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The San Carlos Real Estate Week in Review: 7-26-14.

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The San Carlos real estate market shrugged off the conventional wisdom that the mid-summer is not an ideal time to put a home on the market, as nine different homes hit the market last week.    Home buyers remained very active as well, picking off five homes during the same period – and all five had been on the market for less than two weeks, which shows that the market is continuing to turn inventory very quickly.

As we head into August, it marks the beginning of the Fall real estate market in San Carlos.   In the past, this secondary market wouldn’t start in earnest until after Labor Day weekend.  But with so many schools now starting back in mid-late August, the market activity has been ramping up noticeably in early August the past several years.   Look for this year to be no different this year as July closes out this week.    You can also expect that September and October will be excellent months to list a home this year, since the buying activity has remained so strong during the summer.

Here are the details 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 7-26-2014:

San Carlos Housing Data 7-26-14 Prior Week
Closed Sales for the Week: 7 7
Average Sold Price: $1,136,000 $1,342,123
Average $/Sq Foot (Sold) $779 $810
Average Percentage Over List Price: 106% 108%
Average DOM of Closed Sales 14 16
No. of Homes Pending Sale: 23 25
No. of Active Listings: 22 21
Average Price of Active Listings: $1,415,209 $1,542,900
Average DOM of Active Listings: 26 31
Average $/Sq Foot (List) $699 $671
Active-Pending Ratio: 0.96 : 1 0.84 : 1

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The San Carlos Real Estate Week in Review: 7-19-14.

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One trend you may have noticed in the past few weeks of this report is the re-occurrence of red ink in the “Single Family Homes Sold in San Carlos” section, which designates when a home sells for below its asking price.   While there certainly hasn’t been a preponderance of homes that are failing to fetch their asking price, there has indeed been an increase in just the past few weeks.  And that’s quite noticeable in a year when virtually every home is fetching 10% above the list price — or more.

One may chalk part of this phenomenon up to seasonal slowness in the market.   But this tends to point to a market that is starting to test its upper limits of what buyers are willing to spend.   And while most homes with high desirability factors are still fetching multiple offers and strong prices, some of the homes that have deficiencies (location, condition, etc…) are not simply jumping off the market like they were earlier in the spring.   There are even some nice, new homes that are finding some resistance at the upper end of the price range.  It will be interesting to monitor this trend in the coming weeks.

Here are the details 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 7-19-2014:

San Carlos Housing Data 7-19-14 Prior Week
Closed Sales for the Week: 7 3
Average Sold Price: $1,342,143 $1,350,296
Average $/Sq Foot (Sold) $810 $785
Average Percentage Over List Price: 108% 113%
Average DOM of Closed Sales 16 11
No. of Homes Pending Sale: 25 28
No. of Active Listings: 21 17
Average Price of Active Listings: $1,542,900 $1,522,611
Average DOM of Active Listings: 31 35
Average $/Sq Foot (List) $671 $736
Active-Pending Ratio: 0.84 : 1 0.64 : 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: 7-12-14.

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The San Carlos real estate market is showing some resiliency as we head into mid-July.  The vacation months aren’t keeping all of the buyers away, as is evidenced by the six homes that went into contract last week.  And while there weren’t enough new listings to counter the number of homes that were snapped up, there were still 4 good new issues to make their debut during the same period which is surprisingly strong for this point in July.

That delta in new listings versus pending sales has resulted in the inventory of homes for sale dropping back into the mid-teens, which is where we have been most of the year.   But it also sends a reassuring signal to those sellers that are considering putting their homes on the market in the coming weeks that buyers are still buying, and that they’ll have fewer homes competing with their listing when it hits the market.

Here are the details 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 7-12-2014:

San Carlos Housing Data 7-12-14 Prior Week
Closed Sales for the Week: 3 10
Average Sold Price: $1,350,296 $1,594,700
Average $/Sq Foot (Sold) $785 $790
Average Percentage Over List Price: 113% 104%
Average DOM of Closed Sales 11 13
No. of Homes Pending Sale: 28 24
No. of Active Listings: 17 20
Average Price of Active Listings: $1,522,611 $1,468,597
Average DOM of Active Listings: 35 33
Average $/Sq Foot (List) $736 $698
Active-Pending Ratio: 0.64 : 1 0.83 : 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: 7-5-14.

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The week of the 4th of July holiday is normally a slow one for new listings, and this year’s occurrence was no exception — even despite the continued strong market in San Carlos.   Last week yielded no new listings, which obviously makes sense because you sure don’t want the first open house to be on a weekend when nobody is around.

But the holiday week did not keep buyers off the street.  7 houses went into contract, and that took the inventory of available homes down a notch to 20 — still better than the Spring, but not the levels that buyers have enjoyed for the past few weeks.  And if there isn’t another push of new listings in the coming weeks, that number will once again drop back down into the teens.

On the topic of inventory, take note in the numbers below that the average days on market (DOM) of homes on the market is now at 33 days.  This is the first time that it has broken the 1-month barrier all year.  This is a trend that has been increasing in the past few weeks, which seems to suggest that it’s taking homes a little longer to sell lately.  That’s a number that I will certainly keep a close eye on in the coming weeks.

Here are the details 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 7-5-2014:

San Carlos Housing Data 7-5-14 Prior Week
Closed Sales for the Week: 10 7
Average Sold Price: $1,594,700 $1,690,214
Average $/Sq Foot (Sold) $790 $934
Average Percentage Over List Price: 104% 108%
Average DOM of Closed Sales 13 20
No. of Homes Pending Sale: 24 25
No. of Active Listings: 20 27
Average Price of Active Listings: $1,468,597 $1,421,866
Average DOM of Active Listings: 33 25
Average $/Sq Foot (List) $698 $699
Active-Pending Ratio: 0.83 : 1 1.08 : 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: 6-28-14.

