Is the “bounce” beginning to happen?
It’s probably premature to draw that conclusion from just one week’s data, but the red ink was conspicuously absent in the sub-$1M home sales this week. Of the three homes below that sold in this price range, two fetched over asking price, and the third was right at list. And the average days on market for these three? 6 days. I haven’t seen that happen in many months. It’s worth keeping a close watch in the coming weeks to see whether this was just an anomaly, or if the entry-level market in San Carlos is starting to find the bottom.
(4-12: A quick update on this topic: 2258 Carmelita is already in contract after only 3 days on the market. 1160 Walnut is also in contract, only 2 days after being put back on the market. Just more food for thought…)
San Carlos Inventory Analysis
Here’s a snapshot of the San Carlos market, as of 4/11:
- Active: 63 homes (last week: 66)
- Pending Sale: 30 Homes (last week:29)
- Ratio ~ 2.1:1 (last week: 2.3:1)
This ratio has actually hit 2:1 earlier this past week for a short time. That’s simply an amazing figure to see in a recessionary market. Below are those same numbers broken out by price category. Note the disconnect in the ratio once it goes above the $1.5M mark. That clearly tells you which market is suffering right now. Note that the figures shown in parentheses are the prior week’s figures for comparison:
|Homes < $1M||32 (35)||17 (15)||1.9 : 1 (2.3 : 1)|
|Homes $1M –$1.5M||21 (21)||11 (11)||1.9 : 1 (1.9 : 1)|
|Homes >$1.5M||10 (10)||2 (3)||5 : 1 (3.3 : 1)|
Below are the new listings and home sales from this past week. Click on the respective addresses to get all the details.
San Carlos Home Sales
- Pictured Above. Sale Price: $1,400,000. Original List Price: $1,695,000. Difference: $295,000 (17.4%) below original list. DOM: 134 Days total under MLS # 80833811. Woohooo!!! This is the first of the homes at Oakview Knolls to sell. Listed by Brian Chancellor of Alain Pinel Realtors.
- Sale Price: $1,025,000. Original List Price: $1,039,950. Difference: $14,950 (1.4%) below original list. DOM: 12 Days total under MLS # 80909786. (166 days total from when it first listed for $1,174,950, or a difference of 13 %) Listed by Donna Colangelo of Intero Real Estate Services.
- Sale Price: $884,950. Original List Price: $884,950. Difference: no change from original list. DOM: 9 Days total under MLS # 80910292. Listed by David Blewett of Intero Real Estate Services.
- Sale Price: $800,000. Original List Price: $769,000. Difference: $31,000 (4.0%) above original list. DOM: 3 Days total under MLS # 80913250. Listed by David Young of Coldwell Banker.
- Sale Price: $750,000. Original List Price: $735,000. Difference: $15,000 (2.0%) above original list. DOM: 6 Days total under MLS # 80915467. Listed by Susan Berry of Cashin Company.
To see all of the homes that are “Sale Pending” in San Carlos, click here:
New Listings in San Carlos
- (Pictured Above.) $1,649,000 — 5BR/4+BA, 4,152 sq ft on a 10,126 square foot lot. MLS# 80917634, listed by Michael Verdone of Economic Concepts.
- UPDATE: Pending Sale after 3 days on the market. $988,000 — 3BR/2BA, 1,600 sq ft on a 9,744 square foot lot. MLS# 80917527, listed by Rita Boren, Sereno Group.
- $829,000 — 3BR/2BA, 1,220 sq ft on a 7,480 square foot lot. MLS# 80917117, listed by Mary Molinari of Coldwell Banker.
***To see all of the homes currently for sale in San Carlos, simply click here: San Carlos Single Family Residences for Sale
Back on the Market
- (Pictured Above.) $798,000 — 2BR/1BA, 1,060 sq ft on a 4,800 square foot lot. MLS# 80913564, listed by John Shroyer of RE/MAX Today. Update: Now pending sale after just 2 days back on the market.
(The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week, and an occasional podcast mixed in to keep things lively. Between the two, you should get a great idea of what happened last week in San Carlos real estate.)
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