Month-over-Month Changes

In October 2023, the San Carlos real estate market experienced several notable changes compared to September 2023:

  • Homes Sold: There was a significant increase in sales, with 27 homes sold in October 2023, up by 17% from 23 sales in September 2023.
  • Median Sale Price: The median sale price saw a slight decrease, moving from $2,400,000 in September 2023 to $2,350,000 in October 2023, marking a 2% drop.
  • Days on Market (DOM): The DOM increased, rising to 12 days in October 2023 from 8 days in September 2023.
  • Percentage of List Price Received: Sellers received 104% of their asking price in October 2023, a slight decrease from 106% in September 2023.

Analysis:

The month-over-month data indicates a mixed market dynamic in San Carlos. The increase in homes sold suggests a growing demand, while the slight decrease in median sale price and increase in DOM indicate a slight cooling. The fact that sellers still received above their asking price points to a robust market.

Year-over-Year Comparison

Comparing October 2023 to October 2022, the following changes were noted:

  • Homes Sold: Increased by 23%.
  • Homes Listed: Decreased by 33%.
  • Median Sale Price: Increased from $2.15M to $2.35M, a rise of 9%.
  • Median Days on Market: Decreased significantly from 23 to 12 days.
  • Percentage of List Price Received: Increased from 96% to 104%.
  • Months of Inventory: Decreased from 1.5 to 0.9.
  • Average Dollar per Sq. Ft.: Increased by 1%.

Analysis:

Year-over-year, San Carlos’s real estate market shows a robust growth with a significant increase in homes sold and a substantial decrease in DOM. The rise in median sale price and the percentage of list price received indicate a strong seller’s market, with high demand and limited inventory.

Price Points and Quadrants

The sales details for October 2023 in San Carlos were broken down by quadrants:

  • Top Quadrant: 7 homes sold, Median Sale Price: $3,126,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,147.
  • Second Quadrant: 7 homes sold, Median Sale Price: $2,515,500, Median DOM: 11, Avg. $/Sq.Ft.: $1,086.
  • Third Quadrant: 7 homes sold, Median Sale Price: $2,100,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,141.
  • Bottom Quadrant: 6 homes sold, Median Sale Price: $1,675,500, Median DOM: 13, Avg. $/Sq.Ft.: $1,303.

Analysis:

The data indicates a balanced market across all quadrants in San Carlos, with each quadrant seeing significant activity. The top quadrant, however, shows a higher median sale price and a quicker sales cycle, suggesting a stronger demand for higher-priced homes.

Conclusion

The San Carlos real estate market in October 2023 demonstrated a dynamic and robust market. The increase in homes sold month-over-month and year-over-year, combined with the steady median sale price and sellers receiving more than their asking price, indicates a strong market, especially for sellers. The quadrant data provides valuable insights, showing a healthy demand across various price points.

 

Data provided by MLSListings and is deemed reliable but not guaranteed.