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The San Carlos Real Estate Week in Review: 4/11/2016.

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The Scoop.

New listings were certainly the talk of the San Carlos real estate market this past week. For the second straight week 7 of them jumped into the market, which is much more of a normal number of new listings as we enter the final 60-day push of the Spring real estate period.

What’s interesting from the numbers below is that only one house went into contract all of last week. This is slightly peculiar since it’s not what one would expect to this this time of year, and it’s the prime reason why the inventory of homes for sale suddenly pushed up to 22 in just a matter of a week.

Part of this can be attributed to it being the last week of Spring break, and that many locals were simply out of town. And some of the obviously desirable homes are not taking offers until this week. So perhaps this is just a temporary dip, and homes will start to go into contract at much higher clip this week. But it’s something worth keeping a close eye on it.

Either way, look for a lot of activity in the coming weeks – both in new listings and hopefully sold homes. It’s that time of year again, after all.

Here is a look at last week’s numbers:

The 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 4/10/2016:

San Carlos Housing Data 4/10/16 Prior Week
Closed Sales for the Week: 1 3
Average Sold Price: $1,150,000 $1,641,667
Average $/Sq Foot (Sold) $782 $791
Average Sold as Percentage Of List Price: 115% 106%
Average DOM of Closed Sales 8 16
Total # of Homes Pending Sale: 20 20
No. of New Listings: 7 7
Total # of Active Listings: 22 17
Average Price of Active Listings: $2,100,408 $2,176,231
Average DOM of Active Listings: 23 25
Average $/Sq Foot (List) $900 $895
Active-Pending Ratio: 1.1 : 1 0.8 : 1

>>> Click Here to Read the Full Post
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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.
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New Listing: 2504 Melendy Drive, San Carlos

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The Best of Both Worlds

When it comes to buying a home in San Carlos, you usually have to make a choice: Either you want a home with a large, flat back yard that’s perfect for entertaining and having a place for the kids to play. Or, you want a home with an incredible view. It’s usually one or the other, but rarely do you get both.  Until now.

If breathtaking views and a huge, flat back yard are high on your home buying list, then put my new listing at 2504 Melendy Drive at the top of your list of homes to see this weekend.

2504 Melendy Drive is a spacious, 2,580 square foot home that features 4 bedrooms and 3 full bathrooms. It’s situated on a huge, 11,780 square foot lot — much of which is a flat back yard with a lawn, wood deck, and aggregate concrete sitting area.

And the views? Yep, you get them too — breathtaking views of the South Bay can be had from the back deck, the kitchen, the living room and the dining room:

>>> Click Here to Read the Full Post
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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.
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Q1 2016: San Carlos Real Estate Market Recap.

Special Report

Fewer Homes, Higher Prices.

If you read nothing else in this post, those four words above succinctly describe the state of the San Carlos residential real estate as we close the books on the first quarter of 2016. As you will see from the charts and tables below, the market for single-family homes in San Carlos continues to ride a multi-year trend of declining listings, which is one of the primary factors behind the other multi-year trend – double digit increases in the price of these homes.

Ironically, the townhouse and condo market in San Carlos is having its most robust listing performance in the past 5 years.

Everyone seems to have an opinion as to why there are fewer homes going up for sale every year. Some feel that the hot tech economy has many homeowners gainfully employed, so they’re simply staying put. Others point to the fact that move-up buyers can’t move up in this hotly contested market, so they are remodeling instead of changing addresses. And finally, some sellers may be timing their exit from the area to coincide with the “top” of the real estate market.

If you have that crystal ball handy, please pass it around.

Listing Performance.

For the third straight year, the number of single family home listings has declined significantly in the first quarter. The 57 listings that registered in Q1 represent a 16% drop from just last year, and a 25% decline from just two years ago. That hurts.

As I mentioned above, condos and townhouses managed to buck the trend, registering a 28% gain in listings since last year. For those of us who are big-picture people, here’s a look at those numbers:

New Listings YTD All - Q1

With fewer homes to choose from, the psyche (and the pocketbook) of potential home buyers has taken a serious hit. Just like this time last year, buyers are being forced to be less patient with their decision to buy, and more aggressive with their offers.

