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The San Carlos Real Estate Week in Review: 7-26-15.

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The Scoop.

It was a surprisingly robust week for new listings in San Carlos, considering that we’re smack in the middle of the summer and late-July is not traditionally a strong market for listing homes. Nonetheless, there were seven new single-family listings that entered the market last week, which helped to drive the inventory up to a total of 14 homes for sale. That’s still not a huge number, but it’s a good pop above where we closed the previous week.

Sale prices for homes that closed last week were remarkably strong, too, with the sales prices fetching a whopping 19% above the list price on average.  That’s significantly higher than what we typically see on a weekly basis, and this week it can be attributed both to some surprisingly strong sales prices, combined with a few homes that were simply under-priced to begin with, which skewed that number slightly upward.

But regardless, the market still remains active and strong for single-family residences in San Carlos.  The same can’t be said for condos and townhomes, though.  As of this morning, there is only one condo for sale in the entire city

Here’s the scoop from last week:

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 7-26-2015:

San Carlos Housing Data 7-26-15 Prior Week
Closed Sales for the Week: 6 8
Average Sold Price: $1,471,000 $1,837,725
Average $/Sq Foot (Sold) $795 $852
Average Sold as Percentage Of List Price: 119% 110%
Average DOM of Closed Sales 10 23
No. of Homes Pending Sale: 16 19
No. of New Listings: 7 4
Total # of Active Listings: 14 10
Average Price of Active Listings: $1,785,243 $1,829,395
Average DOM of Active Listings: 12 11
Average $/Sq Foot (List) $785 $823
Active-Pending Ratio: 0.89 : 1 0.53 : 1

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The San Carlos Real Estate Week in Review: 7-19-15.

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The Scoop.

I always like to comb through the data every week when I run these reports to look for particular numbers that stand out. There’s usually one or two that will raise an eyebrow, and this week is no exception.

The first number that jumped out at me was the average sold price in San Carlos last week, which was a a whopping $1,837,725. And that’s just the average price for the week, and it’s abnormally skewed by having a small data pool.  There were 8 homes that closed escrow last week, which is a decent number for San Carlos, and half of them sold for $1.9M or higher.

Along the same theme, the second number that made me take notice was the average list price for a single-family home in San Carlos, which has now topped $1.8M. This 8% jump in the average list price in just a single week can be largely attributed to the addition of the $3M listing at 120 Wingate Avenue, but it’s still amazing to see how high home prices have climbed in San Carlos in just a few years. The City of Good Living is becoming an expensive place to live.

Here’s the scoop from last week:

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 7-19-2015:

San Carlos Housing Data 7-19-15 Prior Week
Closed Sales for the Week: 8 4
Average Sold Price: $1,837,725 $1,775,950
Average $/Sq Foot (Sold) $852 $801
Average Sold as Percentage Of List Price: 110% 112%
Average DOM of Closed Sales 23 28
No. of Homes Pending Sale: 19 24
No. of New Listings: 4 5
Total # of Active Listings: 10 9
Average Price of Active Listings: $1,829,395 $1,693,100
Average DOM of Active Listings: 11 9
Average $/Sq Foot (List) $823 $807
Active-Pending Ratio: 0.53 : 1 0.42 : 1

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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: 7-12-15.

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The “slight bump” in listings that I predicted (or wishfully hoped for) in last week’s post somewhat materialized over the past week.  There were five new listings to test the summer market, which is still a significant number considering that it’s mid-July and the market is usually quiet this time of year.

The recent sales posted below at 30 Upland Avenue and 1616 Chestnut Street show that there is still significant strength in the 3-bedroom market, with both of these homes surprisingly topping the $1.6M mark. It will be interesting to see if that momentum continues with any new 3-bedroom listings that hit the market in them coming weeks.

