Market Monday: San Carlos Real Estate Market Update for July 2023

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

Number of Sales:
In July 2023, the San Carlos real estate market saw a total of 20 sales, a 29% decrease compared to the previous month. This large drop from June to July isn’t uncommon. From June 2022 to June 2022, sales fell 42%. However, sales are still up 43% year over year, highlighting demand for homes despite fewer active listings and new listings than last year.

Number of Listings:
The San Carlos had 34 active listings in July 2023, representing a 32% decrease month over month and a 19% decline year over year. Since inventory peaked in May 2023, it declined 47% due to the swift drop in new listings, which fell 61% from May to July.

Median Listing Price:
The median listing price for homes in San Carlos in July 2023 was $2,500,000, a 9% increase from the previous month. Year to date, the median list price is up 5%.

Median Sale Price:
For July 2023, the median sales price of homes in San Carlos was $1,950,000, an 18% decrease compared to the previous month. Year to date, the median sale price is down 1%.

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. The gap between the median list ($2.5M) and median sold ($1.95M) was unusually large in July. However, we can account for the gap when looking at the 510 square foot difference between the average size of the listed (2,487 sqft) vs. the sold (1,977 sqft) so in July price negotiating power is balanced.

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