October 2015 is now in our rear view mirror, and November is upon us. We awaken today to much shorter days, and the first serious rainfall in the past 9 months. This is the time of year when not only the weather sees some serious changes, but so does the local real estate market.
The pace of new listings slowed to a trickle this past week, with only two homes testing the market. With four homes going into contract during the same period, that effectively dropped the inventory of homes for sale back to 11 total in all of San Carlos. The data below is interesting on these 11 homes: The average sales price is over $2M, and the corresponding DOM is now up to 28 days. Contrast that with the four homes that went into contract last week, which had an average list price of $1.34M and 21 days on the market.
If you can draw any conclusions from just one week’s data and a relatively small sample size, it’s this — it’s taking slightly longer in general for homes to sell in San Carlos, and there’s a noticeable push-back on the higher end of the market right now. More on that later this week.
Here’s the recap from last week:
Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the 7-day period ending Sunday 11-1-2015:
|San Carlos Housing Data||11-1-15||Prior Week|
|Closed Sales for the Week:||7||4|
|Average Sold Price:||$1,472,173||$2,547,375|
|Average $/Sq Foot (Sold)||$812||$968|
|Average Sold as Percentage Of List Price:||104%||120%|
|Average DOM of Closed Sales||15||41|
|No. of Homes Pending Sale:||21||24|
|No. of New Listings:||2||4|
|Total # of Active Listings:||11||13|
|Average Price of Active Listings:||$2,147,616||$1,985,376|
|Average DOM of Active Listings:||28||24|
|Average $/Sq Foot (List)||$897||$876|
|Active-Pending Ratio:||0.52 : 1||0.54 : 1|
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