For the second week in a row, the inventory of homes for sale in San Carlos stayed at a moderately higher level than what we’ve seen for most of 2015. We started last week with 21 homes for sale, and after a fairly active week of buying that saw seven of those homes go into contract, the inventory is still sitting at 16. What’s interesting to note with the current inventory list is the average days on the market (DOM). In market where we are accustomed to seeing homes being locked up in contract in less than two weeks, it’s a bit surprising to see the average DOM of the existing inventory at 19. That’s a number that we certainly didn’t see earlier this year.
There are more than a few homes that are sitting on the market, and it seems to be especially acute for the upper price range. Homes that are currently listed at $1.5M and above in San Carlos have been on the market for an average of 25 days. The homes that are listed below $1.5M are averaging 13 days on the market. Even the seven homes that were put into contract this week were out there for 12 days on average before they were scooped up. These are all slightly longer numbers than normal, and it’s something we’ll be keeping a close eye on as we say goodbye to September this week.
For the first time in countless months, we are also building a little bit of inventory for condo and townhouse buyers. As of this morning, there are 10 units for sale in the City. This may not sound like much, but for most of the year we’ve been averaging half to one-third of this amount for any given 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 9-27-2015:
|San Carlos Housing Data||9-27-15||Prior Week|
|Closed Sales for the Week:||4||3|
|Average Sold Price:||$1,742,000||$3,226,667|
|Average $/Sq Foot (Sold)||$914||$727|
|Average Sold as Percentage Of List Price:||114%||107%|
|Average DOM of Closed Sales||10||13|
|No. of Homes Pending Sale:||20||18|
|No. of New Listings:||2||9|
|Total # of Active Listings:||16||21|
|Average Price of Active Listings:||$1,720,859||$1,634,226|
|Average DOM of Active Listings:||19||13|
|Average $/Sq Foot (List)||$827||$825|
|Active-Pending Ratio:||0.8 : 1||1.2 : 1|
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