The post that I published on the blog last week about the sudden drop in listings (and consequently inventory) in San Carlos was picked up and expounded on in this article the Daily Journal. San Carlos is not alone in this respect — the number of new listings in most communities along the Peninsula are is either flat, or down from previous years, which is exactly why we are being shell-shocked with some of the prices that are being paid for homes in the past few weeks.
New listings are such a vital metric to the health and balance of the real estate market that I have started tracking them in the summary table below under San Carlos Housing Data.
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 3-15-2015:
|San Carlos Housing Data||3-15-15||Prior Week|
|Closed Sales for the Week:||4||5|
|Average Sold Price:||$1,601,559||$1,564,000|
|Average $/Sq Foot (Sold)||$798||$881|
|Average Sold as Percentage Of List Price:||112%||104%|
|Average DOM of Closed Sales||14||11|
|No. of Homes Pending Sale:||16||18|
|No. of New Listings:||6||4|
|Total # of Active Listings:||11||7|
|Average Price of Active Listings:||$1,362,632||$1,304,714|
|Average DOM of Active Listings:||12||13|
|Average $/Sq Foot (List)||$847||$901|
|Active-Pending Ratio:||0.69 : 1||0.39: 1|
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