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The San Carlos Real Estate Week in Review: 5-24-15.

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Perhaps it was the week before Memorial Day Weekend that caused some sellers to delay listing their home for sale, or maybe there just aren’t going to be that many homes on the market in the coming weeks. But whatever the reason, there were only two new single-family listings to hit the market in all of San Carlos last week. That, combined with the 5 homes that went into contract during the same period, dropped the inventory of homes for sale back down to 10. And that number will drop to 9 as soon as one of the homes that went into contract over the weekend registers it as “pending” on the MLS. That means we will be heading into the home stretch of the Spring real estate market with single-digit inventory — great for sellers, not so much so for buyers.

Last week we mentioned it would only be a matter of time before the average price hits $2M in the City of Good Living. This week, it actually happened. As you can see from the table below, the average price for all homes currently for sale in San Carlos topped the $2,000,000 mark. But just like a Barry Bonds home run, this stat deserves an asterisk, since there is a single $5M listing that pulls the average up quite a bit. Without that listing, the average drops well below the $2M mark. But even that is a remarkable number for a city that was only averaging $1M a few years ago.

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 5-24-2015:

San Carlos Housing Data 5-24-15 Prior Week
Closed Sales for the Week: 6 7
Average Sold Price: $1,730,833 $1,723,286
Average $/Sq Foot (Sold) $791 $900
Average Sold as Percentage Of List Price: 110% 113%
Average DOM of Closed Sales 14 16
No. of Homes Pending Sale: 26 26
No. of New Listings: 2 6
Total # of Active Listings: 10 14
Average Price of Active Listings: $2,102,295 $1,968,357
Average DOM of Active Listings: 118 12
Average $/Sq Foot (List) $784 $750
Active-Pending Ratio: 0.38 : 1 0.54 : 1

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The San Carlos Real Estate Week in Review: 5-17-15.

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The statistics in the San Carlos real estate market are eerily similar this week to where they were last week at this time. The number of new listings was exactly offset by the number of homes that went into contract, thus keeping the number of homes for sale in the city unchanged at 14, which is still an incredibly low number for what is generally the peak period in the Spring real estate market.

Prices on closed home sales remained strong and incredibly resilient, with the average home sale in San Carlos last week hitting a whopping $1.7M. It wasn’t too many years ago that I was commenting on this site about the significance of breaking the magic $1M barrier. Now, it seems like only a matter of time before the average price hits $2M in the City of Good Living.

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 5-17-2015:

San Carlos Housing Data 5-17-15 Prior Week
Closed Sales for the Week: 7 2
Average Sold Price: $1,723,286 $1,757,500
Average $/Sq Foot (Sold) $900 $1,315
Average Sold as Percentage Of List Price: 113% 125%
Average DOM of Closed Sales 16 10
No. of Homes Pending Sale: 26 27
No. of New Listings: 6 9
Total # of Active Listings: 14 14
Average Price of Active Listings: $1,968,357 $1,661,639
Average DOM of Active Listings: 12 9
Average $/Sq Foot (List) $750 $717
Active-Pending Ratio: 0.54 : 1 0.52 : 1

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The San Carlos Real Estate Week in Review: 5-10-15.

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Last week was one of the more brisk weeks that we have seen in the San Carlos real estate scene so far this year. Nine new homes hit the market, only to be offset by nine other homes going into contract. That’s more inventory turnover than we have seen in a number of weeks.  The net result is that we still only have a little over a dozen single-family homes for sale in the entire city of San Carlos. But it speaks volumes to the fact that buyers are still out in droves as hit the latter half of the Spring real estate market in San Carlos.

The other noteworthy activity this past week was the sale of 2130 Greenwood Avenue at $2,015,000. This sale is a testament to the demand for a large, flat lot in a good neighborhood in San Carlos. The value of the lot has a much bigger influence in the sales price in situations like these where you have a relatively small house on an abnormally large lot. That’s why you should not be too alarmed to see a figure of $1,527/sq foot for this house, although it was very much the talk of the town for a few days. The lot value simply overshadows everything else in these kinds of sales.

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 5-10-2015:

San Carlos Housing Data 5-10-15 Prior Week
Closed Sales for the Week: 2 4
Average Sold Price: $1,757,500 $1,523,750
Average $/Sq Foot (Sold) $1,315 $882
Average Sold as Percentage Of List Price: 125% 120%
Average DOM of Closed Sales 10 11
No. of Homes Pending Sale: 27 20
No. of New Listings: 9 5
Total # of Active Listings: 14 13
Average Price of Active Listings: $1,661,639 $1,786,073
Average DOM of Active Listings: 9 17
Average $/Sq Foot (List) $717 $770
Active-Pending Ratio: 0.52 : 1 0.65 : 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: 5-3-15.

