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The San Carlos Real Estate Week in Review: 4/25/2016.

2016 Calendar

The Scoop.

The pace of new listings definitely picked up last week in San Carlos. Nine new single-family homes debuted on the market, and two townhouse/condo units also jumped into fray. This is not a surprise, since we are essentially right in the thick of the Spring real estate market, and we generally see a spike around this time.

Home prices are holding their own, as is evidenced by the data on closed sales from last week. These homes garnered an average of 14% above the asking price, with most of them pulling in 6-figure premiums. This indicates that strong buyers are still out there looking for the right home in San Carlos. Even homes that have been on the market for 21 days or more are starting to see renewed interest, so there are still definitely more buyers than there are sellers in this 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 4/24/2016:

San Carlos Housing Data 4/24/16 Prior Week
Closed Sales for the Week: 8 5
Average Sold Price: $1,704,500 $1,434,200
Average $/Sq Foot (Sold) $931 $970
Average Sold as Percentage Of List Price: 114% 112%
Average DOM of Closed Sales 17 9
Total # of Homes Pending Sale: 19 22
No. of New Listings: 9 6
Total # of Active Listings: 24 21
Average Price of Active Listings: $1,936,607 $2,183,934
Average DOM of Active Listings: 20 21
Average $/Sq Foot (List) $844 $899
Active-Pending Ratio: 1.3 : 1 0.95 : 1

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The San Carlos Real Estate Week in Review: 4/18/2016.

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The Scoop.

Buyers and sellers were both very active last week in San Carlos. 6 more single-family listings jumped into the fray, only to be outpaced by the buyers who locked up 7 of the homes that were already on the market. The net result is that the inventory of single-family homes in San Carlos remained nearly unchanged from last week, and now sits at 21 homes for sale.

The inventory remains slightly weighted toward the higher end of the price range for San Carlos, with 57% of the homes for sale right now being listed at $2,000,000 or more. Regardless, from what I am sensing from talking to sellers and other agents, there is certainly more inventory coming over the next 45 days before the Spring real estate market slips into the summer slowdown, so buyers will certainly not be lacking options if they want to live in San Carlos.

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 4/17/2016:

San Carlos Housing Data 4/17/16 Prior Week
Closed Sales for the Week: 5 1
Average Sold Price: $1,434,200 $1,150,000
Average $/Sq Foot (Sold) $970 $782
Average Sold as Percentage Of List Price: 112% 115%
Average DOM of Closed Sales 9 8
Total # of Homes Pending Sale: 22 20
No. of New Listings: 6 7
Total # of Active Listings: 21 22
Average Price of Active Listings: $2,183,934 $2,100,408
Average DOM of Active Listings: 21 23
Average $/Sq Foot (List) $899 $900
Active-Pending Ratio: 0.95 : 1 1.1 : 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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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
_____________________________________________________________________________

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
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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: 3/28/2016.

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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
_____________________________________________________________________________

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.
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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.
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The San Carlos Real Estate Week in Review: 3/7/2016.

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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.
Don’t miss a single update!
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