOM) for all homes for sale in San Carlos stood at a whopping 107 days. This means that most of the homes that people saw in January were the same homes they already saw in December.. and November.. and even October. And while these buyers whittled their short-list down to a few homes, there seemed to be nagging question burning in the back of their minds — what else is coming on the market? Some simply didn’t want to make the decision to buy and run the risk of having their dream home come on the market the following week.
A Limit to Patience.. and Low Rates.
There’s probably a variety of reasons behind the recent spike in pending sales. At some point, buyers simply run out of patience. They have waited for months for new inventory that hasn’t arrived, so they lock down the top house on their list. Others run out of time — either due to rental issues, relocation benefits, whatever… For some, watching interest rates inch upward for the past few weeks was motivation enough to get them off the fence.
For those of you keeping close tabs, here’s a list of the 8 homes that sold already this week. You’ll recognize this format from the San Carlos Real Estate Week in Review series that I post every weekend on the site. Click on the address of the respective home to get additional details:
|1800 Howard Avenue
|309 Old County Road
|1043 Sylvan Drive
|15 Whitman Court
|236 Oakview Drive
|218 Exeter Avenue
|144 Glasgow Lane
|3154 La Mesa Drive
Check back this weekend when I post this week’s Week in Review to see how much this list has grown.
Final note: It’s interesting to see that the average DOM of these 8 homes is 41 days. So it’s not just newer listings that are selling. For a list of ALL of the homes that are pending sale in San Carlos, click here: Pending Sales in San Carlos.
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