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The San Carlos Real Estate Week in Review: 11-15-14.

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The pendulum swung back toward the buyers direction this past week in San Carlos, at least temporarily, as ten new listings made their debut on the market. And during the same period of time only one home went into contract, which combined to temporarily push the inventory of single-family homes briefly up to 18.  That’s not a huge number, but it’s 80% more than what we had at the same time just a week ago.  Unless we get a similar push of new listings this week, don’t expect the inventory to stay at this level for long — homes that are on the market now are either going to sell, or you can expect that sellers who haven’t been successful may consider taking their home off the market for the holidays, and try a fresh start after the first of the year.   Either way, I believe we will be looking at fairly sparse inventory from this point through the end of the year.

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 11-15-2014:

San Carlos Housing Data 11-15-14 Prior Week
Closed Sales for the Week: 6 3
Average Sold Price: $1,590,833 $1,833,333
Average $/Sq Foot (Sold) $762 $776
Average Sold – Percentage Of List Price: 108% 117%
Average DOM of Closed Sales 22 11
No. of Homes Pending Sale: 19 23
No. of Active Listings: 18 10
Average Price of Active Listings: $1,391,035 $1,632,066
Average DOM of Active Listings: 32 57
Average $/Sq Foot (List) $770 $760
Active-Pending Ratio: 0.94 : 1 0.48: 1

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The San Carlos Real Estate Week in Review: 11-8-14.

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It’s decision time for those homeowners that are still on the fence about whether to put their home on the market this year, or to wait until the spring market of 2015. With only about 2.5 weeks until the Thanksgiving holiday weekend, there’s still theoretically time to list a home and get it into contract before we slip into December. The recent unseasonably warm weather certainly doesn’t make it seem as if we’re already in the second week of November. And when you combine that with sales results like those posted below, and the fact that there are only 10 single-family homes for sale in the entire city, it makes that decision even more challenging.

The good news for home sellers is that the market is still incredibly strong, and buyers will continue to be in the hunt throughout the holiday season.  That means if the home is prepared well and priced correctly, it will definitely sell – regardless of whether it’s the second week of November, or the week before Christmas.

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 11-8-2014:

San Carlos Housing Data 11-8-14 Prior Week
Closed Sales for the Week: 3 5
Average Sold Price: $1,833,333 $1,460,000
Average $/Sq Foot (Sold) $776 $780
Average Sold – Percentage Of List Price: 117% 104%
Average DOM of Closed Sales 11 29
No. of Homes Pending Sale: 23 21
No. of Active Listings: 10 14
Average Price of Active Listings: $1,632,066 $1,529,190
Average DOM of Active Listings: 57 40
Average $/Sq Foot (List) $760 $735
Active-Pending Ratio: 0.48 : 1 0.67: 1

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The San Carlos Real Estate Week in Review: 11-1-14.

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Goodbye, October — hello, November!  We are entering the final third of the fall real estate market and pace has already slowed somewhat in San Carlos, as only two new listings made their debut on the MLS last week, and  just 4 of the homes in the existing inventory went into contract. Both of those metrics are down significantly from the pace that has been set so far, during what has been a very robust fall real estate market.

The net result of this week’s activity was to bring the inventory down to just 14 homes for sale in the entire city. This is relatively good news for those sellers who are still hoping to get their homes in contract before we hit the Thanksgiving holiday week — which, by the way, is in just 3 weeks. Conversely, this has to be discouraging to home buyers who are hoping to get a home in contract soon, and be moved in for the holidays.

On top of all that, the time change this past weekend will make it more challenging to show homes this time of year since it will now be dark in the early evenings. That means if you want to see a home while there is still some daylight, you’ll either have to sneak out during work hours, or wait until the weekend to get your first peek.

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 11-1-2014:

San Carlos Housing Data 11-1-14 Prior Week
Closed Sales for the Week: 5 8
Average Sold Price: $1,460,000 $1,505,486
Average $/Sq Foot (Sold) $780 $881
Average Sold – Percentage Of List Price: 104% 106%
Average DOM of Closed Sales 29 8
No. of Homes Pending Sale: 21 21
No. of Active Listings: 14 17
Average Price of Active Listings: $1,529,190 $1,529,575
Average DOM of Active Listings: 40 35
Average $/Sq Foot (List) $735 $706
Active-Pending Ratio: 0.67 : 1 0.81: 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: 10-25-14.

