San Carlos - Market Update

Welcome to the latest San Carlos real estate market update for August 2023! Each month, we provide a snapshot of the market's key indicators, including the number of sales, number of listings, median listing price, and media sale price. In today’s Market Monday blog post, we will focus on the data for August 2023, so you can make informed decisions about buying, selling, or investing in San Carlos real estate.

Number of Sales:
In August 2023, the San Carlos real estate market saw a total of 15 sales, a 25% decrease compared to the previous month and a 46% decline from the June peak. Typically sales drop considerably in the months after peaking. Last year, sales fell 53% in the two months following the peak. Sales are still up 15% year over year, largely driven by the increase in new listings month over month.

Number of Listings:
The San Carlos had 52 active listings in August 2023, representing a 53% increase month over month and a 11% increase year over year. The jump in inventory stemmed from a surge of new listings from July to August. Both inventory and new listings hit the second highest level in 2023 in August, slightly below the May peaks.

Median Listing Price:
The median listing price for homes in San Carlos in August 2023 was $2,372,500, a 10% decrease from the previous month. Year over year, the median list price is down 4%, and year to date, the median list price is 1% lower.

Median Sale Price:
For August 2023, the median sales price of homes in San Carlos was $2,460,000, an 26% increase compared to the previous month. The large month to month increase comes after an 18% decrease the previous month. These swings are more common with a lower number of sales.

Comparing the median sale price to the median listing price provides insight into the negotiation power of buyers and sellers in the current market. If the median sales price is consistently lower than the median listing price, it indicates that buyers generally have more room for negotiation. Conversely, if the median sales price is higher than the median listing price, sellers likely have more leverage in the negotiation process. Comparing the sale price to list price, we can tell that homes are priced appropriately on average. In August, the median sold price was only 4% above median list price, and the average seller received 100% of list price.

As we wrap up our San Carlos real estate market update for August 2023, it's essential to remember that the local market evolves and shifts. We hope that keeping an eye on these key indicators each month helps you to make informed decisions about buying, selling, or investing in San Carlos real estate.

If you have any questions about the current state of the market or need assistance with your real estate needs, please don't hesitate to contact our team of local experts. We're here to help you navigate the San Carlos real estate market with certainty!