For the second straight week, a strong push in new listings has lifted the inventory of single-family homes for sale in San Carlos upward. With 7 new listings hitting the market last week and only 4 going into contract, there are now 20 single-family homes for sale in San Carlos. While this is still certainly a fraction of what we would normally see at this time of year, it’s still at a level that we haven’t crossed in quite a few months. Inventory has languished in teens for so long that it seems noteworthy when it crosses the 20-mark.
The condo and townhouse inventory is also growing significantly. As of this morning, there are 11 units for sale across San Carlos, and more coming online this week. Again, this is not a staggering number by historical standards, but when you consider that only 3 weeks ago there was not a single unit for sale, this marks a significant upward push in new inventory.
The continued push in listings may take a temporary breather this week, however, since Easter Sunday is this coming weekend. It’s one of those years where Easter actually falls within March. But regardless of when Easter falls, it’s always a tough weekend to have the first open house since a big portion of the buying population is preoccupied that weekend. Because of this, some sellers may opt to wait an additional week.
The other noteworthy statistic this week is that the average asking price of a single-family home in San Carlos has once again crossed the $2,000,000 mark (this calculation even excludes the $19M listing on Alameda, since that would really skew the data.) This is certainly helped by the fact that 3 of the 7 new listings to debut this past week are asking over $2M.
Home sellers in San Carlos (and their agents) are obviously growing more comfortable with listing their homes above $2,000,000. At this time in 2015, only 5% of the homes that listed since the beginning of the year started at a price above $2,000,000.
So far in 2016 with roughly the same number of listings, that number is a whopping 27%. That’s some serious price growth in just one year.
Here is a look at last week’s numbers:
Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the 7-day period ending Sunday 3/20/2016:
|San Carlos Housing Data||3/20/16||Prior Week|
|Closed Sales for the Week:||3||4|
|Average Sold Price:||$1,568,333||$1,695,000|
|Average $/Sq Foot (Sold)||$891||$852|
|Average Sold as Percentage Of List Price:||103%||96%|
|Average DOM of Closed Sales||6||27|
|Total # of Homes Pending Sale:||12||10|
|No. of New Listings:||6||5|
|Total # of Active Listings:||20||17|
|Average Price of Active Listings:||$2,023,299||$1,989,727|
|Average DOM of Active Listings:||18||19|
|Average $/Sq Foot (List)||$844||$814|
|Active-Pending Ratio:||1.7 : 1||1.7 : 1|
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