There doesn’t seem to be anything that can hold back the entry-level market in San Carlos right now. To give you an idea of how much that particular segment of the market has grown this past year, the definition of an “entry-level” home San Carlos used to be one that was priced at $1M or less. Now, it’s safe to say the upper boundary of the entry-level home in San Carlos is about $1.5M — which is about the going rate for the benchmark clean, updated 3BR home in the flats.
The sales numbers below illustrate this point very well. For the 6 homes that were listed for under $1.5M, they all sold with multiple offers in about 10 days, and got an average of 115% of the asking price. For the two homes that were listed above $1.5M, they fetched 93% of their asking price, while taking nearly 41 days to sell. That is an amazing contrast, and serves to illustrate just how competitive the lower end of the market still is in San Carlos.
Here are the numbers for 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 11-9-2013:
|San Carlos Housing Data||11-9-13||Prior Week|
|Closed Sales for the Week:
|Average Sold Price
|Average $/Sq Foot (Sold)
|Sold Price vs Orig List (%)||106%||104%|
|Average DOM of Closed Sales||19||39|
|No. of Homes Pending Sale:||21||22|
|Inventory of Active Listings:
|Average Price of Active Listings:||$1,606,923||$1,384,056
|Average DOM of Active Listings:||48||37|
|Average $/Sq Foot (List)||$636||$651|
||0.62 : 1||0.77 : 1|
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