Month-over-Month Changes

In November 2023, the San Carlos real estate market experienced notable shifts compared to October 2023:

  • Homes Sold: There was a significant decrease in homes sold, with 17 homes sold in November 2023, a 39% drop from 28 sales in October 2023.
  • Median Sale Price: The median sale price decreased by 17%, from $2,424,000 in October 2023 to $2,000,000 in November 2023.
  • Days on Market (DOM): The DOM increased, rising to 15 days in November 2023 from 12 days in October 2023.
  • Percentage of List Price Received: Sellers received 100% of their asking price in November 2023, a decrease from 104% in October 2023.

Analysis

The month-over-month data indicates a cooling trend in the San Carlos market. The significant decrease in the number of homes sold and the reduction in the median sale price suggest a shift towards a more balanced market. The increase in DOM also points to a slight easing in market pace.

Year-over-Year Comparison

Comparing November 2023 to November 2022, the following changes were observed:

  • Homes Sold: There was a 15% decrease in homes sold, from 20 in November 2022 to 17 in November 2023.
  • Median Sale Price: The median sale price decreased from $2.35M in November 2022 to $2.00M in November 2023.
  • Days on Market: Increased from 12 days in November 2022 to 15 days in November 2023.
  • Percentage of List Price Received: Remained stable with sellers receiving 100% of their asking price in both years.

Analysis

Year-over-year, the San Carlos market shows a decrease in both the number of homes sold and the median sale price, indicating a potential shift in market dynamics. The increase in DOM suggests a slower market compared to the previous year.

Price Points and Quadrants

The sales details for November 2023 were analyzed by quadrants:

  • Top Quadrant: 5 homes sold, Median Sale Price: $2,600,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,184.
  • Second Quadrant: 4 homes sold, Median Sale Price: $2,050,000, Median DOM: 13, Avg. $/Sq.Ft.: $1,023.
  • Third Quadrant: 4 homes sold, Median Sale Price: $1,732,500, Median DOM: 38, Avg. $/Sq.Ft.: $1,270.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $1,221,250, Median DOM: 13, Avg. $/Sq.Ft.: $1,376.

Analysis

The quadrant data reveals a diverse activity across different price points. The top quadrant, with the highest median sale price, experienced the quickest sales, indicating strong demand in the higher-end market. The third and bottom quadrants, despite lower median sale prices, showed varying DOM, suggesting nuanced buyer preferences across different market segments.

Conclusion

The San Carlos real estate market in November 2023 demonstrated a shift with a decrease in the number of homes sold and a reduction in median sale prices compared to both the previous month and year. The market dynamics indicate a balancing trend, with varying levels of activity across different price quadrants. This analysis provides valuable insights for both buyers and sellers, highlighting the importance of understanding market trends and pricing strategies.

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