Month-over-Month Changes

In August 2023, San Carlos’s real estate market showed some notable changes compared to July 2023:

  • Homes Sold: 16 homes were sold, marking a 27% decrease from 22 sales the previous month.
  • Median Sale Price: There was a 24% increase in the median sale price, from $2,000,708 in July 2023 to $2,490,000 in August 2023.
  • Days on Market (DOM): The DOM dropped to 9 days from 10 days in July 2023.
  • Percentage of List Price Received: Sellers received 105% of their asking price, up from 104% in July 2023.

Analysis

The month-over-month data indicates a market that is cooling down in terms of sales volume but heating up in terms of price. The increase in median sale price and the stable DOM suggest that demand remains strong, but the number of sales has decreased.

Year-over-Year Comparison

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

  • Homes Sold: Increased by 23%, from 13 to 16.
  • Homes Listed: Increased by 64%, from 22 to 36.
  • Median Sale Price: Increased from $2.16M to $2.49M.
  • Median Days on Market: Decreased from 20 to 9.
  • Average Dollar per Square Foot: Decreased from $1,275 to $1,254.
  • Percentage of List Price Received: Increased from 102% to 105%.
  • Months of Inventory: Decreased from 1.5 to 1.0.

Analysis

Year-over-year, the market has seen an increase in the number of homes sold and listed, but a slight decrease in the average dollar per square foot. This suggests a seller’s market where inventory is tight, but demand is high enough to drive up prices.

Price Points and Quadrants

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

  • Top Quadrant: 4 homes sold, Median Sale Price: $4,275,000, Median DOM: 20, Avg. $/Sq.Ft.: $1,307.
  • Second Quadrant: 4 homes sold, Median Sale Price: $2,907,500, Median DOM: 11, Avg. $/Sq.Ft.: $1,027.
  • Third Quadrant: 4 homes sold, Median Sale Price: $2,235,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,315.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $1,782,500, Median DOM: 12, Avg. $/Sq.Ft.: $1,255.

Analysis

The data shows that all quadrants are active, but the top and third quadrants are 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 August 2023 showed a decrease in homes sold compared to the previous month, but an increase in homes listed 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.