Forsaking the Spring Market.
A very interesting statistic popped up while I was pulling data for this report – there have already been more new listings to debut on the market in San Carlos this month (7) than there were in the entire month of December 2012 (5), and we’re barely one week into this month. What is causing sellers to forsake the traditional spring market and list their home in what is normally one of the slowest months of the year?
There are two reasons that come to mind. Either they want to take advantage of the complete absence of competition with the single-digit inventory of homes for sale, OR perhaps they are concerned that the market may be starting to top out, and they don’t want to risk waiting until the spring to get the maximum value for their home. Either way, this month is shaping up to have the strongest listing performance of any December in the past 5 years.
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 12-7-2013:
|San Carlos Housing Data||12-7-13||Prior Week|
|Closed Sales for the Week:||5||5|
|Average Sold Price||$1,727,200||$1,046,400|
|Average $/Sq Foot (Sold)||$559||$654|
|Sold Price vs Orig List (%)||106%||107%|
|Average DOM of Closed Sales||18||19|
|No. of Homes Pending Sale:||27||28|
|Inventory of Active Listings:||9||6|
|Average Price of Active Listings:||$1,339,772||$1,600,658|
|Average DOM of Active Listings:||28||61|
|Average $/Sq Foot (List)||$699||$603|
|Active-Pending Ratio:||0.33 : 1||0.21 : 1|
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