We are effectively at the mid-point of the Fall real estate market in San Carlos, square in between the Labor Day and Thanksgiving weekends. The market has taken on a bit more of a relaxed vibe than the craziness and intensity that we witnessed during the Spring market. As we discussed last week, certain homes that don’t necessarily have all of the boxes checked for today’s buyers are taking a bit of a haircut to get into contract. Homes that have the “right stuff” are still selling quickly, and in a competitive environment. But the number of offers on each deal seems to be more reasonable than what we witnessed earlier this year. That trend certainly continued last week.
This should be good news for home buyers who have weathered the storm of 2014, but may still be reluctant to step back into the fray. The second half of the Fall market should present some great opportunities to pick up a home before the market kicks into hibernation mode for the winter. The big challenge over the coming weeks, however, will be re-building the inventory to give buyers something to choose from. As of this morning, there are only 11 single-family homes for sale in the entire city, and that number will likely drop further as the week progresses.
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 10-11-2014:
|San Carlos Housing Data||10-11-14||Prior Week|
|Closed Sales for the Week:||5||9|
|Average Sold Price:||$1,387,00||$1,537,667|
|Average $/Sq Foot (Sold)||$728||$810|
|Average Sold – Percentage Of List Price:||104%||99%|
|Average DOM of Closed Sales||12||32|
|No. of Homes Pending Sale:||26||26|
|No. of Active Listings:||12||15|
|Average Price of Active Listings:||$1,525,407||$1,364,393|
|Average DOM of Active Listings:||43||34|
|Average $/Sq Foot (List)||$657||$734|
|Active-Pending Ratio:||0.46 : 1||0.58: 1|
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