Last week was another one of those weeks that should have given a shot of encouragement to prospective home buyers in San Carlos. Even though 7 homes went into contract during what was a very busy period, there was actually a greater number of homes that listed during the same time, and that pushed the inventory of homes for sale in San Carlos back up to 22. That’s still less than half of what one would expect in San Carlos for this point in the Spring selling season, but it’s a welcome relief from the single digit inventory we’ve been forced to endure for much of the year.
What’s also interesting to note is the that the average number of offers that most listings are getting is seeming to drop as we get more inventory. This is a statistic that is very hard to track, because it’s at the discretion of the listing agent to disclose (or not) this information, and it also strongly depends on the price point of the home. But from my informal poll of recent San Carlos listings, we’re starting to see more and more homes that are only getting a handful of offers — sometimes only one offer. I’ve heard quite a few accounts where homes only received two offers. That’s quite a change from only a few months ago, but it’s a telltale indication that the market is starting to level off just a little bit.
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 5-31-2014:
|San Carlos Housing Data||5-31-14||Prior Week|
|Closed Sales for the Week:||2||6|
|Average Sold Price:||$1,177,500||$1,431,667|
|Average $/Sq Foot (Sold)||$1,011||$761|
|Average Percentage Over List Price:||98%||109%|
|Average DOM of Closed Sales||9||11|
|No. of Homes Pending Sale:||28||23|
|No. of Active Listings:||22||19|
|Average Price of Active Listings:||$1,496,814||$1,554,615|
|Average DOM of Active Listings:||16||18|
|Average $/Sq Foot (List)||$702||$717|
|Active-Pending Ratio:||0.79 : 1||0.83 : 1|
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