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The San Carlos Real Estate Week in Review: 5-18-13.

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San Carlos Real Estate Summary.

If you want a good snapshot that captures the speed and strength of the San Carlos Real estate market, just look at the stats directly below for homes that sold (closed escrow) this past week.   The average price per square foot was over $700, the average number of days on the market was only 8, and the sales prices were roughly 7% above the asking price.     Those are some pretty hefty numbers in a market that just doesn’t seem to be losing any steam.

It also serves as a great reminder that you have to stay on task if you’re actively looking to purchase a home in this market, because things are still moving very quickly — even as more listings are coming onto the market.    If homes are selling within the first week of their debut, every single day matters when you’re putting together your buying strategy.   And that will get further complicated as we head into the early part of the vacation season for many people.

Here are the numbers from last week:

By The Numbers.

Below is a high-level snapshot of the market performance for single-family residences in San Carlos. This data is for the week ending 5-11-2013:

San Carlos Housing Data 5-18-13 Prior Week
Closed Sales for the Week:
6 7
Average Sold Price
$1,290,833 $1,324,000
Average $/Sq Foot (Sold)
$708 $691
Sold Price vs Orig List (%) 107% 105%
Average DOM of Closed Sales 8 13
No. of Homes Pending Sale: 37 35
Inventory of Active Listings:
19 16
Average Price of Active Listings: $1,261,091 $1,355,854
Average DOM of Active Listings: 24 10
Average $/Sq Foot (List) $625 $602
Active-Pending Ratio:
0.51 : 1 0.51 : 1

>>> Click Here to Read the Full Post
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New Listing: 3299 La Mesa Drive #9, San Carlos

Photographed by Blu Skye Media

The Best of Brittan Heights.

If you’re in the market for a condo in San Carlos, you’ll definitely want to see the unit that I’m putting on the market today up in Brittan Heights.   3299 La Mesa Drive #9 is one of the coveted top-level condos in the Brittan Heights complex.  The top-level units are only a single flight of stairs up from the entry level, so they’re just as easy to access as the bottom level units.  But they’re the only ones that have the soaring vaulted ceilings that give the unit a light and bright feel.

This two-bedroom unit has an updated kitchen with elegant counter tops, and is immaculately clean throughout.    It has 1,040 square feet of bright and open living space that features  a full master suite, guest bedroom, and two full bathrooms.   And as you know with Brittan Heights, there are multiple pools and tennis courts located throughout the complex to indulge your active lifestyle.

One of the things I like best about Brittan Heights is the location.  Nestled in the woods at the top of the hill, you almost feel like you’re in Tahoe, or up along the Skyline Ridge.  But it’s literally a two minute drive to Highway 280 for your commute needs, and even closer to the beautiful and popular Edgewood Park, for those who really want a challenging run or hike.

This great condo will be open this weekend from 1-4 on both Saturday and Sunday, so be sure to get out and see it asap.   The last two 2BR units that were for sale in Brittan Heights both sold in the first week on the market with multiple offers — and neither were top-level.

Click here for a virtual tour of the unit, or take a look at a few of the pictures of this wonderful home below:

Living Room

Living Room

Master Suite

Master Suite

 

Updated Kitchen

Updated Kitchen

Patio Deck

Patio Deck

I hope to see you all this weekend!
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The San Carlos Real Estate Week in Review: 5-11-13.

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San Carlos Real Estate Summary.

Rumor has it in some communities that their respective real estate markets are beginning to cool down (which, of course, is a a completely relative term).   I’ve heard some anecdotal comments from other agents that homes in these areas are getting fewer offers and not for as outlandishly above the list price as they were just a month or so ago.

I wish I could say the same about San Carlos, but that’s just not happening… at least not yet.  Yes, there’s the occasional home that I thought would have been picked off much sooner, but by and large things are still moving in a fast-forward manner here.  10 homes went into contract just last week, and all but one of them didn’t last on the market for a full two weeks.  Several of them never made it to their first open house.  And a few of them fetched sales prices that will still make you gasp — if that’s even still possible after all that has happened so far this year.

No, those are not signs of a market that is starting to settle down, folks.  There will be a couple very nice 3BR/2BA homes that will hit the market at the end of this week that will give us a very good idea of just temperature the market is sitting at.  Stay tuned for those…

Here are the numbers from last week:

By The Numbers.

Below is a high-level snapshot of the market performance for single-family residences in San Carlos. This data is for the week ending 5-11-2013:

San Carlos Housing Data 5-11-13 Prior Week
Closed Sales for the Week:
7 5
Average Sold Price
$1,324,357 $1,231,000
Average $/Sq Foot (Sold)
$691 $709
Sold Price vs Orig List (%) 105% 111%
Average DOM of Closed Sales 13 11
No. of Homes Pending Sale: 35 32
Inventory of Active Listings:
16 20
Average Price of Active Listings: $1,355,854 $1,364,469
Average DOM of Active Listings: 10 10
Average $/Sq Foot (List) $602 $583
Active-Pending Ratio:
0.51 : 1 0.63 : 1

>>> Click Here to Read the Full Post
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Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
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The San Carlos Real Estate Week in Review: 5-4-13.

