When a home sells for $2,000,000 or more in San Carlos, it’s still an event that catches anyone’s attention who follows the San Carlos real estate market. That’s because despite the breathtaking run-up in property values in this town over the past two years, homes with $2M+ price tags are still relatively few and far between.
In 2005, 2012 and 2013, the only years on record since 2000 where there was any significant number of homes to break this barrier, they only comprised about 4% of the total home sales in San Carlos. And in that total period of time since 2000, $2M homes were a scant 1.6% of the total volume.
But that is about to change. Take a look at the chart below which shows the number of $2M+ homes that have sold in San Carlos since 2007:
So far in 2014, there have already been 8 sales of $2M or more in San Carlos — and that’s just in the first 3.5 months. There are 2-3 homes that are currently pending sale that should close above this threshold, and a similar number that are currently on the market that should do the same. So at this rate, we will set the record for the highest number of $2M+ sales in San Carlos before we even hit the mid-point of the year! Now that‘s a strong market.
(Author’s Note: The statistics above are extracted from homes sales that were reported to the Multiple Listing Service. It does not account for homes that were sold off-market and not reported to the MLS.)
Time to Sell?
The local micro-economy is obviously driving this trend upward. Larger, newer homes are being built in San Carlos at an unprecedented pace, and well-funded buyers who want to live in San Carlos are gladly stepping to the plate to pay $2M or more for a home that would probably cost them 25%-50% more just down the road in Menlo Park.
For some current homeowners in San Carlos who are thinking of retiring, or who need to relocate out of the area, this huge upswing in pricing has caused them to dramatically re-think their exit strategy. Even if it means selling earlier than they planned and renting for a few years, many are cautiously watching the market for signs that it is hitting its peak. It’s not at all unlike trying to time the stock market.
Do you have questions about what your San Carlos home is currently worth in this market? I would be more than happy to provide you with a thorough analysis of your home’s value at absolutely no cost. You might be very surprised what your home will fetch in this incredible market…
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