Last week was one of those weeks that makes San Carlos home buyers sit back and take a deep breath…or pour a strong drink.
Some of the home sales that closed last week were so far above the asking price, that it must feel like a punch in the gut for buyers trying to land a home in this market. Of the 12 homes that closed escrow, 6 of them fetched $200,000 or more over the asking price. Two of them landed premiums of $300,000 or more. That would be less discouraging if one could chalk this performance up to the fact that the homes might have been simply priced too far below their market value. But with one notable exception below that was ridiculously under-priced, it’s hard to find fault where the other 11 were marketed. It’s simply a stark statement to the strength and resolve of the typical San Carlos home buyer in this market.
Until more inventory arrives, this is what the battlefield in San Carlos is going to look like.
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 3-1-2015:
|San Carlos Housing Data||3-1-15||Prior Week|
|Closed Sales for the Week:||12||5|
|Average Sold Price:||$1,643,167||$1,506,000|
|Average $/Sq Foot (Sold)||$865||$891|
|Average Sold – Percentage Of List Price:||114%||110%|
|Average DOM of Closed Sales||10||11|
|No. of Homes Pending Sale:||17||24|
|No. of Active Listings:||10||10|
|Average Price of Active Listings:||$1,456,895||$1,388,200|
|Average DOM of Active Listings:||10||10|
|Average $/Sq Foot (List)||$787||$806|
|Active-Pending Ratio:||0.59 : 1||0.42: 1|
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