One of the ways that you can use to gauge the heat of the real estate market is to look at the number of pending sales. One might think that it would be to look at the sold homes, but the homes that are listed as “sold” below actually went pending 3-4 weeks ago, and just closed escrow this past week. The number of pending sales gives you an idea of how many people are writing offers on homes, and by that measure it was a slow week in San Carlos. Only 3 single-family residences went into contract, and not a single condo or townhome took an offer.
Is this a trend? One week’s data does not make a trend — it just means it was a slow week. But I am hearing the sentiment more and more often from buyers and agents that the market seems to be cooling down. I’m not totally convinced of that yet — perhaps a few more weeks of consistent data like this will change my mind.
Here are the numbers 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 9-14-2013:
|San Carlos Housing Data||9-14-13||Prior Week|
|Closed Sales for the Week:
|Average Sold Price
|Average $/Sq Foot (Sold)
|Sold Price vs Orig List (%)||103%||112%|
|Average DOM of Closed Sales||21||12|
|No. of Homes Pending Sale:||30||32|
|Inventory of Active Listings:
|Average Price of Active Listings:||$1,445,210||$1,458,990
|Average DOM of Active Listings:||37||31|
|Average $/Sq Foot (List)||$605||$601|
||0.77 : 1||0.69 : 1|
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