>>> Click Here to Read the Full Post
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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.
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The San Carlos Real Estate Week in Review: 4/4/2016.

April

The Scoop.

The San Carlos real estate market snapped back into its normal Spring form this week after the Easter break. There were seven new single family home listings to hit the market, but even with the surge of listing activity the inventory of single family homes to choose from in San Carlos is still sitting at only at 17 as of this morning. That’s because five homes went into contract during the same period. Interestingly, two of the five sold within the first three days of being on the market. That means there’s lots of activity, but still no inventory is being established.

For the third straight week, we will be dealing with some form of Spring break. This time it’s the local public schools that will be off for the week, so we will have to see if it has a negative effect on the market activity, since many San Carlos families will ducking out of town for the week.

Here is a look at last week’s numbers:

The 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 4/3/2016:

San Carlos Housing Data 4/3/16 Prior Week
Closed Sales for the Week: 3 1
Average Sold Price: $1,641,667 $1,510,000
Average $/Sq Foot (Sold) $791 $1,228
Average Sold as Percentage Of List Price: 106% 117%
Average DOM of Closed Sales 16 12
Total # of Homes Pending Sale: 20 17
No. of New Listings: 7 1
Total # of Active Listings: 17 14
Average Price of Active Listings: $2,176,231 $2,203,280
Average DOM of Active Listings: 25 27
Average $/Sq Foot (List) $895 $839
Active-Pending Ratio: 0.8 : 1 0.8 : 1

>>> Click Here to Read the Full Post
_____________________________________________________________________________

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!
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New Listing: 29 Hillcrest Road, San Carlos.

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Spectacular Bay Views.

I am pleased to announce my latest listing that will debut on the market this weekend — 29 Hillcrest Road in San Carlos.  One of the many great things about San Carlos is that certain streets in the city afford you some of the most amazing views of the San Francisco Bay of any place along the Peninsula. Hillcrest Road is one of those special streets.

The views from the back or 29 Hillcrest are absolutely sublime. You get a completely unobstructed panoramic view that starts with the San Francisco skyline, and extends all the way past San Jose and toward the Santa Cruz Mountains.  It’s simply that good.  Here are a few great pictures that still don’t quite do it justice:

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But the views alone are not what make this house special. Custom-built only 17 years ago, this home was very thoughtfully planned to include the amenities that many home buyers are really looking for today:

  • 4 bedrooms, including a spacious master suite.
  • 2 full bathrooms, with an additional 1/2 bath.
  • Formal living room and dining room.
  • Updated kitchen with granite counters and hardwood floors.

The layout of this home was well designed too. All four bedrooms are on the same level together, and can easily be configured as a home office, nursery, or a hobby area. This is an ideal set-up for parents with small children that want the bedrooms in close proximity.

And speaking of bedrooms, yes – the master suite also gets those fabulous views:

master-bedroom

The location of this home is excellent as well. It’s only a short hop to the thriving San Carlos downtown shopping and dining district and the Caltrain station. According to the respective school websites, 29 Hillcrest Road falls within the Arundel Elementary, Tierra Linda Middle, and Carlmont High School boundaries, which is the high on many home buyer’s list. Of course, you need to verify the enrollment and boundaries for yourself 😉

Want to See More?

As I do with all of my listings, you are able to take an interactive 3D tour throughout 29 Hillcrest Road by using the Matterport Scan below.  Simply click on the screen, and let your keyboard arrows or mouse guide you through the home:

For a full gallery of the color photos click here:   29 Hillcrest Road Photo Gallery

Open House.

29 Hillcrest Road will be open this weekend from 1:00 – 4:00PM on both Saturday and Sunday. You have to see this home to truly appreciate what it has to offer. Be sure to stop by and check it out!
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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!
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The San Carlos Real Estate Week in Review: 3/28/2016.

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The Scoop.

