San Carlos - Market Update

Welcome to the latest San Carlos real estate market update for August 2024! 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, so you can make informed decisions about buying, selling, or investing in San Carlos real estate.

Number of Sales:
In August 2024, the San Carlos real estate market saw a total of 13 sales, which was four fewer than the previous month and 10 fewer than August 2023. San Carlos tends to have two notable waves of buying — April through June and September through November. Sales typically hit seasonal lows in the winter along with inventory and new listings. We expected sales to decline in August, and we expect sale to rise in September.

Number of Listings:
The San Carlos market had 16 active listings in August, up 60% month over month fewer than last month but down 76% year over year. New listings have been strong this year and we will likely see more listings come to the market next month.

Median Listing Price:
The median listing price for homes in San Carlos in August was $2,198,000, which was 7% lower than last month and 7% lower year over year.

Median Sale Price:
For August 2024, the median sale price of homes in San Carlos was $1,820,000, a 34% decrease month over month and a 24% decline year over year, falling from the all-time high reached last month. As you can see the median list price and median sale prices in August were significantly different in August with a 17% difference.

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 generally priced well but the market is competitive. Even though the sale price fell considerably, the list price didn’t fall as well, which means sellers believe prices aren’t coming down.

As we wrap up our San Carlos real estate market update for August 2024, 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!