Well, just when you thought prices were starting to settle down a bit in San Carlos!! The 6 homes that closed escrow this past week (see below) were all early-fall issues — in other words, they all made their debut on the market sometime between Labor Day weekend and mid-September. None of them were carry-overs from the summer months.
These six home sales pretty well capture the essence of what was happening in the San Carlos real estate market during the first few weeks of September. Open houses were well attended as buyers returned en masse from the summer break. And most, if not all, of the homes that closed this week received multiple offers, although not necessarily in the eye-popping quantities that we saw during the crazy Spring months.
But the lack in quantity was more than made up for in the quality of the offers, as is evidenced by the whopping 13% average kicker over the list price that these homes fetched. The two listings I had on Greenwood and Saint Francis got 3 offers each, which might be considered a low turnout compared to the Spring market. But all 6 offers were extremely strong and were well over the asking price, which speaks volumes about the strength and determination of the buyers that are still in the hunt this fall.
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 10-18-2014:
|San Carlos Housing Data||10-18-14||Prior Week|
|Closed Sales for the Week:||6||5|
|Average Sold Price:||$1,481,667||$1,387,000|
|Average $/Sq Foot (Sold)||$825||$728|
|Average Sold – Percentage Of List Price:||113%||104%|
|Average DOM of Closed Sales||10||12|
|No. of Homes Pending Sale:||23||26|
|No. of Active Listings:||16||12|
|Average Price of Active Listings:||$1,526,361||$1,525,407|
|Average DOM of Active Listings:||37||43|
|Average $/Sq Foot (List)||$605||$657|
|Active-Pending Ratio:||0.7 : 1||0.46: 1|
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