The Easter weekend had the expected dampening effect on new listings in San Carlos. Only one new home tested the market last week, since most home sellers wisely avoid Easter Sunday as their debut to the market. I fully expect that the pace of new listings will pick up considerably this week, especially the latter part leading into the open house weekend.

Home buyers were not deterred by the holiday weekend, however. Six homes went into contract last week, thus dropping our inventory back down to the mid-teens. Interestingly, two of these listings required reductions from their original list price in order to sell. This has become a more common occurrence in San Carlos the past few weeks, and it’s indicative of a market that is a bit more fickle and choosy than perhaps it was at this time last year. It will be interesting to see if this trend continues now that we are in the thick of the Spring market.

Here is a look at last week’s numbers:

The 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 3/27/2016:

San Carlos Housing Data 3/27/16 Prior Week
Closed Sales for the Week: 1 3
Average Sold Price: $1,510,000 $1,568,333
Average $/Sq Foot (Sold) $1,228 $891
Average Sold as Percentage Of List Price: 117% 103%
Average DOM of Closed Sales 12 6
Total # of Homes Pending Sale: 17 12
No. of New Listings: 1 6
Total # of Active Listings: 14 20
Average Price of Active Listings: $2,203,280 $2,023,299
Average DOM of Active Listings: 27 18
Average $/Sq Foot (List) $839 $844
Active-Pending Ratio: 0.8 : 1 1.7 : 1

>>> Click Here to Read the Full Post
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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.
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The San Carlos Real Estate Week in Review: 3/21/2016.

Easter 2016

The Scoop.

For the second straight week, a strong push in new listings has lifted the inventory of single-family homes for sale in San Carlos upward. With 7 new listings hitting the market last week and only 4 going into contract, there are now 20 single-family homes for sale in San Carlos. While this is still certainly a fraction of what we would normally see at this time of year, it’s still at a level that we haven’t crossed in quite a few months. Inventory has languished in teens for so long that it seems noteworthy when it crosses the 20-mark.

The condo and townhouse inventory is also growing significantly. As of this morning, there are 11 units for sale across San Carlos, and more coming online this week. Again, this is not a staggering number by historical standards, but when you consider that only 3 weeks ago there was not a single unit for sale, this marks a significant upward push in new inventory.

The continued push in listings may take a temporary breather this week, however, since Easter Sunday is this coming weekend. It’s one of those years where Easter actually falls within March. But regardless of when Easter falls, it’s always a tough weekend to have the first open house since a big portion of the buying population is preoccupied that weekend. Because of this, some sellers may opt to wait an additional week.

The other noteworthy statistic this week is that the average asking price of a single-family home in San Carlos has once again crossed the $2,000,000 mark (this calculation even excludes the $19M listing on Alameda, since that would really skew the data.) This is certainly helped by the fact that 3 of the 7 new listings to debut this past week are asking over $2M.

Home sellers in San Carlos (and their agents) are obviously growing more comfortable with listing their homes above $2,000,000. At this time in 2015, only 5% of the homes that listed since the beginning of the year started at a price above $2,000,000.

So far in 2016 with roughly the same number of listings, that number is a whopping 27%. That’s some serious price growth in just one year.

Here is a look at last week’s numbers:

The 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 3/20/2016:

San Carlos Housing Data 3/20/16 Prior Week
Closed Sales for the Week: 3 4
Average Sold Price: $1,568,333 $1,695,000
Average $/Sq Foot (Sold) $891 $852
Average Sold as Percentage Of List Price: 103% 96%
Average DOM of Closed Sales 6 27
Total # of Homes Pending Sale: 12 10
No. of New Listings: 6 5
Total # of Active Listings: 20 17
Average Price of Active Listings: $2,023,299 $1,989,727
Average DOM of Active Listings: 18 19
Average $/Sq Foot (List) $844 $814
Active-Pending Ratio: 1.7 : 1 1.7 : 1

>>> Click Here to Read the Full Post
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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!
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The San Carlos Real Estate Week in Review: 3/14/2016.

March Calendar

The Scoop.

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:

The 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

>>> Click Here to Read the Full Post
_____________________________________________________________________________

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!
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