It’s hard to say whether it was just a slow week because of spring break, or if it’s because the market might be finally showing some signs of pushing back — but while it was another fairly busy week with 9 homes going into contract, several of these homes only got 1 or 2 offers. One of them had to take a significant price reduction to get there. On top of that, there are at least two homes in the active inventory list that had set offer dates for last week and came up empty.
Now before anyone draws any conclusions, it’s important to note that the showpiece homes like 1355 Central and 156 Normandy seemed to do quite remarkable this past week, as you will see when the sales prices are posted. But for the first time since the beginning of the year, there seems to be the first sign of a pause in this runaway real estate market in San Carlos. And while we can’t draw a trend from just one week’s worth of data, we will know a lot more about the appetite of this market in the coming 2 weeks.
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 4-5-2014:
|San Carlos Housing Data||4-5-14||Prior Week|
|Closed Sales for the Week:||4||6|
|Average Sold Price:||$1,438,500||$1,436,833|
|Average $/Sq Foot (Sold)||$773||$782|
|Sold Price vs Orig List Price:||105%||117%|
|Average DOM of Closed Sales||11||10|
|No. of Homes Pending Sale:||30||24|
|No. of Active Listings:||13||16|
|Average Price of Active Listings:||$1,311,258||$1,467,234|
|Average DOM of Active Listings:||10||14|
|Average $/Sq Foot (List)||$684||$659|
|Active-Pending Ratio:||0.43 : 1||0.67 : 1|
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