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Today marks the midway point in what has been arguably the strongest and most breathtaking year in San Carlos real estate in recent memory — possibly ever.   2014 is only halfway in the books, and the market is on a pace to shatter just about ever price record that one could think of.   The tally at the end of the year will be hard to believe.

Tomorrow we head into what are usually the slow summer months of the year on the real estate calendar — July and August.  Traditionally, the market takes a breather during these two months, and then picks up again in earnest in September.   But while I believe the market is not going to maintain the breakneck pace that it set in the Spring, I don’t believe we’re going to experience the lull in July and August that we are accustomed to seeing.  The right homes will still garner significant interest, but homes “on the fringe” may take a little bit longer to sell, which was a trend that I started to notice in the beginning of June.

Here are the details 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 6-28-2014:

San Carlos Housing Data 6-28-14 Prior Week
Closed Sales for the Week: 7 7
Average Sold Price: $1,690,214 $1,508,514
Average $/Sq Foot (Sold) $934 $820
Average Percentage Over List Price: 108% 117%
Average DOM of Closed Sales 20 16
No. of Homes Pending Sale: 25 26
No. of Active Listings: 27 29
Average Price of Active Listings: $1,421,866 $1,346,842
Average DOM of Active Listings: 25 22
Average $/Sq Foot (List) $699 $697
Active-Pending Ratio: 1.08 : 1 1.11 : 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: 6-21-14.

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One of the key metrics to keep an eye on when you are gauging the temperature of the local real estate market is the Days on Market, or DOM, of the homes that are going into contract.   The larger that number gets, the longer homes are staying on the market before they sell.  This past week in San Carlos, nine different homes went pending, and all but one sold in about 2 weeks or less — in fact,  the average for the entire group was 14 days.   The average DOM of all 29 homes on the market in San Carlos right now is only 22 days, which is a relatively low number.

This is a good indication that inventory is still turning fairly quickly in San Carlos, despite the fact that we’ve seen a sharp increase in new single-family home listings since the beginning of May.   This past week was no exception to that trend, with 10 new listings replacing the 9 that went into contract, which has kept the inventory level almost unchanged from the prior week.  And with prices showing no signs of weakening, that’s pretty strong evidence that the demand for housing in San Carlos is remaining strong as we head into summer.

Here are the details 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 6-21-2014:

San Carlos Housing Data 6-21-14 Prior Week
Closed Sales for the Week: 7 6
Average Sold Price: $1,508,514 $1,718,333
Average $/Sq Foot (Sold) $820 $958
Average Percentage Over List Price: 114% 117%
Average DOM of Closed Sales 16 11
No. of Homes Pending Sale: 26 25
No. of Active Listings: 29 27
Average Price of Active Listings: $1,346,842 $1,435,288
Average DOM of Active Listings: 22 23
Average $/Sq Foot (List) $697 $700
Active-Pending Ratio: 1.11 : 1 1.08 : 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: 6-14-14.

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This past week was just one of those “wow” weeks for closed sales in San Carlos.   Of the six homes that closed escrow, five garnered 6-figure premiums over the asking price.  And of those five, four of those were pushed roughly $300,000 or more above the list price.  Talk about a market flexing its muscle….

Inventory remained steady at 27 for yet another week, as new listings roughly kept pace with pending sales.  It will be interesting to see how the real estate market reacts,  since this will be the first full week with that the local public school systems have been completely out for summer,  and people are already starting to announce to the world every detail of their vacations on Facebook make vacation plans.  Don’t panic, but July is only two weeks away already…

Here are the details 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 6-14-2014:

San Carlos Housing Data 6-14-14 Prior Week
Closed Sales for the Week: 6 6
Average Sold Price: $1,718,333 $1,518,000
Average $/Sq Foot (Sold) $958 $727
Average Percentage Over List Price: 117% 109%
Average DOM of Closed Sales 11 7
No. of Homes Pending Sale: 25 27
No. of Active Listings: 27 26
Average Price of Active Listings: $1,435,288 $1,484,035
Average DOM of Active Listings: 23 21
Average $/Sq Foot (List) $700 $701
Active-Pending Ratio: 1.08 : 1 0.96 : 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: 6-7-14.

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For the second straight week in San Carlos, there were more new listings to hit the market than there were homes going into contract.  That net positive helped push the inventory of homes for sale up to 27 briefly, before settling in at 26 at the time of this post.  That’s quite possibly the highest number of homes for sale that we’ve seen the entire year.  And San Carlos isn’t alone in this respect — Belmont’s inventory has bloated up to 27 seemingly overnight.

Whether that’s just the normal seasonal push, or a sign that the market is slowing down is still tough to call. Most homes that are going into contract are still seeing significant interest and multiple offers, just perhaps not as many offers as might have been the case a few months when the inventory levels were less than half this amount.   Regardless of the reason, the numbers are finally swinging back toward the buyer’s direction, and those buyers that stay on task during the summer months may finally land that elusive home on the Peninsula.

Here are the details 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 6-7-2014:

San Carlos Housing Data 6-7-14 Prior Week
Closed Sales for the Week: 6 2
Average Sold Price: $1,518,000 $1,177,500
Average $/Sq Foot (Sold) $727 $1,011
Average Percentage Over List Price: 109% 98%
Average DOM of Closed Sales 7 9
No. of Homes Pending Sale: 27 28
No. of Active Listings: 26 22
Average Price of Active Listings: $1,484,035 $1,496,814
Average DOM of Active Listings: 21 16
Average $/Sq Foot (List) $701 $702
Active-Pending Ratio: 0.96 : 1 0.79 : 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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