San Carlos - Market Update

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

Number of Sales:
In February 2024, the San Carlos real estate market saw a total of 10 sales, the same as the previous month. Last year, January and February sales were the same month to month as well. 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 expect sales to meaningfully increase, starting in March, which is the normal seasonal trend.

Number of Listings:
The San Carlos market had 22 active listings in February, representing a 22% increase month over month and a 17% increase year over year. The rise in inventory stemmed from a meaningful increase in new listings over the past two months. New listings rose 36% year over year.

Median Listing Price:
The median listing price for homes in San Carlos in February was $2,193,000, a 3% decrease from the previous month and a 7% decline year over year.

Median Sale Price:
For February 2024, the median sales price of homes in San Carlos was $2,489,000, a 6% increase month over month and year over year. As you can see the median list price and median sale prices diverged in February with nearly a $300,000 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 the market is getting more competitive for buyers. The average seller in February received 104% of list price — an 8% jump month over month.

As we wrap up our San Carlos real estate market update for February 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!