The Top Tier.
Among the many metrics that I track to gauge the trajectory of the San Carlos real estate market, the number of homes that sell at or above $2,000,000 is one of the more interesting ones – especially over the past 3-4 years. That’s because it’s not only a good measure of where home prices are going in San Carlos, but also a measure of buyer’s reluctance (or lack thereof) in the top end of the local market. After all, if a buyer can easily afford a home for over $2M, there are probably other options for them out there besides just the City of Good Living.
As we have tracked through the course of this year, the number of $2,000,000 home sales that have been listed on the MLS actually doubled from 2013 to 2014. Will that happen again this year? That may be a bit of stretch with less than 3 months left in calendar year. But from the chart below, you can see that we’ve already handily exceeded last year’s total of $2M sales as of today, and there are a number of pending sales that will close in the coming weeks and months that will fall into this elite bracket to boost that number even higher.
There are already 33 homes to close higher than $2M so far this year, which is nearly triple the number from just two years ago. It’s also interesting to note that there are another 10 home sales that just missed $2M mark by 5% or less. Buyers clearly are not concerned about breaking the $2,000,000 mark to live in San Carlos, where the average price of a home now hovers around $1.8M. As more of the larger and updated homes start to roll out on the market, $2M will become more the rule, and less the exception.
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