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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

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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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February 2016 Home Sales in San Carlos.

FebSales

Just as we did earlier in the week when we posted the January home sales in San Carlos, we’re getting caught up for the year by tabulating the home sales for the month of February below. The results, not surprisingly, are very similar to the what we analyzed in the January numbers: Growth, and lots of it.

There were some simply stunning premiums paid over the asking price for a number of the homes below, most notably the $500,050 extra that 620 Terrace Road fetched, and the nearly 29% upside that 27 Bayport Court reeled in.

Below is the list of the all of the single-family homes that sold during the month of February 2016 in San Carlos.  Click on the addresses to see the complete details of each of these homes:

Address Sold Price Orig. List Difference DOM (days)
1985 Carmelita Drive $3,600,000 $3,600,000 $0 (0%) 0
112 Wildwood Avenue $2,725,000 $2,249,000 +$476,000 (+21.2%) 9
620 Terrace Road $2,400,000 $1,899,950 +$500,050 (+26.3%) 5
133 Plymouth Avenue $2,200,000 $2,200,000 $0 (0%) 0
2668 Thornhill Drive $2,170,000 $2,268,000 -$98,000 (-4.3%) 154
2079 Alma Street $2,100,000 $1,695,950 +$404,050 (+23.8%) 7
238 Loma Road $2,050,000 $1,698,000 +$352,000 (+20.7%) 8
2015 Eaton Avenue $1,950,000 $1,728,000 +$222,000 (+11.4%) 16
1089 Hewitt Drive $1,876,000 $1,488,000 +$388,000 (+26.1%) 15
10 Valley Road $1,835,000 $1,835,000 $0 (0%) 0
27 Bayport Court $1,670,000 $1,300,000 +$370,000 (+28.5%) 7
2202 Carmelita Drive $1,635,000 $1,568,000 +$67,000 (+4.3%) 8
2220 San Carlos Avenue $1,588,000 $1,288,000 +$300,000 (+23.3%) 17
205 Oakview Drive $1,425,000 $1,395,000 +$30,000 (+2.2%) 5
1925 Howard Avenue $1,380,000 $1,349,000 +$31,000 (+2.3%) 12
1450 Alameda de las Pulgas $1,350,000 $1,189,500 +$160,500 (+13.5%) 3
1647 Walnut Street $1,250,000 $1,049,000 +$201,000 (+19.2%) 10

2016 vs 2015.

Below is a high-level view of the market performance for single-family residences that sold in San Carlos in February of 2016 compared to the same period in 2015:

San Carlos Housing Data Feb 2016 Feb  2015
Closed Sales: 17 23
Average Sold Price: $1,993,471 $1,620,130
Average $/Sq Foot (Sold) $997 $843
Average Sold as Percentage Of List Price: 113% 112%
Average DOM of Closed Sales 16 15

Just like we saw in the January data, home prices in February posted huge gains over the prior year. The average price for a single-family San Carlos home in February skyrocketed by 23% from the previous year, while the average price per square foot also shot upward, registering an 18.3% increase.

What was also fascinating is that of the 17 homes that closed in February, nearly half of those sold for over $2,000,000.  In fact, the calculated average sales price for all homes sold that month was just a whisker below $2,000,000 — quite possibly one of the highest average sales prices for any month on record.
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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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January 2016 Home Sales in San Carlos.

Jan Sale

A Summary.

In a manner somewhat similar to listing recap that I do at the end of every month, I’m starting another new series on the blog where I will compile a summary of the homes that sell each month in San Carlos. Along with this list will be a summary of the data that should reveal some interesting trends in our housing market. As with all of the data that is presented on the site, the data in this series only accounts for those homes sales that were reported on the Multiple Listing Service (MLS) — private sales and those where the final sales price was withheld are excluded from the calculations.

So without further delay, below is a list of the single-family homes that closed escrow in January in San Carlos. In order to get the series caught up with the actual calendar, I will post February’s sales later in the week.

For more information on any of the properties, simply click on the address of each to see the complete details.  I hope you find this information useful…

Address Sold Price Orig. List Difference DOM (days)
2525 Nanette Drive $2,200,000 $1,599,000 +$601,000 (+37.6%) 18
20 Winding Way $1,870,000 $1,788,000 +$82,000 (+4.6%) 25
1230 Greenbrier Road $1,700,000 $1,799,000 -$99,000 (-5.5%) 21
1917 Saint Francis Way $1,650,000 $1,498,000 +$152,000 (+10.1%) 10
880 Buckland Avenue $1,595,000 $1,395,000 +$200,000 (+14.3%) 8
416 Hillcrest Road $1,590,971 $1,599,000 -$8,029 (-0.5%) 21
108 Ruby Avenue $1,450,000 $1,382,000 +$68,000 (+4.9%) 11
205 Oakview Drive $1,425,000 $1,395,000 +$30,000 (+2.2%) 5
106 Acacia Court $1,250,000 $1,225,000 +$25,000 (+2.0%) 21
1361 Hull Drive $1,175,000 $899,000 +$276,000 (+30.1%) 11

2016 vs 2015.

