San Carlos Real Estate Summary.
The table was really set for it to be a “statement week” for the real estate market last week in San Carlos. If you recall from the last report, we were slammed with a wave of new listings at the end of the prior week. This pushed the inventory level in San Carlos above the 30 mark for the first time all year. There were literally so many open houses to see, that it was a challenge to visit them all in the 3-hour time slot on a single day. When was the last time that happened?
But the big question was, how would the market react to such an upside? Would this finally signal a return to something resembling balance to the market? Would it help give buyers a tiny bit more leverage? Well, as you can see from the “Homes Pending Sale” section below, the market reacted just as it has all year — it devoured the inventory. No sooner did we take a peek over the top of the 30 mark, then buyers drove it right back down to the 22 listings that we have today. And yes, there were still multiple offers to go around the entire list. So, while the sudden surge of inventory certainly gave buyers lots of much-needed options, it also demonstrated how strong the market remains in San Carlos.
There’s another interesting tidbit in this week’s report too. For the first time in months, there’s actually more red ink in the “Homes Sold” section than there was green ink. In other words, more homes sold for less than their list price than above. Indeed, the homes that closed escrow fetched an average of 98% of their list price. That’s the first time in months that it has been below 100%. Is this the signal that the prices are starting to top out? Perhaps, but it will take a few more weeks like this to convince me that it wasn’t just a coincidence.
Here are the numbers 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 6-15-2013:
|San Carlos Housing Data||6-15-13||Prior Week|
|Closed Sales for the Week:
|Average Sold Price
|Average $/Sq Foot (Sold)
|Sold Price vs Orig List (%)||98%||108%|
|Average DOM of Closed Sales||11||7|
|No. of Homes Pending Sale:||39||34|
|Inventory of Active Listings:
|Average Price of Active Listings:||$1,438,143||$1,362,240
|Average DOM of Active Listings:||23||18|
|Average $/Sq Foot (List)||$605||$610|
||0.56 : 1||0.85 : 1|
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