Home buyers looking in San Carlos start to get frozen out of the market when it drops into the low 30’s; but I’m not talking about the temperature — I’m referring to the number of active listings. In a “normal” real estate season in San Carlos (if you can call our market normal,) you’ll see anywhere from 45-60 active listings at any given time. While this is a low number compared to surrounding communities, it has supported a healthy and reasonably balanced market in years’ past.
As of today, there are 34 active listings in San Carlos…and the number is dropping. Brrrrr!!!
Wait…it gets worse. Two of the hottest and most desirable areas in San Carlos are White Oaks and Howard Park. Together, they comprise “the flats” in San Carlos; picture the area bounded by San Carlos Avenue, Alameda de Las Pulgas, Eaton Ave, and El Camino and you’ve got it. Right now, there are 6 homes for sale in that entire area. Six!
Not exactly what you’d expect heading into the traditional peak buying season.
What happens when the listing count gets this low? You get multiple offers, over-bidding, and quick escrows. Just last night, 812 Cordilleras went into contract after getting 10 offers. Other agents in White Oaks are reporting very similar situations. This is great news if you’re selling a home, but it’s heartbreaking if you’re trying to buy in San Carlos right now.
What does this mean for buyers? Until more homes hit the market, it’s going to be tough sledding. Expect fierce competition for homes in the $800k-$1.2M range. More than ever, it’s crucial that you’re working with someone who is plugged into this crazy market because you’ll need any advantage you can get.
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