Below is a high-level view of the market performance for single-family residences that sold in San Carlos in January of 2016 compared to the same period in 2015:

San Carlos Housing Data Jan 2016 Jan 2015
Closed Sales: 10 11
Average Sold Price: $1,590,597 $1,309,518
Average $/Sq Foot (Sold) $945 $793
Average Sold as Percentage Of List Price: 110% 102%
Average DOM of Closed Sales 16 18

If you read this site on a regular basis, you’ll know that home prices in San Carlos have been on an steep upward trend for the past 5 years, so it should be no surprise to see this trend continue in 2016. The average price for a single-family San Carlos home in January jumped by a whopping 21.5% from the previous year. The average price per square foot increased at a similar rate, registering a 19.2% growth.
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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: 3/7/2016.

calendar24

The Scoop.

The San Carlos real estate market got a nice shot in the arm this past week with six new single-family homes hitting the market, which is a bit more typical of what we expect to see this time of year. But four of the existing listings went into contract during the same period, so the net impact on the available inventory was only an increase of 2. What’s amazing about this figure is not that there are only 12 homes for sale in San Carlos right now — it’s that the average price of a home for sale in San Carlos right now is just a shade under $2,000,000. Who would have thought that it would go this high?

The next few weeks mark the true start of the Spring real estate market in San Carlos. It will be very interesting to see if we continue to get a surge of new listings, or if we will register yet another consecutive year where were simply fewer homes to choose from.

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 3/6/2016:

San Carlos Housing Data 3/6/16 Prior Week
Closed Sales for the Week: 3 5
Average Sold Price: $1,475,000 $2,110,600
Average $/Sq Foot (Sold) $1,152 $1,053
Average Sold as Percentage Of List Price: 103% 113%
Average DOM of Closed Sales 16 10
Total # of Homes Pending Sale: 12 9
No. of New Listings: 6 5
Total # of Active Listings: 12 10
Average Price of Active Listings: $1,914,967 $1,702,284
Average DOM of Active Listings: 19 18
Average $/Sq Foot (List) $881 $920
Active-Pending Ratio: 1.0 : 1 1.2 : 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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San Carlos Listing Update: February 2016.

update

Opposing Trends.

As we did at the end of January, and will continue do at the end of each month, below is the year-to-date tally of new residential listings in San Carlos for both single-family residences and for condos and townhomes. This is an important statistic to track because it’s essentially the supply element of the supply-versus-demand equation that is the economic engine for any market, regardless of whether it’s a home or any other commodity. If the supply is tight and the demand is high, prices go up — and vice versa.

So far this year in San Carlos, we have two different trends in play depending on whether you’re talking about single-family homes, or condos and townhouses.

As we have discussed numerous times on the site this year, the rate of new listings for single-family residences in San Carlos has been dropping consistently for the past 4 years. And as of the end of February, nothing has happened to reverse that trend. San Carlos only saw 35 new single-family homes hit the market in the first two months of the year, even despite a Leap Day this year on a Monday.  That’s a 19% drop from just last year, and more significant, the lowest level for the first two months in at least the last 14 years — and conceivably quite a bit longer than that, since the MLS data only goes back to 2002.

This trend has been a thorn in the side of home buyers ever since the market turned upward in 2011. It’s the primary cause of the meteoric rise in home prices in San Carlos, and it’s just an exhausting market for buyers to survive in since they’re virtually guaranteed to be in a multiple offer scenario on any house they write on.

Quite to the contrary, condo and townhome listings seem to be quite robust, with 19 new listings to hit the market since the beginning of the year. Most notably, there have been quite a few units in the past few weeks to pop up in the Brittan Heights complex on top of the hill. This figure is up 27% from just last year, and represents the strongest listing start since 2011.

Why is it such a difference from the single-family home market? I believe there are two factors in play. First of all, more condos and townhomes are held as investment properties than are single-family homes. Investors are keenly aware that prices are at the highest levels they have ever been, and perhaps some are opting to to cash out and move their investment elsewhere.

The other reason is that by definition, the condo and townhouse market is very much a transitional market for many homeowners — it’s a step on the way to a larger home for many families, so one would expect that they will be bought and sold more often — although one has to wonder where these sellers are purchasing, since there are so few single-family home listings.

