Month-over-Month Changes

In April 2024, the San Carlos real estate market exhibited several changes compared to March 2024:

  • Homes Sold: 19 homes were sold, marking a 14% decrease from 22 sales the previous month.
  • Median Sale Price: There was a 3% decrease, with the median sale price dropping from $2,391,500 in March 2024 to $2,325,000 in April 2024.
  • Days on Market (DOM): The DOM decreased from 8 days in March 2024 to 7 days in April 2024.
  • Percentage of List Price Received: Sellers received an average of 110% of their asking price in April 2024, up from 106% in March 2024.
  • Months of Inventory: There was a reduction in the months of inventory from 1.3 in March 2024 to 1.0 in April 2024.

Analysis

The month-over-month data indicates a slight cooling in the market, as evidenced by the decrease in the number of homes sold and the median sale price. However, the decrease in DOM and the higher percentage of list price received suggest that while fewer homes are selling, those that do are selling quickly and at premium prices, indicating strong demand.

Year-over-Year Comparison

When comparing April 2024 to April 2023, the following changes were noted:

  • Homes Sold: There was a 10% decrease, from 21 homes sold in April 2023 to 19 in April 2024.
  • Homes Listed: The number of homes listed increased by 13%, from 23 in April 2023 to 26 in April 2024.
  • Median Sale Price: The median sale price increased from $2,200,000 in April 2023 to $2,325,000 in April 2024.
  • Average Dollar per Square Foot: The average dollar per square foot increased from $1,237 in April 2023 to $1,392 in April 2024.
  • Median Days on Market: The DOM decreased from 8 days in April 2023 to 7 days in April 2024.
  • Percentage of List Price Received: Sellers received 110% of their asking price in April 2024, compared to 104% in April 2023.
  • Months of Inventory: Inventory decreased from 1.3 months in April 2023 to 1.0 month in April 2024.

Analysis

Year-over-year, the San Carlos market shows an increase in the median sale price and the average dollar per square foot, indicating a rising market value. The decrease in the number of homes sold and the reduced inventory suggest a competitive market with strong demand. The reduction in DOM indicates that homes are selling faster compared to the previous year.

Price Points and Quadrants

The sales details for April 2024 were broken down by quadrants, showing activity across different price points:

  • Top Quadrant: 5 homes sold, Median Sale Price: $3,100,000, Median DOM: 8 days, Avg. $/Sq.Ft.: $1,398.
  • Second Quadrant: 5 homes sold, Median Sale Price: $2,508,000, Median DOM: 7 days, Avg. $/Sq.Ft.: $1,352.
  • Third Quadrant: 5 homes sold, Median Sale Price: $1,998,000, Median DOM: 11 days, Avg. $/Sq.Ft.: $1,179.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $1,825,000, Median DOM: 9 days, Avg. $/Sq.Ft.: $1,424.

Analysis

The data indicates that all quadrants are active, with the top and second quadrants seeing significant activity. This suggests that higher-priced homes are moving quickly, highlighting a strong market for sellers in these price ranges. The consistent activity across all quadrants points to a balanced demand across different price points.

Conclusion

The San Carlos market in April 2024 showed a decrease in the number of homes sold compared to the previous month but maintained a strong position year-over-year with rising median prices and faster sales. The detailed quadrant analysis provides valuable insights for both buyers and sellers, indicating competitive dynamics in higher price ranges.

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