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This past week in San Carlos the market tallied another round of stellar sales results, and that was right on the heels of an equally strong week before.   The data from the 8 homes that closed escrow is pretty amazing:  $881/ square foot, 106% of the list price, and only 8 days on average to sell.   Those are almost Spring-like numbers, but it confirms what I have conveyed all along in the pages of this site — the early part of the Fall market, from Labor Day to about mid-October, is a very robust “secondary” market and nearly rivals the traditional Spring buying season.

Despite all of the expectation that interest rates would start to climb, world events and a rocky ride on the stock market over the past two weeks have kept rates bouncing along at rock-bottom levels.  The conditions are still very good for buyers in this abbreviated market.  The only thing holding back this market, as has been the case all year, is a lack of good inventory.  This means that sellers should still be able to secure very good pricing all the way up through the Thanksgiving holiday weekend.

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 10-25-2014:

San Carlos Housing Data 10-25-14 Prior Week
Closed Sales for the Week: 8 6
Average Sold Price: $1,505,486 $1,481,667
Average $/Sq Foot (Sold) $881 $825
Average Sold – Percentage Of List Price: 106% 113%
Average DOM of Closed Sales 8 10
No. of Homes Pending Sale: 21 23
No. of Active Listings: 17 16
Average Price of Active Listings: $1,529,575 $1,526,361
Average DOM of Active Listings: 35 37
Average $/Sq Foot (List) $706 $605
Active-Pending Ratio: 0.81 : 1 0.7: 1

>>> Click Here to Read the Full Post
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The San Carlos Real Estate Week in Review: 10-18-14.

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Well, just when you thought prices were starting to settle down a bit in San Carlos!! The 6 homes that closed escrow this past week (see below) were all early-fall issues — in other words, they all made their debut on the market sometime between Labor Day weekend and mid-September.  None of them were carry-overs from the summer months.

These six home sales pretty well capture the essence of what was happening in the San Carlos real estate market during the first few weeks of September.  Open houses were well attended as buyers returned en masse from the summer break.  And most, if not all, of the homes that closed this week received multiple offers, although not necessarily in the eye-popping quantities that we saw during the crazy Spring months.

But the lack in quantity was more than made up for in the quality of the offers, as is evidenced by the whopping 13% average kicker over the list price that these homes fetched.  The two listings I had on Greenwood and Saint Francis got 3 offers each, which might be considered a low turnout compared to the Spring market.  But all 6 offers were extremely strong and were well over the asking price, which speaks volumes about the strength and determination of the buyers that are still in the hunt this fall.

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 10-18-2014:

San Carlos Housing Data 10-18-14 Prior Week
Closed Sales for the Week: 6 5
Average Sold Price: $1,481,667 $1,387,000
Average $/Sq Foot (Sold) $825 $728
Average Sold – Percentage Of List Price: 113% 104%
Average DOM of Closed Sales 10 12
No. of Homes Pending Sale: 23 26
No. of Active Listings: 16 12
Average Price of Active Listings: $1,526,361 $1,525,407
Average DOM of Active Listings: 37 43
Average $/Sq Foot (List) $605 $657
Active-Pending Ratio: 0.7 : 1 0.46: 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: 10-11-14.

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We are effectively at the mid-point of the Fall real estate market in San Carlos, square in between the Labor Day and Thanksgiving weekends. The market has taken on a bit more of a relaxed vibe than the craziness and intensity that we witnessed during the Spring market. As we discussed last week, certain homes that don’t necessarily have all of the boxes checked for today’s buyers are taking a bit of a haircut to get into contract. Homes that have the “right stuff” are still selling quickly, and in a competitive environment. But the number of offers on each deal seems to be more reasonable than what we witnessed earlier this year. That trend certainly continued last week.

This should be good news for home buyers who have weathered the storm of 2014, but may still be reluctant to step back into the fray. The second half of the Fall market should present some great opportunities to pick up a home before the market kicks into hibernation mode for the winter. The big challenge over the coming weeks, however, will be re-building the inventory to give buyers something to choose from. As of this morning, there are only 11 single-family homes for sale in the entire city, and that number will likely drop further as the week progresses.

