On Monday, November 16th, San Carlos will officially have just as many home Active as it will with a Pending status. Look for Active homes to drop to 40, or possibly even lower. Currently, there are 39 Pending properties in San Carlos. It is the best ratio we have had all year and a clear indication of a last minute surge from buyers who have remained on the sidelines for the past 18 months.
Other items of note:
The most expensive Pending property in San Carlos is 2036 Alma Street which has a list price of $1,295,000. While the economy has definitely not helped the upper end of the San Carlos market, the fact remains that many of those homes have been on the MLS for a long time without a substantial price adjustment. For instance, for all homes on the MLS which are currently listed higher than $1,295,000, the current average Days On Market (DOM) is 134.
The Hot Zone of San Carlos properties is the $700,000 – $899,000 range. Of the 39 current Pending properties, 20 fit into this price range.
What happens now?
There is still a tremendous amount of demand and not enough supply to meet those needs. Realtors will become more aggressive in trying to shake loose some inventory. Be prepared for cards in your mailbox telling you that Realtor X has a buyer interested in your home. Additionally, the many networking groups of San Carlos will be used to market buyers to possible sellers. Finally, be prepared for more multiple offer situations. I have been in 3 multiple offer situations in San Carlos over the last 10 days and will be in another tomorrow….all in the 700-899k price range.