For the first time in a quite a few months, it was not a banner week for home sales in San Carlos. Three of the four homes that closed escrow this past week did not get full list price. The average percentage of sales price to list price topped out at 96% — certainly nothing to cry about, but also very un-San Carlos when we have grown accustomed to seeing over 110% on a regular basis.
Another number that hit a level that we haven’t seen in quite a while is the active-pending ratio. At the start of this week it’s sitting at 1.7, which means there are nearly two active listings for each one pending. In other words, this is an indicator that are starting to build up some inventory, which is certainly the case as we now have 17 active single-family residence listings in San Carlos. This is also a level we have not seen in quite a while, but something that you might expect as we enter the main period of the Spring real estate market.
Cause for concern? Not necessarily. The surprisingly lackluster performance of those closed sales was just as much a function of coincidence that they all closed in the same week as it was any solid indicator that the market may be topping out. Looking at the 10 homes that are pending sale right now, quite a few of them fetched nice premiums over the asking price, which will show up in the coming weeks when they close. So clearly, buyers still have a strong appetite for homes with the right stuff.
But what this does show is that there is certainly an upper limit to what buyers are going to spend on homes that may not be completely dialed in, which is something that sellers and agents will need to keep in mind as they set prices on new listings.
Here is a look at last week’s numbers:
Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the 7-day period ending Sunday 3/13/2016:
|San Carlos Housing Data||3/13/16||Prior Week|
|Closed Sales for the Week:||4||3|
|Average Sold Price:||$1,695,000||$1,475,000|
|Average $/Sq Foot (Sold)||$852||$1,152|
|Average Sold as Percentage Of List Price:||96%||103%|
|Average DOM of Closed Sales||27||16|
|Total # of Homes Pending Sale:||10||12|
|No. of New Listings:||5||6|
|Total # of Active Listings:||17||12|
|Average Price of Active Listings:||$1,989,727||$1,914,967|
|Average DOM of Active Listings:||19||19|
|Average $/Sq Foot (List)||$814||$881|
|Active-Pending Ratio:||1.7 : 1||1.0 : 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 Single-Family Homes Sold:
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||DOM (days)|
|200 Rockridge Road||$2,125,000||$2,295,000||-$170,000 (-7.4%)||17|
|251 Coronado Avenue||$1,770,000||$1,849,888||-$79,888 (-4.3%)||30|
|1 Pepper Lane||$1,685,000||$1,524,950||+$160,050 (+10.5%)||11|
|1052 Sunset Drive||$1,200,000||$1,395,000||-$195,000 (-14.0%)||48|
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. The source of this data is the Multiple Listing Service (MLS). Author is in now way responsible for the accuracy of the data from this source.
San Carlos Single-Family Homes Pending Sale:
The following single-family homes went into contract in San Carlos this past week. Click on the address of each home to see more details and photos:
|Address||DOM (days)||List Price|
|500 Walnut Street||14||$2,100,000|
|219 Frances Lane||20||$1,899,000|
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:
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|
|163 Los Vientos Way||$3,689,000||4BR/4.5BA||4,518/32,801||Joe Polyak, Keller Williams|
|339 Cedar Street||$2,795,000||4BR/3BA||2,923/5,400||Sarah Ravella, Dwell Realtors|
|2634 Graceland Avenue||$2,688,000||4BR/3.5BA||3,110/10,900||Debbie Wilhelm, Coldwell Banker|
|2601 Melendy Drive||$1,525,000||4BR/2BA||1,880/7,488||Laura Bertolacci, Dwell Realtors|
|1552 Chestnut Street||$1,395,000||3BR/2BA||1,420/4,400||Tim Kerns, Coldwell Banker|
Note: The listing data provided above is strictly for informational purposes only, and should not imply that the author is the listing agent. This data is pulled from the Multiple listing service, and the author is in no way responsible for the accuracy of the data provided herein.
(Click the “Homes For Sale” sign below to see ALL of the homes currently for Sale in San Carlos.)
Condos and Townhomes Sold in San Carlos:
Below are the condos/townhouses that closed escrow this past week. Click on the address of each home to see more details and photos.
|Address||Sold Price||Orig. List||Difference||DOM (days)
|—||$–||$–|| +$– (+–%)
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)||List Price|
|3347 Brittan Avenue #5||26||$858,000|
|8 Buttercup Lane||19||$1,088,000|
|24 Trillium Lane||15||$1,195,000|
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|
|656 Walnut Street #301||$1,188,888||3BR/2BA||1,628||Howard Clark, Dumas & Company|
|537 Elm Street #3||$999,900||2BR/2BA||1,573||Edward Stephens, 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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