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San Carlos Real Estate Summary.

Inventory was the talk of the real estate community this week, and finally in a positive tone.    Who would have thought that it would be good news when the inventory level hit 20?   But it did this week, and that’s a milestone that hasn’t been achieved in about 3 months in San Carlos.     There are actually more homes for sale now in San Carlos than there are in Belmont.   It’s a “fresh” inventory of homes that buyers have to look at too, since the average days on market for all listings in San Carlos is only 10 days.  So at least for this week, the table has turned slightly back in the direction of buyers.  It will be interesting to see how they respond this coming week.

Here are the numbers from last week:

By The Numbers.

Below is a high-level snapshot of the market performance for single-family residences in San Carlos. This data is for the week ending 5-4-2013:

San Carlos Housing Data 5-4-13 Prior Week
Closed Sales for the Week:
5 5
Average Sold Price
$1,231,000 $1,395,667
Average $/Sq Foot (Sold)
$709 $783
Sold Price vs Orig List (%) 111% 111%
Average DOM of Closed Sales 11 30
No. of Homes Pending Sale: 32 32
Inventory of Active Listings:
20 11
Average Price of Active Listings: $1,364,469 $1,381,985
Average DOM of Active Listings: 10 16
Average $/Sq Foot (List) $583 $579
Active-Pending Ratio:
0.63 : 1 0.34 : 1

>>> Click Here to Read the Full Post
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Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
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Sheriff’s Department Annual Town Hall for San Carlos: May 7th.

Sheriff

Annual Police Update.

As they have done for the past several years, the San Carlos Police Bureau of the San Mateo County Sheriff’s Office will be hosting its Annual Town Hall Meeting on Tuesday, May 7th -  7:00pm at City Hall (600 Elm Street).  This is a great opportunity to discuss ongoing crime prevention efforts in San Carlos, and to get the answers to your most pressing questions, such as:

  1. What’s going on will all these burglaries?”  You will receive an update directly from our Burglary Detectives on our most recent developments in the residential burglary investigations.
  2. How can I learn about crime in my neighborhood?”  You will learn how to plot San Carlos crimes from your home computer.
  3. What is being done to keep my kids safe in and around San Carlos Schools?“  You will hear from our School Resource Officer about all that has been done to protect your children in and around San Carlos Schools.
  4. What are the crime trends that will effect the City?”  You will receive an overview from the Police Chief about crime and policing activities in San Carlos.
  5. What is the most underestimated public safety threat we face?“  Answer:  Earthquakes.  You will get information about how to be prepared for a local emergency such as a major earthquake.
  6. Since the police can’t be everywhere at once, how can we better protect ourselves?“  You will receive valuable crime prevention information and learn about Neighborhood Watch.

If the past year’s meetings are any indication, this will be a very interesting and informative meeting.  So mark your calendars, and we’ll see you there.
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Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
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The San Carlos Real Estate Week in Review: 4-27-13.

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San Carlos Real Estate Summary.

Buyers were certainly busy this past week in San Carlos.  10 homes went into contract over the past 7 days, leaving us once again with a paltry inventory level heading into the new week.  In fact, the ratio of active/pending is so absurdly low this week that it’s almost comical.  As I’ve stated before, in a normal market, you’d expect that ratio to be at least 2.0 – 3.0….i.e. 2-3 times as many homes for sale as the number that are pending sale.  This week it sits at 0.34!!    It almost defies logic to have that number sitting below 1 for as long as it has been.   But that’s the market we are in right now, and there doesn’t seem to be any indication that it’s changing any time soon.

Here are the numbers from last week:

By The Numbers.

Below is a high-level snapshot of the market performance for single-family residences in San Carlos. This data is for the week ending 4-27-2013:

San Carlos Housing Data 4-27-13 Prior Week
Closed Sales for the Week:
5 5
Average Sold Price
$1,395,667 $1,2266,255
Average $/Sq Foot (Sold)
$783 $719
Sold Price vs Orig List (%) 111% 111%
Average DOM of Closed Sales 30 13
No. of Homes Pending Sale: 32 25
Inventory of Active Listings:
11 15
Average Price of Active Listings: $1,381,985 $1,528,493
Average DOM of Active Listings: 16 13
Average $/Sq Foot (List) $579 $638
Active-Pending Ratio:
0.34 : 1 0.6 : 1

>>> Click Here to Read the Full Post
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Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
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Price Per Square Foot: Another Look at San Carlos Home Prices.

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Factor Out the Size.

