Perhaps it was the week before Memorial Day Weekend that caused some sellers to delay listing their home for sale, or maybe there just aren’t going to be that many homes on the market in the coming weeks. But whatever the reason, there were only two new single-family listings to hit the market in all of San Carlos last week. That, combined with the 5 homes that went into contract during the same period, dropped the inventory of homes for sale back down to 10. And that number will drop to 9 as soon as one of the homes that went into contract over the weekend registers it as “pending” on the MLS. That means we will be heading into the home stretch of the Spring real estate market with single-digit inventory — great for sellers, not so much so for buyers.
Last week we mentioned it would only be a matter of time before the average price hits $2M in the City of Good Living. This week, it actually happened. As you can see from the table below, the average price for all homes currently for sale in San Carlos topped the $2,000,000 mark. But just like a Barry Bonds home run, this stat deserves an asterisk, since there is a single $5M listing that pulls the average up quite a bit. Without that listing, the average drops well below the $2M mark. But even that is a remarkable number for a city that was only averaging $1M a few years ago.
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 5-24-2015:
|San Carlos Housing Data||5-24-15||Prior Week|
|Closed Sales for the Week:||6||7|
|Average Sold Price:||$1,730,833||$1,723,286|
|Average $/Sq Foot (Sold)||$791||$900|
|Average Sold as Percentage Of List Price:||110%||113%|
|Average DOM of Closed Sales||14||16|
|No. of Homes Pending Sale:||26||26|
|No. of New Listings:||2||6|
|Total # of Active Listings:||10||14|
|Average Price of Active Listings:||$2,102,295||$1,968,357|
|Average DOM of Active Listings:||118||12|
|Average $/Sq Foot (List)||$784||$750|
|Active-Pending Ratio:||0.38 : 1||0.54 : 1|
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