One of the changes that is common to see around this time of year is that the number offers that each property fetches tends to drop from what you might see in the peak months of March-May. This makes sense, because when the calendar hits June, many buyers hit the road. And if it’s not vacation that’s beckoning, it’s the multitude of graduations and weddings that are pulling at everyone’s time.
It’s important to note this, because what is not happening right now with this decrease in offers is a decrease in purchase prices. Quite the contrary – although the homes that went pending over the past two weeks fetched fewer offers, there was definitely no signs of weakness in the prices that these homes fetched, as you will see when the sales prices are posted on the blog in the coming weeks.
It’s important for buyers to not get lulled into a sense of complacency if they are only up against 1-2 other offers on a particular property, because it’s clear from the market performance that a decrease in the number of offers is not causing a decrease in the final price.
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 6-14-2015:
|San Carlos Housing Data||6-14-15||Prior Week|
|Closed Sales for the Week:||5||3|
|Average Sold Price:||$1,736,300||$1,551,933|
|Average $/Sq Foot (Sold)||$826||$909|
|Average Sold as Percentage Of List Price:||110%||106%|
|Average DOM of Closed Sales||13||9|
|No. of Homes Pending Sale:||24||22|
|No. of New Listings:||5||6|
|Total # of Active Listings:||9||11|
|Average Price of Active Listings:||$1,895,556||$1,962,364|
|Average DOM of Active Listings:||20||20|
|Average $/Sq Foot (List)||$757||$770|
|Active-Pending Ratio:||0.38 : 1||0.50 : 1|
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