Market Monday: San Carlos Real Estate Market Update for May 2023
Welcome to the latest San Carlos real estate market update for May 2023! As your trusted local real estate experts, we continue our commitment to keeping you informed on the current state of the market. We provide a monthly snapshot of the market's key indicators, including the number of sales, number of listings, median listing price, and median sale price. In today’s Market Monday post, we will focus on the data for May 2023, so you can make informed decisions about buying, selling, or investing in San Carlos real estate.
Number of Sales:
In May 2023, the San Carlos real estate market saw a total of 24 sales, a 26% increase compared to the previous month. As discussed below, the mid-month increase in inventory allowed buyers more opportunity to compete, contributing to the jump in sales month-over-month.
Number of Listings:
The total number of listings in San Carlos for May 2023 was 62, representing a 27% increase from the previous month. This change in listings supports the trend we observed in the number of sales, with the market picking up as we move into Summer. San Carlos inventory was moving very quickly in early May, and in middle of May, it got a quick burst of inventory, representing the meaningful month-over-month increase.
Median Listing Price:
The median listing price for homes in San Carlos in May 2023 was $2,397,000, indicating no change from the previous month.
For May 2023, the median sales price of homes in San Carlos was $2,472,000, a 12% increase compared to the previous month.
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. For now, the San Carlos market remains balanced.
In the coming months, it will be interesting to see how buyers respond to the inventory spike. It may take some time for buyers to consume the new inventory as they showcase more caution with the increase in interest rates. In addition, now that Summer has arrived, buyers may decide to focus on Summer travels. We will continue to share our insights on these market dynamics as they evolve.
As we wrap up our San Carlos real estate market update for May 2023, it's essential to remember that the local market shifts overtime. Keeping an eye on the above key indicators each month helps you can 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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