Memorial Day Weekend traditionally marks the “winding down” point of the spring real estate season. In a normal market, one would expect the market to take a little bit of a break between Memorial Day and mid-August. But when you consider that Memorial Day fell a little early this year, and the fact that the market that we’re in is anything but normal, it’s anybody’s guess if or when this red-hot real estate market will indeed take a break.
Homeowners who are ready to put their homes on the market in the coming weeks are faced with an interesting quandary; whether to put their home on the market now, contrary to conventional “seasonal” wisdom, and bank on the fact that this market will continue to stay hot throughout the summer months — or, wait until mid-August when many of the home buyers get back from vacation and return to the hunt.
My belief is the former. What will be happening a few months down the road is anybody’s guess. Right now, the market conditions have not changed much — high demand for housing, low interest rates, and low inventory. For once, the downside risk of putting your home on the market in June or July will be minimized or even eliminated by the current market conditions in San Carlos.
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 5-24-2014:
|San Carlos Housing Data||5-24-14||Prior Week|
|Closed Sales for the Week:||6||5|
|Average Sold Price:||$1,431,667||$1,591,400|
|Average $/Sq Foot (Sold)||$761||$902|
|Average Percentage Over List Price:||109%||110%|
|Average DOM of Closed Sales||11||11|
|No. of Homes Pending Sale:||23||20|
|No. of Active Listings:||19||23|
|Average Price of Active Listings:||$1,554,615||$1,562,117|
|Average DOM of Active Listings:||18||13|
|Average $/Sq Foot (List)||$717||$714|
|Active-Pending Ratio:||0.83 : 1||1.15 : 1|
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