Month-over-Month Changes

In February 2024, the San Carlos real estate market observed several important changes when compared to January 2024. Here’s a detailed breakdown of these changes:

  • Homes Sold: There were 10 homes sold in February 2024, which remained steady with no change from January 2024.
  • Median Sale Price: There was a notable 6% increase in the median sale price, rising from $2,352,000 in January 2024 to $2,489,000 in February 2024.
  • Days on Market (DOM): The average days on market significantly decreased to 8 days in February from 39 days in January 2024, suggesting a quicker turnover in the housing market.
  • Percentage of List Price Received: Sellers received an average of 106% of their asking price in February 2024, an improvement from 98% in January 2024.

Analysis

The month-over-month statistics indicate a strengthening in the San Carlos real estate market. Despite the number of homes sold remaining the same, the significant drop in days on market combined with an increase in the median sale price and the percentage of list price received suggests an increasing demand and a competitive market favoring sellers.

Year-over-Year Comparison

Looking at the year-over-year data, we see the following trends from February 2023 to February 2024:

  • Homes Sold: There was a 17% decrease in homes sold, from 12 in February 2023 to 10 in February 2024.
  • Median Sale Price: The median sale price saw an increase, rising from $2.40M in February 2023 to $2.49M in February 2024.
  • Days on Market (DOM): The average DOM decreased from 12 days in February 2023 to 8 in February 2024.
  • Percentage of List Price Received: The percentage of list price received by sellers increased from 99% in February 2023 to 106% in February 2024.
  • Months of Inventory: Remained constant at 0.9 months from February 2023 to February 2024.

Analysis

The year-over-year comparison highlights a tightening market with reduced inventory and quicker sales times. The increased sale price and percentage of list price received indicate strong market conditions and high demand. The steady months of inventory further confirms the balance between supply and demand.

Price Points and Quadrants

The breakdown of sales by quadrants for February 2024 illustrates where market activity is most concentrated:

  • Top Quadrant: 3 homes sold, with a median sale price of $2,800,000, median DOM of 10, and an average of $1,176 per sq.ft.
  • Second Quadrant: 3 homes sold, median sale price at $2,528,000, median DOM of 9, and $1,034 per sq.ft.
  • Third Quadrant: 2 homes sold, median sale price of $2,310,500, 6 days on market, and $1,293 per sq.ft.
  • Bottom Quadrant: 2 homes sold, median sale price at $1,850,000, 8 days on market, and $1,480 per sq.ft.

Analysis

The data reveals that activity is spread across all price points, with the top and second quadrants seeing the most sales. This distribution suggests a balanced market appeal across various price ranges, but with a particular interest in the higher-end properties.

Conclusion

The San Carlos real estate market in February 2024 demonstrated a positive trend with increased sale prices, reduced days on market, and sellers receiving more than their asking price. The year-over-year comparison underscores a market with tightening inventory and high demand, making it an opportune time for sellers. The analysis of price points and quadrants indicates a healthy market activity across different segments, with notable movements in the upper price brackets.

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