San Carlos - Market Update

Welcome to the latest San Carlos real estate market update for November 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 November 2023, so you can make informed decisions about buying, selling, or investing in San Carlos real estate.

Number of Sales:
In November 2023, the San Carlos real estate market saw a total of 16 sales, a 39% decrease compared to the previous month. San Carlos tends to have two notable waves of buying — May through June and September through November. This year, sales rose 73% from August to October as more new listings came to the market, but dropped in November. Sales are down 20% year over year. Typically, fewer new listings come to the market in the winter months so sales will slow as well.

Number of Listings:
The San Carlos market had 38 active listings in November 2023, representing a 24% decrease month over month and a 16% decline year over year. The drop in inventory stemmed from a surge of sales in September and October and fewer new listings in October and November. We expect inventory to decline through the rest of the year.

Median Listing Price:
The median listing price for homes in San Carlos in November 2023 was $2,449,500, a 3% increase from the previous month. Year over year, the median list price is down 1%, and year to date, the median list price is up 3%.

Median Sale Price:
For November 2023, the median sales price of homes in San Carlos was $2,025,000, a 19% decrease compared to the previous month. This large swing occurred because the homes sold in November happened to be smaller on average. Price per square foot only declined 1% month over 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. However, when median price have an outlier month that doesn’t accurately represent the current market, we can use price per square foot to account for home size. Comparing the sale price per square foot to list price per square foot, we can tell that homes are priced appropriately on average.

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