Here are the details from last week:

By 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 7-12-2015:

San Carlos Housing Data 7-12-15 Prior Week
Closed Sales for the Week: 4 3
Average Sold Price: $1,775,950 $1,465,000
Average $/Sq Foot (Sold) $801 $860
Average Sold as Percentage Of List Price: 112% 105%
Average DOM of Closed Sales 28 13
No. of Homes Pending Sale: 24 25
No. of New Listings: 5 4
Total # of Active Listings: 10 9
Average Price of Active Listings: $1,693,100 $1,714,889
Average DOM of Active Listings: 9 19
Average $/Sq Foot (List) $807 $726
Active-Pending Ratio: 0.42 : 1 0.36 : 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: 7-5-15.

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I hope everyone had a safe and happy 4th of July weekend. It’s Monday, and time to get back to reality!

If there will ever be a part of this year where the momentum may swing slightly back in favor of home buyers, this next 5-6 weeks is probably going to be it. This is the time of year where buyers enjoy the unique combination of having the least amount of competition while there is still decent inventory to choose from. There have already been reports in the past week of homes in San Carlos and Belmont that have only gotten one offer – or none at all – once offer dates have been set. This is a sign that there are either fewer buyers in the market, or that the buyers that are out there have suddenly gotten a lot more picky. Whatever the reason is, this simply wasn’t happening just a few months ago.

Home owners who decide to sell during the summer months will wisely choose to avoid the 4th of July weekend, so you can expect to see a bump in new listings over the next couple of weeks since we have now passed that date. Home buyers that stay on task may be rewarded in the coming weeks.

Here are the details from last week:

By the Numbers.

Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the week ending 7-5-2015:

San Carlos Housing Data 7-5-15 Prior Week
Closed Sales for the Week: 3 2
Average Sold Price: $1,465,000 $1,605,000
Average $/Sq Foot (Sold) $860 $763
Average Sold as Percentage Of List Price: 105% 113%
Average DOM of Closed Sales 13 55
No. of Homes Pending Sale: 25 22
No. of New Listings: 4 4
Total # of Active Listings: 9 11
Average Price of Active Listings: $1,714,889 $1,910,535
Average DOM of Active Listings: 19 19
Average $/Sq Foot (List) $726 $737
Active-Pending Ratio: 0.36 : 1 0.50 : 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: 6-28-15.

July

There’s no doubt about it – the real estate market in San Carlos has certainly cooled down a bit over the past two weeks. The attendance at open houses has been lighter, and homes that are on the market now don’t seem to be getting the frenzied response they might have gotten only a month or so ago.

The numbers reflect this slowdown as well.  The average days on the market (DOM) of all active single-family residence listings in San Carlos is now at 19 days — certainly not an eternity for most real estate markets, but probably the longest we’ve seen all year in our local market.

Much of this may be attributed to the traditional seasonal slowing that has been discussed numerous times in this weekly post. But we will be closely watching the market over the summer months to see if there isn’t more to this trend. After 3+ years of breakneck growth, there are those who believe the market is due to level off in the coming months as the economic growth tapers, and interest rates finally start to climb.

This reduced competition presents a golden opportunity for buyers who are still diligently looking for a home during the summer months. It’s going to be an interesting summer…

Here are the details from last week:

By the Numbers.

Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the week ending 6-28-2015:

San Carlos Housing Data 6-28-15 Prior Week
Closed Sales for the Week: 2 7
Average Sold Price: $1,605,000 $1,257,857
Average $/Sq Foot (Sold) $763 $783
Average Sold as Percentage Of List Price: 113% 118%
Average DOM of Closed Sales 55 17
No. of Homes Pending Sale: 22 20
No. of New Listings: 4 4
Total # of Active Listings: 11 11
Average Price of Active Listings: $1,910,535 $1,846,727
Average DOM of Active Listings: 19 16
Average $/Sq Foot (List) $737 $711
Active-Pending Ratio: 0.50 : 1 0.55 : 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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The San Carlos Real Estate Week in Review: 6-21-15.

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The June Swoon that we have been experiencing since the beginning of this month continued in earnest last week. Only 3 homes were put into contract, and one of them had been on and off the market for over two months. Granted, there still isn’t a huge inventory being built up while buyers decide what they want to do — only 4 new listings tested the market last week which only offset what went into contract — but there are still some very nice homes on the market that some smart buyers are going snatch up.

