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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

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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

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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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The San Carlos Real Estate Week in Review: 9-20-14.

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The Fall real estate market is now in full swing in San Carlos.  There were 12 closings last week, which is a testament to how much activity has been going on in the past month or so.  Pricing has remained strong, with the past group of homes fetching an average of 8% over the asking price.  Some were much higher, as you can see below.

Buyers made a strong statement that they are back in the hunt, as seven homes from last week’s inventory were snapped up — and it’s worth noting that all 7 of these homes were only on the market for two weeks or less.  So the inventory is turning at a pretty brisk pace again right now in San Carlos.  What’s the message in that for buyers?  You need to make sure you get out to see new homes as soon as they hit the market.  The homes that are priced right and check the most number of boxes for today’s buyers are starting to sell again in just the first week on 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 9-20-2014:

San Carlos Housing Data 9-20-14 Prior Week
Closed Sales for the Week: 12 3
Average Sold Price: $1,460,042 $1,173,333
Average $/Sq Foot (Sold) $819 $653
Average Sold – Percentage Of List Price: 108% 101%
Average DOM of Closed Sales 10 31
No. of Homes Pending Sale: 27 34
No. of Active Listings: 16 15
Average Price of Active Listings: $1,406,479 $1,411,779
Average DOM of Active Listings: 15 18
Average $/Sq Foot (List) $706 $734
Active-Pending Ratio: 0.6 : 1 0.44 : 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: 9-13-14.

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The dramatic drop-off in new listings in the San Carlos market last week really surprised everyone who watches this market closely.  There were only 3 new listings to pop up last week, and only one of them listed on Friday.  That meant that prospective home buyers had only 15 single-family homes in the entire city to choose from over this past weekend.   With all of the pre-sales activity that has been going on behind the scenes, that’s just a surprisingly low number.   When you combine that with the 7 homes that went into contract over the same period, our inventory is starting to look like it did back in the spring — really slim.

But there should be more hitting the market this week.  I have another fabulous San Carlos home in the flats that I will be listing later this week — stay tuned to the site for more details.

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 9-13-2014:

San Carlos Housing Data 9-13-14 Prior Week
Closed Sales for the Week: 3 6
Average Sold Price: $1,173,333 $1,315,000
Average $/Sq Foot (Sold) $653 $820
Average Sold – Percentage Of List Price: 101% 99%
Average DOM of Closed Sales 31 27
No. of Homes Pending Sale: 34 27
No. of Active Listings: 15 20
Average Price of Active Listings: $1,411,779 $1,327,326
Average DOM of Active Listings: 18 17
Average $/Sq Foot (List) $734 $743
Active-Pending Ratio: 0.44 : 1 0.74 : 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: 9-6-14.

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The fall real estate market in San Carlos is really flexing its muscle, much as I expected it would.  Last week, 9 new listings hit the market, which is a significant injection of inventory for any time of the year let alone the fall.   But that barely made a dent in the number of homes for sale, because San Carlos home buyers snapped up 7 homes during the same period.   The net result is that the total inventory level remained nearly unchanged from last week, and is sitting at 20 homes for sale at the time of this update.

Open houses were very well attended over the weekend, as many serious buyers were out looking to get their home deal locked up before the holiday season gets here.   If you have been looking for a home all year in San Carlos and have been frustrated by the lack of inventory and the intense competition, I highly encourage you to stay on task over the next two months.  There will be some really good homes hitting the market this fall, and I believe that those buyers who remain committed to finding their perfect San Carlos home may finally be rewarded.

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 9-6-2014:

San Carlos Housing Data 9-6-14 Prior Week
Closed Sales for the Week: 6 5
Average Sold Price: $1,315,000 $1,643,000
Average $/Sq Foot (Sold) $820 $713
Average Sold – Percentage Of List Price: 99% 109%
Average DOM of Closed Sales 27 20
No. of Homes Pending Sale: 27 26
No. of Active Listings: 20 20
Average Price of Active Listings: $1,327,326 $1,375,934
Average DOM of Active Listings: 17 21
Average $/Sq Foot (List) $743 $728
Active-Pending Ratio: 0.74 : 1 0.77 : 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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