The two week run of relatively favorable trends for home buyers in San Carlos definitely came to an abrupt halt last week. Only 4 new listings hit the market, which was not nearly enough to offset the 9 homes that went pending during the same period. The net result is that by the time of this post, we were back down to 10 homes for sale in the entire city of San Carlos, and the trend looks to be continuing downward from there.
More than half of these 10 active listings have offer dates set for sometime this coming week, so without a significant influx of new inventory we’re likely headed back to the low single-digit inventory range once again. So don’t be shocked if you check in later in the week and see a total of 4-5 listings in all of San Carlos. That’s definitely not good news for home buyers, who are certainly expecting more inventory now we’re well into the Spring Market.
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 3-8-2014:
|San Carlos Housing Data||3-8-14||Prior Week|
|Closed Sales for the Week:||5||5|
|Average Sold Price:||$1,495,000||$1,022,400|
|Average $/Sq Foot (Sold)||$826||$699|
|Sold Price vs Orig List Price:||109%||112%|
|Average DOM of Closed Sales||9||11|
|No. of Homes Pending Sale:||30||25|
|No. of Active Listings:||10||16|
|Average Price of Active Listings:||$1,479,595||$1,382,875|
|Average DOM of Active Listings:||10||8|
|Average $/Sq Foot (List)||$664||$631|
|Active-Pending Ratio:||0.33 : 1||0.64 : 1|
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