The Easter weekend had the expected dampening effect on new listings in San Carlos. Only one new home tested the market last week, since most home sellers wisely avoid Easter Sunday as their debut to the market. I fully expect that the pace of new listings will pick up considerably this week, especially the latter part leading into the open house weekend.
Home buyers were not deterred by the holiday weekend, however. Six homes went into contract last week, thus dropping our inventory back down to the mid-teens. Interestingly, two of these listings required reductions from their original list price in order to sell. This has become a more common occurrence in San Carlos the past few weeks, and it’s indicative of a market that is a bit more fickle and choosy than perhaps it was at this time last year. It will be interesting to see if this trend continues now that we are in the thick of the Spring market.
Here is a look at last week’s numbers:
Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the 7-day period ending Sunday 3/27/2016:
|San Carlos Housing Data||3/27/16||Prior Week|
|Closed Sales for the Week:||1||3|
|Average Sold Price:||$1,510,000||$1,568,333|
|Average $/Sq Foot (Sold)||$1,228||$891|
|Average Sold as Percentage Of List Price:||117%||103%|
|Average DOM of Closed Sales||12||6|
|Total # of Homes Pending Sale:||17||12|
|No. of New Listings:||1||6|
|Total # of Active Listings:||14||20|
|Average Price of Active Listings:||$2,203,280||$2,023,299|
|Average DOM of Active Listings:||27||18|
|Average $/Sq Foot (List)||$839||$844|
|Active-Pending Ratio:||0.8 : 1||1.7 : 1|
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