The rush for sellers to get their homes on the market continued again last week in San Carlos, with 10 new listings making their market debut. This has to be an encouraging sign to home buyers, as for the second consecutive week are sitting with inventory levels in excess of 20 homes, and good choices in all of the price ranges.
Based on informal poll that I took with fellow agents, it seems as if the increased inventory (not only in San Carlos but also in surrounding communities) has served to temper the degree and number of multiple offers that we have grown accustomed to seeing this year. A number of homes that we figured would garner 5-6 offers only got 2. This can be attributed to seasonal slowing in the market, buyer fatigue, or simply that there are finally more homes to choose from and the same buyers aren’t just battling over the same places.
Whatever the cause, the market condition for home buyers right now in San Carlos is simply the best that it as been this entire year — more inventory, and fewer offers. If you’re still in the hunt for a home, stick with it for the next few weeks. Your perseverance may finally pay off.
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 5-17-2014:
|San Carlos Housing Data||5-17-14||Prior Week|
|Closed Sales for the Week:||5||14|
|Average Sold Price:||$1,591,400||$1,378,271|
|Average $/Sq Foot (Sold)||$902||$768|
|Average Percentage Over List Price:||110%||115%|
|Average DOM of Closed Sales||11||10|
|No. of Homes Pending Sale:||20||18|
|No. of Active Listings:||23||20|
|Average Price of Active Listings:||$1,562,117||$1,644,844|
|Average DOM of Active Listings:||13||10|
|Average $/Sq Foot (List)||$714||$756|
|Active-Pending Ratio:||1.15 : 1||1.1 : 1|
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