New listings were certainly the talk of the San Carlos real estate market this past week. For the second straight week 7 of them jumped into the market, which is much more of a normal number of new listings as we enter the final 60-day push of the Spring real estate period.
What’s interesting from the numbers below is that only one house went into contract all of last week. This is slightly peculiar since it’s not what one would expect to this this time of year, and it’s the prime reason why the inventory of homes for sale suddenly pushed up to 22 in just a matter of a week.
Part of this can be attributed to it being the last week of Spring break, and that many locals were simply out of town. And some of the obviously desirable homes are not taking offers until this week. So perhaps this is just a temporary dip, and homes will start to go into contract at much higher clip this week. But it’s something worth keeping a close eye on it.
Either way, look for a lot of activity in the coming weeks – both in new listings and hopefully sold homes. It’s that time of year again, after all.
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 4/10/2016:
|San Carlos Housing Data||4/10/16||Prior Week|
|Closed Sales for the Week:||1||3|
|Average Sold Price:||$1,150,000||$1,641,667|
|Average $/Sq Foot (Sold)||$782||$791|
|Average Sold as Percentage Of List Price:||115%||106%|
|Average DOM of Closed Sales||8||16|
|Total # of Homes Pending Sale:||20||20|
|No. of New Listings:||7||7|
|Total # of Active Listings:||22||17|
|Average Price of Active Listings:||$2,100,408||$2,176,231|
|Average DOM of Active Listings:||23||25|
|Average $/Sq Foot (List)||$900||$895|
|Active-Pending Ratio:||1.1 : 1||0.8 : 1|
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