Welcome to the latest San Carlos real estate market update for December 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 December 2023, so you can make informed decisions about buying, selling, or investing in San Carlos real estate.
Number of Sales:
In December 2023, the San Carlos real estate market saw a total of 17 sales, a 6% increase compared to the previous month. San Carlos tends to have two notable waves of buying — May through June and September through December. This year, sales rose 73% from August to October as more new listings came to the market, but dropped in November and December. Year over year, sales are up 21%.
Number of Listings:
The San Carlos market had 23 active listings in December 2023, representing a 40% decrease month over month and a 21% decline year over year. The drop in inventory stemmed from a surge of sales in September and October and a large drop in new listings from November to December.
Median Listing Price:
The median listing price for homes in San Carlos in December 2023 was $2,588,000, a 6% increase from the previous month and high for 2023. Year over year, the median list price is up 8%.
Median Sale Price:
For December 2023, the median sales price of homes in San Carlos was $2,365,000, a 17% increase compared to the previous month. This large swing occurred because the homes sold in November happened to be smaller on average, which caused the median price to drop. The December sale price is in-line with expectations. As you can see the median list price and median sale prices diverged in December with a $223,000 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 sellers understand the market is undersupplied and therefore they can command a higher price.
As we wrap up our San Carlos real estate market update for December 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!
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