San Carlos - Market Update

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

Number of Sales:
In June 2024, the San Carlos real estate market saw a total of 19 sales, which was six fewer than the previous month and nine fewer than June 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 the next two months before rising in the fall.

Number of Listings:
The San Carlos market had 28 active listings in June, representing a 38% decrease month over month and a 46% decrease year over year. New listings fell nearly 60% month over month, which contributed to the inventory decline. New listings are down 48% year over year.

Median Listing Price:
The median listing price for homes in San Carlos in June was $2,974,000, a 31% increase from the previous month and an all-time high.

Median Sale Price:
For June 2024, the median sales price of homes in San Carlos was $2,210,000, a 17% decrease month over month and a 17% decrease year over year. As you can see the median list price and median sale prices in June were significantly different.

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. In June, the homes listed happened to be larger than average, which pulled up median list price and created the large difference between list and sale price. We looked at price per square foot and sold price was higher than list price by that metric. Buyers are also paying more than list price, and the average seller received 106% of the list price in June.

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