There’s no doubt about it – the real estate market in San Carlos has certainly cooled down a bit over the past two weeks. The attendance at open houses has been lighter, and homes that are on the market now don’t seem to be getting the frenzied response they might have gotten only a month or so ago.
The numbers reflect this slowdown as well. The average days on the market (DOM) of all active single-family residence listings in San Carlos is now at 19 days — certainly not an eternity for most real estate markets, but probably the longest we’ve seen all year in our local market.
Much of this may be attributed to the traditional seasonal slowing that has been discussed numerous times in this weekly post. But we will be closely watching the market over the summer months to see if there isn’t more to this trend. After 3+ years of breakneck growth, there are those who believe the market is due to level off in the coming months as the economic growth tapers, and interest rates finally start to climb.
This reduced competition presents a golden opportunity for buyers who are still diligently looking for a home during the summer months. It’s going to be an interesting summer…
Here are the details from last week:
By the Numbers.
Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the week ending 6-28-2015:
|San Carlos Housing Data||6-28-15||Prior Week|
|Closed Sales for the Week:||2||7|
|Average Sold Price:||$1,605,000||$1,257,857|
|Average $/Sq Foot (Sold)||$763||$783|
|Average Sold as Percentage Of List Price:||113%||118%|
|Average DOM of Closed Sales||55||17|
|No. of Homes Pending Sale:||22||20|
|No. of New Listings:||4||4|
|Total # of Active Listings:||11||11|
|Average Price of Active Listings:||$1,910,535||$1,846,727|
|Average DOM of Active Listings:||19||16|
|Average $/Sq Foot (List)||$737||$711|
|Active-Pending Ratio:||0.50 : 1||0.55 : 1|
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