Month-over-Month Changes

In January 2024, the San Carlos real estate market experienced some notable shifts from December 2023:

  • Homes Sold: There was a significant decrease, with 10 homes sold in January, marking a 41% drop from 17 sales in December.
  • Median Sale Price: Slightly decreased by 1% from $2,365,000 in December 2023 to $2,352,000 in January 2024.
  • Days on Market (DOM): Increased significantly to 39 days in January from 16 days in December 2023.
  • Percentage of List Price Received: Sellers received 98% of their asking price in January, a decrease from 102% in December 2023.

Analysis

The month-over-month data indicates a cooling in the San Carlos market, with fewer homes sold and a longer time on market. The decrease in the percentage of list price received suggests a shift towards a more balanced market, where buyers may start to have more negotiation power.

Year-over-Year Comparison

Comparing January 2024 to January 2023, the San Carlos market shows the following trends:

  • Homes Sold: A slight decrease of 9%, from 11 sales in January 2023 to 10 in January 2024.
  • Median Sale Price: Increased significantly by 16% from $2.03M in January 2023 to $2.35M in January 2024.
  • Days on Market (DOM): Increased from 31 days in January 2023 to 39 days in January 2024.
  • Percentage of List Price Received: Decreased slightly from 100% in January 2023 to 98% in January 2024.
  • Months of Inventory: Increased from 0.5 in January 2023 to 0.8 in January 2024.

Analysis

Year-over-year, the San Carlos market has seen an increase in median sale prices, indicating continued demand and a strong market for sellers, despite a slight increase in DOM and a decrease in the percentage of list price received. The increase in months of inventory suggests a slight shift towards a more balanced market.

Price Points and Quadrants

The sales details for January 2024 in San Carlos were analyzed by quadrants:

  • Top Quadrant: 3 homes sold, Median Sale Price: $3,500,000, Median DOM: 60, Avg. $/Sq.Ft.: $1,112.
  • Second Quadrant: 3 homes sold, Median Sale Price: $2,400,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,298.
  • Third Quadrant: 2 homes sold, Median Sale Price: $2,062,500, Median DOM: 33, Avg. $/Sq.Ft.: $1,175.
  • Bottom Quadrant: 2 homes sold, Median Sale Price: $1,465,000, Median DOM: 59, Avg. $/Sq.Ft.: $1,044.

Analysis

The data indicates that homes in the second quadrant are selling quickly, suggesting a strong demand for mid-range priced homes. The top and bottom quadrants have longer DOMs, indicating that the highest and lowest-priced homes in the market may require more time to sell.

Conclusion

The San Carlos market in January 2024 showed a decrease in homes sold compared to the previous month but an increase in median sale price year-over-year. The increase in DOM and the slight decrease in the percentage of list price received indicate a shift towards a more balanced market. The quadrant data provides valuable insights, showing that mid-range priced homes are particularly competitive.

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