A Busy Week.
Now this is what a spring week in the San Carlos real estate market should feel like: 9 new listings debuted, 7 homes went pending, and the condo market is on absolutely on fire once again. We will still need quite a few more weeks like this to start to balance out the market again, but this was a great start.
One of the challenges that home buyers face in this market is what I refer to as “missing the cycle.” If you look at the average days on market for the homes that went pending this week (9 days), as well as the homes that closed escrow (10 days), you can see how compressed the time frame is for prospective home buyers. They need to identify the house, get out and see it, make a decision, and then write an offer — all in about a week. It’s easy to see how a single business trip, or a busy week at the office can cause a home buyer to miss an entire cycle of homes that hit the market.
And with so few homes for sale, that’s a tough hit to take — especially if “the right one” just happens to hit the market while you are out of town.
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 2-22-2014:
|San Carlos Housing Data||2-22-14||Prior Week|
|Closed Sales for the Week:||4||0|
|Average Sold Price:||$1,092,000||$0|
|Average $/Sq Foot (Sold)||$865||$0|
|Sold Price vs Orig List Price:||113%||0%|
|Average DOM of Closed Sales||11||0|
|No. of Homes Pending Sale:||22||18|
|No. of Active Listings:||14||12|
|Average Price of Active Listings:||$1,319,143||$1,400,657|
|Average DOM of Active Listings:||6||6|
|Average $/Sq Foot (List)||$694||$717|
|Active-Pending Ratio:||0.67 : 1||0.67 : 1|
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