Welcome to the latest San Carlos real estate market update for January 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 January, so you can make informed decisions about buying, selling, or investing in San Carlos real estate.
Number of Sales:
In January 2024, the San Carlos real estate market saw a total of 10 sales, a 41% decrease compared to the previous month. 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 January, representing a 12% decrease month over month and a 8% 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 in December 2023. However, new listings returned to normal levels in January.
Median Listing Price:
The median listing price for homes in San Carlos in January was $2,299,000, a 15% decrease from the previous month and an 8% decline year over year.
Median Sale Price:
For January 2024, the median sales price of homes in San Carlos was $2,352,000, a 1% decrease compared to the previous month. However, the median sale price is up 16% year over year. As you can see the median list price and median sale prices are near one another in January with a 2% 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 that prices are appropriately priced. The average seller in January received 96% of list price.
As we wrap up our San Carlos real estate market update for January 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!
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