For the first time in a quite a few months, it was not a banner week for home sales in San Carlos. Three of the four homes that closed escrow this past week did not get full list price. The average percentage of sales price to list price topped out at 96% — certainly nothing to cry about, but also very un-San Carlos when we have grown accustomed to seeing over 110% on a regular basis.
Another number that hit a level that we haven’t seen in quite a while is the active-pending ratio. At the start of this week it’s sitting at 1.7, which means there are nearly two active listings for each one pending. In other words, this is an indicator that are starting to build up some inventory, which is certainly the case as we now have 17 active single-family residence listings in San Carlos. This is also a level we have not seen in quite a while, but something that you might expect as we enter the main period of the Spring real estate market.
Cause for concern? Not necessarily. The surprisingly lackluster performance of those closed sales was just as much a function of coincidence that they all closed in the same week as it was any solid indicator that the market may be topping out. Looking at the 10 homes that are pending sale right now, quite a few of them fetched nice premiums over the asking price, which will show up in the coming weeks when they close. So clearly, buyers still have a strong appetite for homes with the right stuff.
But what this does show is that there is certainly an upper limit to what buyers are going to spend on homes that may not be completely dialed in, which is something that sellers and agents will need to keep in mind as they set prices on new listings.
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 3/13/2016:
|San Carlos Housing Data||3/13/16||Prior Week|
|Closed Sales for the Week:||4||3|
|Average Sold Price:||$1,695,000||$1,475,000|
|Average $/Sq Foot (Sold)||$852||$1,152|
|Average Sold as Percentage Of List Price:||96%||103%|
|Average DOM of Closed Sales||27||16|
|Total # of Homes Pending Sale:||10||12|
|No. of New Listings:||5||6|
|Total # of Active Listings:||17||12|
|Average Price of Active Listings:||$1,989,727||$1,914,967|
|Average DOM of Active Listings:||19||19|
|Average $/Sq Foot (List)||$814||$881|
|Active-Pending Ratio:||1.7 : 1||1.0 : 1|
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