San Carlos Real Estate Summary.
The active-to-pending ratio is one of several metrics that I use to measure the relative strength of a real estate market. Simply put, it’s just number of active listings divided by the number of pending sales. In a slow market, one could expect to see that number between 4-5, which shows that there’s a glut of inventory. In a healthy market like we saw in 2011, that number hovered around 2 — this indicates that homes are selling quickly, but there’s a steady supply of new listings to feed the pipeline.
For the past several weeks in San Carlos, the active-pending ratio has been in the tank, as you can see in the table below. It’s not that often that this ratio falls below 1 — meaning that there more homes pending sale than for sale — but that’s exactly the situation we’ve been in since about the beginning of the year. (To be fair, it’s important to note that a full 1/3 of these pending sales are actually short sales, which generally take longer than normal sales to close. This pulls the ratio a bit lower.)
But when you combine an abnormally low ratio with an inventory hovering in the mid-20′s, it’s clear that the growth of the market is being starved. Here are the numbers for this 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 2-11-2012:
|San Carlos Housing Data||2-11-12||Prior Week|
|Closed Sales for the Week:
|Average Sold Price
|Average $/Sq Foot
|Sold Price vs Orig List (%)||91%||96%|
|Average DOM of Closed Sales||73||42|
|Inventory of Active Listings:
|Average Price of Active Listings:||$1,031,255||$1,006,203 (+2.5%)|
|Average DOM of Active Listings:||95||117|
|No. of Homes Pending Sale:||32||33|
||0.8 : 1||0.7 : 1|
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