Month-over-Month Changes

In May 2024, the San Carlos real estate market experienced several notable changes compared to April 2024:

  • Homes Sold: 26 homes were sold, which is a 37% increase from 19 sales the previous month.
  • Median Sale Price: The median sale price rose by 12%, from $2,325,000 in April 2024 to $2,612,500 in May 2024.
  • Days on Market (DOM): The median DOM remained steady at 7 days, unchanged from April 2024.
  • Percentage of List Price Received: Sellers received 111% of their asking price, up slightly from 110% in April 2024.

Analysis

The month-over-month data indicates a robust market in San Carlos. The significant increase in homes sold and the rise in median sale price suggest strong buyer activity and competition. The consistent DOM reflects a balanced market where properties are moving quickly but not so fast as to suggest an overheated market. The increase in the percentage of list price received further indicates that buyers are willing to pay a premium to secure homes.

Year-over-Year Comparison

Comparing May 2024 to May 2023, the following changes were noted:

  • Homes Sold: Increased by 4%, from 25 to 26 homes.
  • Homes Listed: Decreased by 26%, from 39 to 29 listings.
  • Median Sale Price: Increased from $2.32M to $2.61M.
  • Average Price per Square Foot: Increased from $1,244 to $1,412.
  • Median Days on Market: Decreased from 8 to 7 days.
  • Percentage of List Price Received: Increased from 105% to 111%.
  • Months of Inventory: Decreased from 1.4 months to 0.8 months.

Analysis

Year-over-year, the San Carlos market shows a significant tightening. The decrease in homes listed alongside an increase in homes sold and median sale prices indicates a high demand with limited supply. The decrease in median DOM and months of inventory further supports this, suggesting that homes are selling faster, and there are fewer properties available on the market. The substantial increase in the average price per square foot and the percentage of list price received indicate a strong seller’s market, with buyers willing to pay more to secure a property.

Price Points and Quadrants

The sales details for May 2024 were broken down by quartiles, highlighting the distribution of market activity across different price points:

  • Top Quartile: Homes Sold: 7, Median Sale Price: $3,375,000, Median DOM: 7 days, Average Price per Square Foot: $1,455
  • Second Quartile: Homes Sold: 7, Median Sale Price: $2,780,000, Median DOM: 8 days, Average Price per Square Foot: $1,170
  • Third Quartile: Homes Sold: 6, Median Sale Price: $2,280,000, Median DOM: 7 days, Average Price per Square Foot: $1,433
  • Bottom Quartile: Homes Sold: 6, Median Sale Price: $1,790,500, Median DOM: 8 days, Average Price per Square Foot: $1,341
  • Analysis

The data shows that the top and second quartiles are the most active segments in the San Carlos market. Higher-priced homes are moving quickly, indicating strong demand in the upper price ranges. The relatively high average price per square foot across all quartiles suggests that the overall market in San Carlos remains competitive. The consistent median DOM across the quartiles indicates that homes, regardless of their price, are selling at a steady pace.

Conclusion

The San Carlos market in May 2024 demonstrated strong performance with increases in homes sold and median sale prices both month-over-month and year-over-year. The tightening inventory and higher prices per square foot reflect a competitive market, particularly favorable for sellers. The breakdown by quartiles shows that higher-priced homes are in demand, moving quickly across all segments.

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