Here’s the listing data for the first two months of the year:

 

New Listings YTD Feb-16

(Source: Multiple Listing Service.  This data is for homes that were listed on the MLS, or for off-market sales that were recorded on the MLS for comparative purposes. It does not account for any private, unreported sales.)

 
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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: 2/29/2016.

Leap Year

The Scoop.

Thanks to the fact that we’re in a leap year, we get an extra day before we close the books on February, which means there will be a few more listings to hit the market in San Carlos before we close the books on this month. But regardless of what debuts today, we will still finish the first two months of the year significantly off the pace of last year and even further behind the year-to-date totals that were registered in prior years. There will be a separate post that will update these totals later this week.

Sales prices remain very strong throughout San Carlos. The homes that closed escrow last week registered and impressive average of $1,053/square foot and a $2,110,600 sales price — both of which are well above the metrics that have been set to date. Look for this to continue as long as listings remain tight.

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 2/28/2016:

San Carlos Housing Data 2/28/16 Prior Week
Closed Sales for the Week: 5 7
Average Sold Price: $2,110,600 $1,879,286
Average $/Sq Foot (Sold) $1,053 $984
Average Sold as Percentage Of List Price: 113% 114%
Average DOM of Closed Sales 10 6
Total # of Homes Pending Sale: 9 11
No. of New Listings: 5 1
Total # of Active Listings: 11 7
Average Price of Active Listings: $1,702,284 $1,564,798
Average DOM of Active Listings: 18 29
Average $/Sq Foot (List) $920 $763
Active-Pending Ratio: 1.2 : 1 0.64 : 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: 2/22/2016.

calendar 2-22

The Scoop.

Just like we witnessed last week, there were some eye-popping upsides in the sold column of the San Carlos sold statistics below.  2079 Alma Street fetched a whopping $404,050 over the asking price, and 27 Bayport Court easily set a new sales record for the Greater East Side when it closed at $1,670,000 – or $370,000 over the list price.

New inventory activity was certainly disappointing last week, with essentially no new homes to choose from, less the large land listing of the former Black Mountain property. Heading into the final week of February, the number of new single-family residence listings in San Carlos is way behind the pace of 2015 – which was not a banner listing year in any respect.  Through the first two months in 2015, San Carlos registered 43 new listings. With 7 days to go in the same period of this year, that number sits at 24.  If you were ever looking for an ideal time to sell your home with virtually no competition, this is it.

Here are 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 2/21/2016:

San Carlos Housing Data 2/21/16 Prior Week
Closed Sales for the Week: 7 3
Average Sold Price: $1,879,286 $1,970,333
Average $/Sq Foot (Sold) $984 $917
Average Sold as Percentage Of List Price: 114% 199%
Average DOM of Closed Sales 6 9
Total # of Homes Pending Sale: 11 15
No. of New Listings: 1 3
Total # of Active Listings: 7 9
Average Price of Active Listings: $1,564,798 $1,623,643
Average DOM of Active Listings: 29 28
Average $/Sq Foot (List) $763 $733
Active-Pending Ratio: 0.64 : 1 0.60 : 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: 2/15/2016.

calendar11

The Scoop.

The market didn’t exactly charge out of the gate after Super Bowl Sunday as many hoped it would. In San Carlos, there were only 3 new listings to kick off the Spring real estate season. That puts our inventory at only 9 homes for sale as we start the shortened week.

For those who were hoping that the market might be starting to level off, the closed sales figures this week did little to justify that. Both 620 Terrace Road and 1089 Hewitt Drive fetched whopping premiums of 26% over their respective asking prices, so clearly buyers are still stepping up to the plate to go after the homes that they really want.

A few weeks ago we discussed the seller’s motivation behind the off-market sale. It’s interesting to note that we’re seeing quite a few more off-market sales so far in 2016 than we are normally accustomed to. From what I am seeing, buyers are definitely willing to pay a premium for purchasing a home off-market for the “privilege” of avoiding a potential bidding bloodbath if the house were were to go to on the market.

Here are 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 2/14/2016:

San Carlos Housing Data 2/14/16 Prior Week
Closed Sales for the Week: 3 2
Average Sold Price: $1,970,333 $1,797,500
Average $/Sq Foot (Sold) $917 $868
Average Sold as Percentage Of List Price: 119% 99%
Average DOM of Closed Sales 9 80
Total # of Homes Pending Sale: 15 17
No. of New Listings: 3 0
Total # of Active Listings: 9 7
Average Price of Active Listings: $1,623,643 $1,518,818
Average DOM of Active Listings: 28 34
Average $/Sq Foot (List) $733 $751
Active-Pending Ratio: 0.60 : 1 0.41 : 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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