This past week in San Carlos the market tallied another round of stellar sales results, and that was right on the heels of an equally strong week before. The data from the 8 homes that closed escrow is pretty amazing: $881/ square foot, 106% of the list price, and only 8 days on average to sell. Those are almost Spring-like numbers, but it confirms what I have conveyed all along in the pages of this site — the early part of the Fall market, from Labor Day to about mid-October, is a very robust “secondary” market and nearly rivals the traditional Spring buying season.
Despite all of the expectation that interest rates would start to climb, world events and a rocky ride on the stock market over the past two weeks have kept rates bouncing along at rock-bottom levels. The conditions are still very good for buyers in this abbreviated market. The only thing holding back this market, as has been the case all year, is a lack of good inventory. This means that sellers should still be able to secure very good pricing all the way up through the Thanksgiving holiday weekend.
Here are the details 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 10-25-2014:
|San Carlos Housing Data||10-25-14||Prior Week|
|Closed Sales for the Week:||8||6|
|Average Sold Price:||$1,505,486||$1,481,667|
|Average $/Sq Foot (Sold)||$881||$825|
|Average Sold – Percentage Of List Price:||106%||113%|
|Average DOM of Closed Sales||8||10|
|No. of Homes Pending Sale:||21||23|
|No. of Active Listings:||17||16|
|Average Price of Active Listings:||$1,529,575||$1,526,361|
|Average DOM of Active Listings:||35||37|
|Average $/Sq Foot (List)||$706||$605|
|Active-Pending Ratio:||0.81 : 1||0.7: 1|
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