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|
>>> Click Here to Read the Full Post
Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
Get the best coverage on the San Carlos real estate market delivered right to you!