Don’t look now, but May is gone and June is now here. It’s hard to believe the year is flying by so quickly, but perhaps the lack of key changes in our environment (rain, inventory, etc..) makes every week feel the same. But at a time of the year where we would expect to see a peak in the inventory of homes for sale, we are seeing the exact opposite in San Carlos. As of this morning’s post, there are only 7 single family homes on the market in the entire city.
That number will take a slight bump upward later this morning when a couple of nice new 3BR listings on Greenwood Avenue and Chestnut Street hit the market. And the fact that several property inspectors that I spoke with are booked solid for at least two weeks tells me that there will be a late Spring push before the market takes its normal summer snooze. I know there’s always a certain amount of “buyer fatigue” this time of year from watching prices escalate continuously, and from losing out on multiple bids. But there is also a ton of events around this time of year — graduations and vacations — that compete with the mind share of home buyers, and those buyers who stay on task and move quickly can often can take advantage of these distractions to their benefit.
In the stats below, take a close look at the insane performance of the 9 homes that closed escrow this past week. The average price per square foot of all nine homes was a whopping $1,063/sq foot. And largely because three of these homes sold off market, the average days on market for all nine homes was only 8 days. That‘s a hot market.
Here are the details from last week:
By the Numbers.
Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the week ending 5-31-2015:
|San Carlos Housing Data||5-31-15||Prior Week|
|Closed Sales for the Week:||9||6|
|Average Sold Price:||$1,594,944||$1,730,833|
|Average $/Sq Foot (Sold)||$1,063||$791|
|Average Sold as Percentage Of List Price:||116%||110%|
|Average DOM of Closed Sales||8||14|
|No. of Homes Pending Sale:||23||26|
|No. of New Listings:||2||2|
|Total # of Active Listings:||7||10|
|Average Price of Active Listings:||$2,342,143||$2,102,295|
|Average DOM of Active Listings:||25||18|
|Average $/Sq Foot (List)||$709||$784|
|Active-Pending Ratio:||0.30 : 1||0.38 : 1|
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