Month-over-Month Changes

In March 2024, the San Carlos real estate market experienced significant activity:

  • Homes Sold: Increased by 120%, from 10 homes in February to 22 in March.
  • Median Sale Price: Dropped slightly by 4%, from $2,489,000 in February to $2,391,500 in March.
  • Days on Market (DOM): Remained stable at 8 days, the same as in February.
  • Percentage of List Price Received: Increased, with sellers receiving 106% of their asking price, up from 105% in February.

Analysis

The sharp increase in the number of homes sold indicates a surge in market activity, making San Carlos a highly desirable area. The decrease in median sale price suggests a slight adjustment in market expectations, possibly due to more competitive pricing or a shift in the types of homes sold.

Year-over-Year Comparison

Comparing March 2024 to March 2023:

  • Homes Sold: Increased by 38%, from 16 homes in March 2023 to 22 in March 2024.
  • Median Sale Price: Increased from $2.25M in March 2023 to $2.39M in March 2024.
  • Days on Market: Slightly increased from 7 to 8 days.
  • Percentage of List Price Received: Improved significantly from 101% to 106%.

Analysis

Year-over-year improvements in all key metrics underscore a growing market strength in San Carlos, with a notable rise in both demand and home values. The consistent DOM indicates a steady pace in transactions, with properties moving quickly off the market.

Price Points and Quadrants

The sales details for March 2024 in San Carlos were particularly notable in various quadrants:

  • Top Quadrant: 6 homes sold, Median Sale Price: $3,300,000; Median DOM: 8; Avg. $/Sq.Ft.: $1,145.
  • Second Quadrant: 6 homes sold, Median Sale Price: $2,489,000; Median DOM: 8; Avg. $/Sq.Ft.: $1,106.
  • Third Quadrant: 5 homes sold, Median Sale Price: $2,170,000; Median DOM: 8; Avg. $/Sq.Ft.: $1,353.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $1,911,000; Median DOM: 9; Avg. $/Sq.Ft.: $1,323.

Analysis

Activity across all price quadrants was robust, with the top quadrant showcasing the highest sale prices and strong square footage values. The uniform DOM across most quadrants highlights a consistent demand across different price ranges, indicating a balanced and healthy market environment.

Conclusion

The San Carlos market in March 2024 demonstrated dynamic growth and resilience. Sellers enjoyed premiums above asking price, reflecting strong buyer competition. With increased sales and a stable DOM, San Carlos continues to be an attractive market for both buyers and sellers, offering lucrative opportunities for investment and homeownership.

Data provided by MLS Listings and is deemed reliable but not guaranteed.