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 10-11-2014:

San Carlos Housing Data 10-11-14 Prior Week
Closed Sales for the Week: 5 9
Average Sold Price: $1,387,00 $1,537,667
Average $/Sq Foot (Sold) $728 $810
Average Sold – Percentage Of List Price: 104% 99%
Average DOM of Closed Sales 12 32
No. of Homes Pending Sale: 26 26
No. of Active Listings: 12 15
Average Price of Active Listings: $1,525,407 $1,364,393
Average DOM of Active Listings: 43 34
Average $/Sq Foot (List) $657 $734
Active-Pending Ratio: 0.46 : 1 0.58: 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: 10-4-14.

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There is an interesting trend that has been developing in the Fall real estate market that I have sensed for the past few weeks, and that the numbers below are now starting to verify. First, if you look at the average percentage over the asking price that ALL homes are fetching in San Carlos, it has dropped significantly over the past few weeks. This past week, it was 99% and the previous week was about 100%. For most of the year, those numbers have been running at least 108% pretty consistently, and have been as high as 115%. At first blush, one could logically conclude from this statistic that the real estate market is slowing down in San Carlos, or at least leveling off.

However, if you look more closely at the individual sales prices below you will see two very different scenarios playing out in this market, and it highlights a critical difference between what we experienced in the white-hot spring market of 2014, and what we are now seeing in the fall.   On one hand, several homes that closed escrow this past week fetched hefty premiums over the asking price — exactly what we’ve seen all year. But this week, more than half of the homes that sold needed a significant price reduction to do so. That is likely the first time this year that this has happened and it underscores the fact the market is starting to push back a little on homes that are priced too optimistically for either their location, size, or condition. That certainly wasn’t the case in the spring, when whatever price was planted on the front lawn was virtually guaranteed to get a 10-15% kicker.

What this tells me is that the market is starting regain a little of its sanity. Multiple offers are still being seen for homes that have the “right stuff” (good location, condition, and price), although the number of offers seems to be less that what we saw in the Spring.   The big difference now is that the market is pushing back on those “fringe” homes that may not hit that sweet spot that buyers are looking for. In other words, there are still strong and very qualified buyers out there — they ‘re just being a bit more picky in this 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 10-4-2014:

San Carlos Housing Data 10-4-14 Prior Week
Closed Sales for the Week: 9 6
Average Sold Price: $1,537,667 $1,573,333
Average $/Sq Foot (Sold) $810 $781
Average Sold – Percentage Of List Price: 99% 100%
Average DOM of Closed Sales 32 21
No. of Homes Pending Sale: 26 29
No. of Active Listings: 15 15
Average Price of Active Listings: $1,364,393 $1,385,123
Average DOM of Active Listings: 34 16
Average $/Sq Foot (List) $734 $706
Active-Pending Ratio: 0.58 : 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: 9-27-14.

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The San Carlos real estate market is resolving any doubts about any potential softening or leveling-off coming out of the slower months of July and August.  Buyers are definitely out in full force this Fall, as open houses have been very well attended and multiple offers are still happening for the right properties.

Five of the eight homes that went into contract this past week were on the market for less than two weeks.   Many of the hotter issues are only on the market for a single week, which means buyers must prioritize getting in to see these homes as soon as possible, whether at the open house or via a private showing.   As the daylight hours start to dwindle at this time of they year, that poses even a bigger challenge if you’re trying to view homes after work during the week.

And speaking of hot new listings, stay tuned to the sight in the coming days – I’ve got another spectacular downtown home that will be on the market this weekend.

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 9-27-2014:

San Carlos Housing Data 9-27-14 Prior Week
Closed Sales for the Week: 6 12
Average Sold Price: $1,573,333 $1,460,042
Average $/Sq Foot (Sold) $781 $819
Average Sold – Percentage Of List Price: 100% 108%
Average DOM of Closed Sales 21 10
No. of Homes Pending Sale: 29 27
No. of Active Listings: 15 16
Average Price of Active Listings: $1,385,123 $1,406,479
Average DOM of Active Listings: 16 15
Average $/Sq Foot (List) $706 $706
Active-Pending Ratio: 0.5 : 1 0.6 : 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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