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The San Carlos Real Estate Week in Review: 3-15-14.

by Chuck Gillooley

Every week is a different adventure in this wild real estate market.  It was a refreshing change last week for San Carlos home buyers to see that more new listings debuted on the market than there were homes that went into contract.  This was a a bit of a surprise to me, because I was predicted the exact opposite was going to happen and that we would be headed back to single-digit inventory again.   But I’m perfectly OK being wrong in this instance.  This runaway market needs desperately needs balance for its own good.

As I highlighted earlier in the week,  the amount that buyers are overbidding to get a home in San Carlos seems to increase every week.  All 5 of the sales that closed this past week commanded 6-figure premiums over the asking price, with two of them fetching a whopping 16% over list.  What makes this remarkable is that not a single one of these homes could be considered under-priced to begin with — in my opinion all 5 were logically priced, taking into consideration the characteristics of the home and the market conditions.   It just speaks volumes about the strength and determination of home buyers in this market.

Here are the details from last week:

By The Numbers.

Below is a high-level snapshot of the market performance for single-family residences in San Carlos. This data is for the week ending 3-15-2014:

San Carlos Housing Data 3-15-14 Prior Week
Closed Sales for the Week: 5 5
Average Sold Price: $1,727,600 $1,495,400
Average $/Sq Foot (Sold) $747 $826
Sold Price vs Orig List Price: 111% 109%
Average DOM of Closed Sales 9 9
No. of Homes Pending Sale: 28 30
No. of Active Listings: 14 10
Average Price of Active Listings: $1,355,429 $1,479,595
Average DOM of Active Listings: 11 10
Average $/Sq Foot (List) $706 $664
Active-Pending Ratio: 0.50 : 1 0.33 : 1

The San Carlos Open House Page.

If you’re looking at open houses this weekend in San Carlos, check out the San Carlos Open House List. With one click on the Open House sign below, you’ll get a “live” list of all the homes and condos that will be open this weekend in San Carlos! It’s updated continuously from the MLS, so bookmark this link and you’ll never have to wander around town looking for open houses again.

San Carlos Open House List

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Single-Family Homes SOLD in San Carlos:

319 Emerald Avenue, San Carlos
319 Emerald Avenue, San Carlos

Below is a list of the single-family home contracts that closed escrow this past week in San Carlos. Click on the address of each to see the complete details.

Address Sold Price Orig. List Difference Days on Market
319 Emerald Avenue $2,000,000 $1,899,000 +$101,000 (+5.3%) 9
156 Mesa Verde Way $1,818,000 $1,698,000 +$120,000 (+7.1%) 8
878 Knoll Drive $1,800,000 $1,549,000 +$251,000 (+16.2%) 13
225 Alberta Avenue $1,570,000 $1,350,000 +$220,000 (+16.3%) 7
34 Hilltop Drive $1,450,000 $1,285,000 +$165,000 (+12.8%) 6

Note: The sold data provided above is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction. (Click the “Homes Sold” sign below see all of the homes that have sold in San Carlos in the past 3 months.)

Homes Sold in San Carlos ___________________________________________________________________

San Carlos Homes Pending Sale for the Week:

The following homes went into contract his week. Click on the address to see more details:

Address DOM (days) List Price
1005 Rosewood Avenue 7 $1,199,000
990 Orange Avenue 8 $1,299,950
880 Regent Court 19 $1,499,000

Note: The pending data provided above is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction.

(Click the “Homes Pending Sale” sign below to see ALL the homes that are Pending Sale in San Carlos.)

Homes Pending Sale in San Carlos

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New Single-Family Home Listings in San Carlos:

115 Barford Avenue, San Carlos
115 Barford Avenue, San Carlos

Below are the new listings that hit the market this past week in San Carlos. Click on the address of each home to get the complete details.

Address List Price BR/BA Sq Ft (home/lot) Listed By
115 Barford Avenue $1,550,000 4BR/3BA 2,000/6,820 Julie Vejmola, Coldwell Banker
1906 Saint Francis Way $1,419,000 4BR/2BA 1,620/6,050 Justine Ford, Today Sothebys
3025 Brittan Avenue $1,248,000 3BR/3BA 2,020/13,175 Lou Carlos, Coldwell Banker
1989 Belle Avenue $1,195,000 2BR/1BA 1,200/5,858 Marla Perego, Coldwell Banker
2321 Eaton Avenue $1,099,000 2BR/1.5BA 1,320/6,000 Henry Chu, Today Sothebys
1004 Springfield Drive $899,000 3BR/2BA 1,320/5,000 Dan Robinson, Today Sothebys
1035 Cherry Street $768,000 2BR/2BA 920/5,000 Lisa Susnow, Keller Williams

Note: The listing data provided above is strictly for informational purposes only, and should not imply that the author is the listing agent.

(Click the “Homes For Sale” sign below to see ALL of the homes currently for Sale in San Carlos.)

Homes for Sale in San Carlos

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Condos and Townhomes Sold in San Carlos:

Below are the condos/townhouses that closed escrow this past week. Click on the address for more details:

Address Sold Price Orig. List Difference DOM
3009 Melendy Drive #2 $725,000 $679,000 +$46,000 (+6.8%) 8
793 Elm Street #7 $725,000 $699,950 +$25,050 (+3.6%) 10

(Click the “Condos Sold” button below to see all of the condos and townhomes that have recently sold in San Carlos)

Condos Sold in San Carlos

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Condo/Townhouse Pending Sale this Week.

The following condos/townhouses went into contract this week:

Address DOM (days)
400 Portofino Drive #1 9

(Click the “Condos Pending Sale” button below to see all of the condos and townhomes that are pending sale in San Carlos)

Condos Pending Sale in San Carlos

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New Condo/Townhouse Listings in San Carlos:

The following condo/townhouses listed this past week. Click on the address or all the details:

Address List Price BR/BA Sq Feet Listed By
3350 La Mesa Drive #15 $610,000 2BR/2BA 1,040 Donna Black, Coldwell Banker

(Click the “Condos for Sale” button below to see all of the condos and townhomes that are currently for sale in San Carlos)

Condos for Sale in San Carlos

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Want Your Info Sooner?

I post sales data during the week as it happens on the White Oaks Blog on Twitter and the White Oaks Blog Page on Facebook

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(The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week.)

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