There are a variety of ways to analyze the relative value of a real estate market.  The most commonly used metrics are average sales price and median sales price.  Those metrics are certainly good indicators of what’s happening, but they can be skewed up or down artificially simply by the proportion of larger or smaller homes that sell during a given period.   In other words, if in a given period of time you have an abnormally high number of smaller homes that sell, that’s going to pull the average and median prices down.  But does that necessarily mean the market is getting cheaper?   Absolutely not.

One metric that helps negate this effect is the price per square foot ratio.  This is achieved simply by dividing the final sales price by the square footage of the house.   It’s not a perfect measure because it’s not linear across home sizes.   The price per square foot of a smaller home is usually higher than that of a much larger home, simply because the lot value of a smaller home plays a much greater influence on the value of the house.  Conversely, a larger home has a higher percentage of “low value” square footage.. e.e. family rooms, living rooms — so its price per square foot is a little lower.  But it’s one of the few metrics that can generally be applied across the board to all homes in a given area.

And it’s also the metric that appraisers use for establishing a baseline for assigning a value to a home, before they start to factor in the condition and amenities of the home, so it’s important to understand.

Going Up, Up, Up…

Below are two charts that show the price per square foot of homes sold in San Carlos over the past 10 year (the 2013 data is year to date.)  The first chart shows the price per square foot for ALL single-family residences sold in San Carlos since 2004:

PPSF Q1 2013

San Carlos Price Per Square Foot: ALL Single Family Homes.

 

To put things in perspective, only a few years ago the $600/square foot threshold in San Carlos was an exclusive club that was reserved for new construction, or a nicely remodeled house.   Now, it’s simply the average for all homes, with some easily shattering the $800 and $900/sq foot levels (see below.)

From the chart above, the average price per square foot for a single family residence in San Carlos grew by 6% from 2012,  and is at the highest level for the past 5 years.  In fact, it is only barely inched out by the boom year of 2007 for the entire span of 10 years.

And 2013 isn’t even 1/3 complete yet.

3 Bedroom Home Prices.

I though it would be interesting extract the 3-bedroom home data from the chart above, since 3 bedroom homes are essentially the “bread and butter” of the San Carlos housing stock.   As you might have suspected, the uptick in price is  even more dramatic:

3BR PPSF Q1

San Carlos Price Per Square Foot: 3BR Single Family Homes.

 

If you’re in the market for a 3 BR home, this simply confirms what you probably already felt in your gut –  not only are prices for 3BR homes in San Carlos climbing at a rate faster than the rest of the market, but they ‘re also at an all-time high.

To give you an idea of just how high prices are being pushed for 3-bedroom homes, below is a list of the five most expensive 3-bedroom homes to sell in San Carlos since the beginning of 2013,  as measured by $/sq foot.  As always, you can click on the addresses to see more details on each home:

Address Sold Price Size (sq ft)
$/Sq Foot
1021 Elm Street $1,800,000 1,800 $1,000
1311 Geneva Avenue
$1,260,000 1,320 $955
2096 Birch Avenue
$1,375,000 1,627 $845
124 Chestnut Street
$1,465,000 1,787 $820
148 Chestnut Street
$1,301,000 1,626 $800

The bottom line is that no matter how you slice it — average sales price, median sales price, or price-per-square foot — home prices are on a steep rise in San Carlos.
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Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
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The San Carlos Real Estate Week in Review: 4-20-13.

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San Carlos Real Estate Summary.

Price per square foot is a topic that we’ll address later this week on the blog.  It’s one of a few different ways to measure the relative affordability (or lack thereof) of housing in a particular area.  Using this metric instead of average or median sales price sometimes makes more sense, because that it factors the size of the house out of the equation and provides you with a metric that can be compared to all homes in the area.

Ironically, the number that jumped out at me most in the data below is the price-per-square-foot of the homes that closed escrow this past week: $719/sq foot.  As an average figure, this is pretty breathtaking when you consider that only a couple of years ago, the $600/foot threshold in San Carlos was really reserved for new construction or recently remodeled homes.  Now, that milestone would be considered below average for any given week.  More to follow on that topic later in the week.

Here are the numbers from last week:

By The Numbers.

Below is a high-level snapshot of the market performance for single-family residences in San Carlos. This data is for the week ending 4-20-2013:

San Carlos Housing Data 4-20-13 Prior Week
Closed Sales for the Week:
5 5
Average Sold Price
$1,266,255 $1,253,200
Average $/Sq Foot (Sold)
$719 $642
Sold Price vs Orig List (%) 111% 110%
Average DOM of Closed Sales 13 43
No. of Homes Pending Sale: 25 25
Inventory of Active Listings:
15 12
Average Price of Active Listings: $1,528,493 $1,462,571
Average DOM of Active Listings: 13 11
Average $/Sq Foot (List) $638 $608
Active-Pending Ratio:
0.6 : 1 0.56 : 1

>>> Click Here to Read the Full Post
_____________________________________________________________________________

Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
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