For home buyers, this is just about the exact scenario that you’ve been waiting for all year — less buying pressure, and less competition. Once we get a reasonable bump in inventory, your persistence may pay off for you as we head into the summer months.

Here are the details from last week:

By the Numbers.

Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the week ending 6-21-2015:

San Carlos Housing Data 6-21-15 Prior Week
Closed Sales for the Week: 7 5
Average Sold Price: $1,257,857 $1,736,300
Average $/Sq Foot (Sold) $783 $826
Average Sold as Percentage Of List Price: 118% 110%
Average DOM of Closed Sales 17 13
No. of Homes Pending Sale: 20 24
No. of New Listings: 4 5
Total # of Active Listings: 11 9
Average Price of Active Listings: $1,846,727 $1,895,556
Average DOM of Active Listings: 16 20
Average $/Sq Foot (List) $711 $757
Active-Pending Ratio: 0.55 : 1 0.38 : 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: 6-14-15.

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One of the changes that is common to see around this time of year is that the number offers that each property fetches tends to drop from what you might see in the peak months of March-May.  This makes sense, because when the calendar hits June, many buyers hit the road. And if it’s not vacation that’s beckoning, it’s the multitude of graduations and weddings that are pulling at everyone’s time.

It’s important to note this, because what is not happening right now with this decrease in offers is a decrease in purchase prices. Quite the contrary – although the homes that went pending over the past two weeks fetched fewer offers, there was definitely no signs of weakness in the prices that these homes fetched, as you will see when the sales prices are posted on the blog in the coming weeks.

It’s important for buyers to not get lulled into a sense of complacency if they are only up against 1-2 other offers on a particular property, because it’s clear from the market performance that a decrease in the number of offers is not causing a decrease in the final price.

Here are the details from last week:

By the Numbers.

Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the week ending 6-14-2015:

San Carlos Housing Data 6-14-15 Prior Week
Closed Sales for the Week: 5 3
Average Sold Price: $1,736,300 $1,551,933
Average $/Sq Foot (Sold) $826 $909
Average Sold as Percentage Of List Price: 110% 106%
Average DOM of Closed Sales 13 9
No. of Homes Pending Sale: 24 22
No. of New Listings: 5 6
Total # of Active Listings: 9 11
Average Price of Active Listings: $1,895,556 $1,962,364
Average DOM of Active Listings: 20 20
Average $/Sq Foot (List) $757 $770
Active-Pending Ratio: 0.38 : 1 0.50 : 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: 6-7-15.

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The activity level seemed to tick downward a bit this past week in San Carlos, perhaps because of all of the graduations, or maybe everyone is getting ready to get out of Dodge for a few weeks. There were only two homes to go into contract, and six new listings made their entry onto the market which pushed the number of homes for sale to 11 as of this morning.

From what I can gather as I talk to title reps and property inspectors — people who generally are involved early in the sales process — there is still a pretty healthy pipeline of new listings that will be hitting the market before summer sets in, both in San Carlos as well as up and down the Peninsula. Buyers should definitely stay tuned into the market over the next several weeks.

I will have one nice listing coming up in White Oaks later this week, so keep tuned into the site for more detail!

Here are the details from last week:

By the Numbers.

Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the week ending 6-7-2015:

San Carlos Housing Data 6-7-15 Prior Week
Closed Sales for the Week: 3 9
Average Sold Price: $1,551,933 $1,594,944
Average $/Sq Foot (Sold) $909 $1,063
Average Sold as Percentage Of List Price: 106% 116%
Average DOM of Closed Sales 9 8
No. of Homes Pending Sale: 22 23
No. of New Listings: 6 2
Total # of Active Listings: 11 7
Average Price of Active Listings: $1,962,364 $2,342,143
Average DOM of Active Listings: 20 25
Average $/Sq Foot (List) $770 $709
Active-Pending Ratio: 0.50 : 1 0.30 : 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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