The continued strength of the San Carlos housing market was very evident this past week with some of the closing prices that are posted below. Two of the homes that closed fetched $250,000 over their asking prices. On top of that, there was a $1,000,000 sale in the Greater East Side neighborhood, which hasn’t happened that often in the past, but will probably start to happen with more frequency as finding any house in San Carlos for under $1,000,000 is becoming that much more elusive.
There is a sense in the real estate community that this Spring will be a strong season for listings, which will be good for the entire market. Even though this lopsided market clearly favors the sellers, it’s so far tilted in that direction that it’s actually scaring some buyers out of the market — which is not good for either side. No matter how many listings hit the market this Spring, there will still be far more buyers than there are homes to put them in. But a market with decent inventory is more healthy than what we are slugging through right now.
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 2-22-2015:
|San Carlos Housing Data||2-22-15||Prior Week|
|Closed Sales for the Week:||5||3|
|Average Sold Price:||$1,506,000||$1,593,333|
|Average $/Sq Foot (Sold)||$891||$632|
|Average Sold – Percentage Of List Price:||110%||113%|
|Average DOM of Closed Sales||11||55|
|No. of Homes Pending Sale:||24||23|
|No. of Active Listings:||10||10|
|Average Price of Active Listings:||$1,388,200||$1,331,500|
|Average DOM of Active Listings:||10||47|
|Average $/Sq Foot (List)||$806||$753|
|Active-Pending Ratio:||0.42 : 1||0.43: 1|
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