The Premium for Dirt.
If you’re looking to buy a home in San Carlos and you get queasy at the thought that prices are escalating out of your budget, then perhaps you should skip reading this week’s review. This week’s closed sales featured more eye-popping final prices than I’ve seen in a single week in San Carlos in a long time. But all kidding aside, for some of the bigger sales there is a rational explanation — for others, there’s simply not.
269 Kelton Avenue and 294 Devonshire Boulevard were the two sales that fetched the highest amount (both % and $$) over their asking price. But both of these homes are perfect examples of two points I made recently in the post “The Price of Dirt in San Carlos” — First, the homes themselves had virtually no influence on the final sale prices — the value was driven solely by the dirt on which they stand. And second, it illustrates the fact that there’s still a HUGE premium for flat, buildable land in San Carlos. The economy is once again strong enough were homeowners are willing to make that significant investment to build their “15-20 year” home.
The other home sale that topped the charts was 3363 Melendy Drive, which fetched a whopping $301,000 over the asking price. But the reality of this sale is that this home simply sold where its value was — it’s a very clean 3,400 square foot home with some incredible views, and even the higher sales price only equates to $485/square foot, compared to the average of $777/square foot that the rest of the homes fetched this week.
The rest of the big winners this week? Chalk it up to high demand and market exuberance. And here are those 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 9-28-2013:
|San Carlos Housing Data||9-28-13||Prior Week|
|Closed Sales for the Week:
|Average Sold Price
|Average $/Sq Foot (Sold)
|Sold Price vs Orig List (%)||118%||99%|
|Average DOM of Closed Sales||13||18|
|No. of Homes Pending Sale:||26||29|
|Inventory of Active Listings:
|Average Price of Active Listings:||$1,679,217||$1,714,770
|Average DOM of Active Listings:||46||37|
|Average $/Sq Foot (List)||$552||$547|
||0.69 : 1||0.76 : 1|
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