There is an interesting trend that has been developing in the Fall real estate market that I have sensed for the past few weeks, and that the numbers below are now starting to verify. First, if you look at the average percentage over the asking price that ALL homes are fetching in San Carlos, it has dropped significantly over the past few weeks. This past week, it was 99% and the previous week was about 100%. For most of the year, those numbers have been running at least 108% pretty consistently, and have been as high as 115%. At first blush, one could logically conclude from this statistic that the real estate market is slowing down in San Carlos, or at least leveling off.
However, if you look more closely at the individual sales prices below you will see two very different scenarios playing out in this market, and it highlights a critical difference between what we experienced in the white-hot spring market of 2014, and what we are now seeing in the fall. On one hand, several homes that closed escrow this past week fetched hefty premiums over the asking price — exactly what we’ve seen all year. But this week, more than half of the homes that sold needed a significant price reduction to do so. That is likely the first time this year that this has happened and it underscores the fact the market is starting to push back a little on homes that are priced too optimistically for either their location, size, or condition. That certainly wasn’t the case in the spring, when whatever price was planted on the front lawn was virtually guaranteed to get a 10-15% kicker.
What this tells me is that the market is starting regain a little of its sanity. Multiple offers are still being seen for homes that have the “right stuff” (good location, condition, and price), although the number of offers seems to be less that what we saw in the Spring. The big difference now is that the market is pushing back on those “fringe” homes that may not hit that sweet spot that buyers are looking for. In other words, there are still strong and very qualified buyers out there — they ‘re just being a bit more picky 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 10-4-2014:
|San Carlos Housing Data||10-4-14||Prior Week|
|Closed Sales for the Week:||9||6|
|Average Sold Price:||$1,537,667||$1,573,333|
|Average $/Sq Foot (Sold)||$810||$781|
|Average Sold – Percentage Of List Price:||99%||100%|
|Average DOM of Closed Sales||32||21|
|No. of Homes Pending Sale:||26||29|
|No. of Active Listings:||15||15|
|Average Price of Active Listings:||$1,364,393||$1,385,123|
|Average DOM of Active Listings:||34||16|
|Average $/Sq Foot (List)||$734||$706|
|Active-Pending Ratio:||0.58 : 1||0.50: 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.
Single-Family Homes Sold in 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|
|575 Alameda||$2,300,000||$2,595,000||-$295,000 (-11.4%)||45|
|760 Crestview Drive||$2,250,000||$2,199,000||+$51,000 (+2.3%)||31|
|1512 Howard Avenue||$1,705,000||$1,800,000||-$95,000 (-5.3%)||18|
|2753 Bromley Drive||$1,425,000||$1,250,000||+$175,000 (+14.0%)||13|
|154 Alberta Avenue||$1,400,000||$1,299,000||+$101,000 (+7.8%)||7|
|65 Chestnut Street||$1,360,000||$1,148,888||+$211,112 (+18.4%)||11|
|986 Sunset Drive||$1,325,000||$1,395,000||-$70,000 (-5.0%)||49|
|119 Belvedere Avenue||$1,080,000||$1,099,950||-$19,950 (-1.8%)||13|
|348 Oakview Drive||$1,019,000||$1,228,000||-$209,000 (-17.0%)||98|
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.)
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|
|1081 Hewitt Drive||14||$1,549,000|
|117 Highland Avenue||3||$1,399,950|
|1750 Chestnut Street||10||$1,049,000|
|808 Bauer Drive||11||$1,478,888|
|2651 Eaton Avenue||9||$1,380,000|
|220 Oakview Drive||8||$1,249,000|
|1627 Saint Francis Way||7||$1,495,000|
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.)
New Single-Family Home Listings in 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|
|1028 Rosewood Avenue||$1,950,000||4BR/3.5BA||2,720/6,000||Chuck Gillooley, Alain Pinel Realtors|
|3189 La Mesa Drive||$1,699,000||3BR/2BA||2,040/7,800||Lynn North, Alain Pinel Realtors|
|59 Club Drive||$1,499,000||4BR/2.5BA||2,499/7,200||Christopher Ellis, Ella Financial|
|419 Emerald Avenue||$1,289,000||3BR/2BA||1,320/5,500||Justine Ford, Today Sothebys|
|1528 Cordilleras Avenue||$1,089,000||2BR/1BA||970/5,500||Maureen Harber, Alain Pinel Realtors|
|1371 Orange Avenue||$899,000||2BR/1BA||790/3,500||Loren Dakin, Coldwell Banker|
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.)
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|
|9 Buttercup Lane||$1,025,000||$985,000||+$40,000 (+4.1%)||8|
|772 Walnut Street #15||$675,000||$675,000||$0 (0.0%)||0|
|728 Elm Street #108||$525,000||$515,000||+$10,000 (+1.9%)||7|
|222 Laurel Street #203||$512,000||$499,000||+$13,000 (+2.6%)||9|
(Click the “Condos Sold” button below to see all of the condos and townhomes that have recently sold in San Carlos)
Condo/Townhouse Pending Sale this Week.
The following condos/townhouses went into contract this week:
|3375 Brittan Avenue #12||12|
|1 Elm Street #202||7|
|11 Trillium Lane||15|
|633 Elm Street #301||11|
(Click the “Condos Pending Sale” button below to see all of the condos and townhomes that are pending sale in San Carlos)
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|
|10 Sorrel Lane||$938,000||2BR/2.5BA||1,793||Kevin Pickett, Keller Williams|
(Click the “Condos for Sale” button below to see all of the condos and townhomes that are currently for sale in San Carlos)
(The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week.)
Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
Don’t miss a single update!