Month-over-Month Changes

In September 2023, the San Carlos real estate market experienced the following changes compared to August 2023:

  • Homes Sold: 22 homes were sold, marking a 29% increase from 17 sales the previous month.
  • Median Sale Price: Decreased by 2% from $2,460,000 in August 2023 to $2,400,000 in September 2023.
  • Days on Market (DOM): Rose to 9 days from 7 days in August 2023.
  • Percentage of List Price Received: Sellers received 106% of their asking price, up from 105% in August 2023.

Analysis

The month-over-month data indicates a market that is heating up. The increase in homes sold and the higher percentage of list price received suggest that demand is growing. However, the slight decrease in median sale price and increase in DOM may indicate a more balanced market.

Year-over-Year Comparison

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

  • Homes Sold: Increased by 10%, from 20 to 22.
  • Homes Listed: Increased by 21%, from 34 to 41.
  • Median Sale Price: Increased from $2.36M to $2.4M.
  • Median Days on Market: Decreased from 16 to 9.
  • Percentage of List Price Received: Increased from 100% to 106%.
  • Months of Inventory: Decreased from 1.8 to 1.5.

Analysis

Year-over-year, the market has seen an increase in the number of homes sold and listed, as well as in sale prices. The faster sales cycle and higher percentage of list price received indicate a strong seller’s market.

Price Points and Quadrants

The sales details for September 2023 were broken down by quadrants:

  • Top Quadrant: 6 homes sold, Median Sale Price: $3,489,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,264.
  • Second Quadrant: 6 homes sold, Median Sale Price: $2,605,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,152.
  • Third Quadrant: 5 homes sold, Median Sale Price: $2,300,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,275.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $1,745,000, Median DOM: 11, Avg. $/Sq.Ft.: $1,245.

Analysis

The data shows that all quadrants are active, with the top and second quadrants seeing the most activity. This suggests that higher-priced homes are moving quickly, indicating a strong market for sellers in these price ranges.

Conclusion

The San Carlos market in September 2023 showed an increase in homes sold compared to both the previous month and year-over-year. The increase in median sale price year-over-year and the stable DOM indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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