Last week I posted some alarming statistics about the number of new listings that have hit the market so far in 2015, and how that number is over 21% below the same period last year – which was also a lean year for listings. When the market is starved like this, it results in mind-numbing numbers like you see below in the summary table: $1,089 per square foot, 121% of the asking price, and an average sales price of nearly $1.85M.
It also shows the whipsaw behavior of the Fall real estate market. Only one week prior, homes fetched only 7% over the asking price and $846 per square foot on average, and spent twice as long on the market. It should serve as good data for buyers that even though the market may have cooled a slight bit, there is still strong competition for what home buyers deem to be the “right” place.
Here’s the recap from last week:
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 10-11-2015:
|San Carlos Housing Data||10-11-15||Prior Week|
|Closed Sales for the Week:||6||6|
|Average Sold Price:||$1,847,833||$1,791,869|
|Average $/Sq Foot (Sold)||$1,089||$846|
|Average Sold as Percentage Of List Price:||121%||107%|
|Average DOM of Closed Sales||13||25|
|No. of Homes Pending Sale:||19||21|
|No. of New Listings:||5||7|
|Total # of Active Listings:||16||15|
|Average Price of Active Listings:||$1,870,417||$1,861,982|
|Average DOM of Active Listings:||16||14|
|Average $/Sq Foot (List)||$781||$834|
|Active-Pending Ratio:||0.84 : 1||0.71 : 1|
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