The Super Bowl of Real Estate.
To the relief of home buyers everywhere, the Super Bowl has finally come and gone. Why? Because history has taught us that many home sellers will wait until after the Super Bowl to list their home for sale. This statistic is especially noticeable when a local team is participating in this grand event. Nobody wants to host a Super Bowl Party in a home that’s listed for sale, right? Because of this phenomenon, it’s widely accepted that the end of the pro football season marks the kickoff of the Spring real estate season (pun intended). And buyers everywhere are hoping that this year is no exception to that rule.
For home sales that closed escrow this week, the sales price/list price ratio dropped below 100% for the first time in months. But don’t let that fool you into thinking that home prices are suddenly leveling off just yet — this week’s data was skewed by one large sale. Quite to the contrary, multiple offers and aggressive bidding are still the norm in San Carlos, and in surrounding communities. Most of the 6 homes below that are in the pending sales list garnered multiple offers — one got 10 offers after the first week on the market — and sold significantly higher than the asking price. I was involved in a multiple-offer frenzy on a home in Belmont this week that attracted 15 offers. So don’t let this week’s data lead you to believe that the fire is out under this market.
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 2-1-2014:
|San Carlos Housing Data||2-1-14||Prior Week|
|Closed Sales for the Week:||3||4|
|Average Sold Price||$1,670,000||$1,377,500|
|Average $/Sq Foot (Sold)||$708||$731|
|Sold Price vs Orig List (%)||97%||103%|
|Average DOM of Closed Sales||95||9|
|No. of Homes Pending Sale:||12||9|
|Inventory of Active Listings:||6||8|
|Average Price of Active Listings:||$1,170,481||$1,278,972|
|Average DOM of Active Listings:||7||27|
|Average $/Sq Foot (List)||$702||$633|
|Active-Pending Ratio:||0.5 : 1||089 : 1|
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