A few years ago on this site, I began tracking the number of single family homes in San Carlos that sold each year for over $2,000,000. Back then, it was actually somewhat of a big deal when a home broke the $2,000,000 barrier in San Carlos. People actually took notice! But after the meteoric climb in house prices across the Peninsula over the past decade, it’s now almost more noteworthy when a home doesn‘t fetch $2M in San Carlos.
It’s not quite that bad yet, but you get the idea.
I updated the chart that I posted last year which shows the total number of homes that sold at or above $2,000,000 in San Carlos to incorporate 2017’s sales. As always, bear in mind that these are just the sales that were either listed on the MLS, or those that sold off-market, but were recorded on the MLS for comparison purposes. Private sales that were not recorded on the MLS are a very small percentage of the overall market, but they are not reported here.
Here are the numbers:
As you can see above, 91 homes sold for $2M or more in San Carlos last year, easily setting a new record that will last exactly one year, when I rewrite this post again to show the 2018 numbers. That represents a 32% increase over 2016, which was a year that already saw the greatest year-over-year improvement at a whopping 64% from 2015.
Another interesting takeaway from these numbers is to understand what percentage of the overall sales that this market segment represents. In 2016, the 69 homes that cleared the $2M bar represented 26% of all single family homes that were sold in San Carlos for that year.
In 2017, those 91 $2M homes accounted for a full 33% of all homes sold in San Carlos. In other words, if you can’t afford a $2M home, then at least 1/3 of all homes for sale will be out of your reach. And that’s a tough thing to read.
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!