San Carlos Real Estate Summary.
The results of that frenetic surge of sales that happened in mid-April are starting to show up as closed sales. This week, 12 homes closed escrow in San Carlos, and it’s interesting to see that percentage above list price that buyers are paying is still hovering around the 7% mark on average. It has been as high as 11% (average) during the peak of the spring market. Obviously, some homes have sold for much higher than that — even this week two homes closed that fetched a 17% premium over their asking price.
Interest rates on most home mortgages inched upward slightly this week, which definitely caught the attention of buyers who are still out there looking for homes. It was only a minor uptick of only 0.125 – 0.250, depending on the loan product, but certainly a trend in the wrong direction for buyers. It will be very interesting to see if this is a pre-cursor of things to come, or simply a minor market correction.
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 5-11-2013:
|San Carlos Housing Data||5-25-13||Prior Week|
|Closed Sales for the Week:
|Average Sold Price
|Average $/Sq Foot (Sold)
|Sold Price vs Orig List (%)||107%||107%|
|Average DOM of Closed Sales||12||8|
|No. of Homes Pending Sale:||32||37|
|Inventory of Active Listings:
|Average Price of Active Listings:||$1,268,407||$1,261,091
|Average DOM of Active Listings:||28||24|
|Average $/Sq Foot (List)||$612||$625|
||0.59 : 1||0.51 : 1|
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