San Carlos - Market Update

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

Number of Sales:
In October 2023, the San Carlos real estate market saw a total of 25 sales, a 9% increase compared to the previous month. San Carlos tends to have two notable waves of buying — May through June and October through November. This year, sales rose 67% from August to October. Additionally, sales are up 39% year over year, largely driven by the significant amount of new listings that hit the market in September. More new listings are almost always good for the perennially undersupplied San Carlos market and are a primary driver of more sales.

Number of Listings:
The San Carlos market had 49 active listings in October 2023, representing a 25% decrease month over month and a 9% decline year over year. The drop in inventory stemmed from a surge of sales and fewer new listings in October. We expect inventory and new listings to decline through the rest of the year.

Median Listing Price:
The median listing price for homes in San Carlos in October 2023 was $2,449,000, 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 October 2023, the median sales price of homes in San Carlos was $2,498,000, a 4% increase compared to the previous month. These small changes are normal month to month, and we expect sale prices to remain fairly stable through the rest of the year.

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 homes are priced appropriately on average. In October, the median sold price was only 2% above median list price.

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