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The San Carlos Real Estate Week in Review: 5-31-15.

by Chuck Gillooley

Don’t look now, but May is gone and June is now here. It’s hard to believe the year is flying by so quickly, but perhaps the lack of key changes in our environment (rain, inventory, etc..) makes every week feel the same. But at a time of the year where we would expect to see a peak in the inventory of homes for sale, we are seeing the exact opposite in San Carlos. As of this morning’s post, there are only 7 single family homes on the market in the entire city.

That number will take a slight bump upward later this morning when a couple of nice new 3BR listings on Greenwood Avenue and Chestnut Street hit the market. And the fact that several property inspectors that I spoke with are booked solid for at least two weeks tells me that there will be a late Spring push before the market takes its normal summer snooze. I know there’s always a certain amount of “buyer fatigue” this time of year from watching prices escalate continuously, and from losing out on multiple bids. But there is also a ton of events around this time of year — graduations and vacations — that compete with the mind share of home buyers, and those buyers who stay on task and move quickly can often can take advantage of these distractions to their benefit.

In the stats below, take a close look at the insane performance of the 9 homes that closed escrow this past week. The average price per square foot of all nine homes was a whopping $1,063/sq foot. And largely because three of these homes sold off market, the average days on market for all nine homes was only 8 days. That‘s a hot market.

Here are the details from last week:

By the Numbers.

Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the week ending 5-31-2015:

San Carlos Housing Data 5-31-15 Prior Week
Closed Sales for the Week: 9 6
Average Sold Price: $1,594,944 $1,730,833
Average $/Sq Foot (Sold) $1,063 $791
Average Sold as Percentage Of List Price: 116% 110%
Average DOM of Closed Sales 8 14
No. of Homes Pending Sale: 23 26
No. of New Listings: 2 2
Total # of Active Listings: 7 10
Average Price of Active Listings: $2,342,143 $2,102,295
Average DOM of Active Listings: 25 18
Average $/Sq Foot (List) $709 $784
Active-Pending Ratio: 0.30 : 1 0.38 : 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:

1745 Magnolia Avenue, San Carlos
1745 Magnolia 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
1989 Belle Avenue $2,225,000 $2,200,000 +$25,000 (+1.1%) 0
1527 Magnolia Avenue $1,745,000 $1,388,000 +$357,000 (+25.7%) 12
174 Madera Avenue $1,701,000 $1,488,000 +$213,000 (+14.3%) 13
2111 Saint Francis Way $1,660,000 $1,660,000 $0 (0%) 0
635 Park Avenue $1,580,000 $1,249,000 +$331,000 (+26.5%) 8
184 Fir Street $1,512,500 $1,298,000 +$214,500 (+16.5%) 13
1321 Cordilleras Avenue $1,365,000 $1,098,000 +$267,000 (+24.3%) 14
6 Maple Way $1,283,000 $1,283,000 $0 (0%) 0
140 Palm Avenue $1,275,000 $968,950 +$306,050 (+31.6%) 8

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.

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San Carlos Homes Pending Sale for the Week:

The following homes went into contract his week. Click on the address of each home to see more details and photos:

Address DOM (days) List Price
1616 Chestnut Street 12 $1,399,000
32 Camborne Avenue 9 $1,699,950
2904 Brittan Avenue 15 $1,548,000
116 Wilshire Court 13 $899,000

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. _______________________________________________________________________________________

New Single-Family Home Listings in San Carlos:

1393 Cedar Street, San Carlos
1393 Cedar Street, 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 see more details and photos.

Address List Price BR/BA Sq Ft (home/lot) Listed By
1050 Drake Court $1,990,000 5BR/3.5BA 3,325/14,560 Donald Kung, RE/MAX
1393 Cedar Street $1,798,000 3BR/2BA 2,1800/6,600 Chuck Gillooley, Dwell Realtors

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 of each home to see more details and photos.

 

Address Sold Price Orig. List Difference DOM
17 Chicory Lane $1,035,000 $878,000 +$157,000 (+17.9%) 8
633 Elm Street #112 $970,000 $898,000 +$72,000 (+8.0%) 6

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Condo/Townhouse Pending Sale this Week.

The following condos/townhouses went into contract this week. Click on the address of each home to see more details and photos.

Address DOM (days)
3387 Brittan Avenue #9 12
1001 Laurel Street #422 15

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New Condo/Townhouse Listings in San Carlos:

The following condo/townhouses listed this past week. Click on the address of each home to see more details and photos.

Address List Price BR/BA Sq Feet Listed By
3327 La Mesa Drive #8 $739,000 2BR/2BA 1,040 Melanie Smith, Coldwell Banker
728 Elm Street #308 $574,900 2BR/2BA 1,124 Johnny Heckenberg, Fusion Real Estate
1510 Cherry Street #5 $510,000 1BR/1BA 620 Casey Sternsmith, Coldwell Banker

___________________________________________ (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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