Strength at the High End.
In last week’s 2015 Real Estate Year in Review, we took a close look at the meteoric growth in home prices in San Carlos in 2015, and noted that the combination of strong demand and limited inventory pushed the average sales price of a single family home in San Carlos hit an all time high of over $1,665,000 last year.
Those very same market conditions had a huge impact the “high end” of the San Carlos real estate market — those homes over $2,000,000 — and even cracked into new, uncharted territory of the $3M range.
Below is a chart that you should be pretty familiar with, since I have refreshed it several times over the past year. It shows the number of single-family homes to sell in San Carlos for over $2,000,000 by year:
The fact that 42 homes in San Carlos sold for $2,000,000 last year in itself is a mind-blowing statistic. That’s a whopping increase of 62% over the previous year alone. And only four short years ago, not a single home in San Carlos even touched the $2M mark!
Just to add icing to the cake, of those 42 homes that sold last year, two blasted through the $3M mark (138 Kings Court and 1880 Carmelita Drive), and one home topped $5M for the first time in San Carlos (168 Queens Court).
To download a list of all 42 homes that sold for $2,000,000 or more in San Carlos click here: 2M Home Sales San Carlos 2015:
But what really makes this statistic remarkable is that the high-end of the market grew by 62% in a year when total unit sales actually dropped by 17%. This means is that what we’ve defined as the “high-end” sector in San Carlos took significant market share of the total sales in 2015.
To illustrate that exact point, take a look at the table below for single-family home sales in San Carlos:
|Sales Year||# of $2M+ Sales
||Total Homes Sold
||% of Total|
The “market share” of the high-end home segment in San Carlos nearly doubled in a single year, and quadrupled in just two years. With all of the remodeling that’s taking place throughout San Carlos, look for that number to grow even larger in the coming years.
Another way of looking at it is that roughly one of every six houses that sells in San Carlos will now sell for over $2,000,000.
How’s that for a sobering thought?
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