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Much has been discussed on this site about the rocket-like trajectory of 3-bedroom home prices in San Carlos, since the 3-bedroom house makes up the majority of the housing stock in the city. But not to be overlooked is the pricing on 2-bedroom homes.  It wasn’t too long ago that you could get a 2-bedroom home for under $1,000,000 on the west side of San Carlos.  It’s pretty safe to assume that those days are long past us, as we witnessed 100 Garnet Avenue close this past week for $1,410,000 making it the 11th most expensive 2BR home to sell in San Carlos in the past 15 years.  There are other 2-bedroom homes that are currently pending sale that will close well above the $1M mark as well.

Even the smallest of homes in the Greater East Side of San Carlos will be topping the $1M mark with regularity as prices continue to rise in San Carlos and all along the Peninsula.  It doesn’t seem that far away that a 7-figure price will become the entry point for any single-family home in San Carlos. Even the dirt value of flat ~5,000 square foot flat lot on west side will easily top $1M.

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 5-3-2015:

San Carlos Housing Data 5-3-15 Prior Week
Closed Sales for the Week: 4 7
Average Sold Price: $1,523,750 $1,469,143
Average $/Sq Foot (Sold) $882 $847
Average Sold as Percentage Of List Price: 120% 114%
Average DOM of Closed Sales 11 13
No. of Homes Pending Sale: 20 17
No. of New Listings: 5 6
Total # of Active Listings: 13 15
Average Price of Active Listings: $1,786,073 $1,666,067
Average DOM of Active Listings: 17 18
Average $/Sq Foot (List) $770 $772
Active-Pending Ratio: 0.65 : 1 0.88 : 1

>>> Click Here to Read the Full Post
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The San Carlos Real Estate Week in Review: 4-26-15.

Very little changed in the overall inventory situation in San Carlos last week.  There were seven new listings to test the market, another six listings went into pending status during that period, and one was withdrawn.  So the net effect is that we are at exactly the same number of homes for sale (15) that we were at this point last week.  It’s difficult to build any significant inventory when homes are getting absorbed as fast as they are being listed.

There were some pretty strong closings last week, with both 135 Leslie Drive and 1534 White Oak Way  topping the $2,000,000 mark.  There have already been over 10 homes so far this year that have passed that threshold in San Carlos, so it appears that buyers are pretty comfortable with that price in San Carlos.

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 4-26-2015:

San Carlos Housing Data 4-26-15 Prior Week
Closed Sales for the Week: 7 3
Average Sold Price: $1,469,143 $1,392,667
Average $/Sq Foot (Sold) $847 $863
Average Sold as Percentage Of List Price: 114% 116%
Average DOM of Closed Sales 13 10
No. of Homes Pending Sale: 17 19
No. of New Listings: 6 5
Total # of Active Listings: 15 15
Average Price of Active Listings: $1,666,067 $1,708,467
Average DOM of Active Listings: 18 17
Average $/Sq Foot (List) $772 $808
Active-Pending Ratio: 0.88 : 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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The San Carlos Real Estate Week in Review: 4-19-15.

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The final week of Spring break is underway, with the Sequoia Union High School District taking this week off.  That should be the last major distraction to the market as we head through the Spring buying season. This year it seemed like there were at least 3 different weeks when the the local schools, private schools, and colleges took their Spring break.  It’s pretty hard to plan a vacation when everyone is on different schedules.

Regardless, that did not seem to temper the enthusiasm in the San Carlos real estate market. The five new listings that hit the market were outnumbered by the seven homes that were put into contract, thus dropping our inventory of homes for sale back down to 15, which is simply a ridiculously low number for this time of year. I am still counting on a significant bump in the number of new listings in the coming weeks, as sellers race to get their homes on the market before the summer break.  I will have two more San Carlos listings hitting the market during that period — stay tuned to the site in the coming weeks for more details.

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 4-19-2015:

San Carlos Housing Data 4-19-15 Prior Week
Closed Sales for the Week: 3 5
Average Sold Price: $1,392,667 $1,666,000
Average $/Sq Foot (Sold) $863 $749
Average Sold as Percentage Of List Price: 116% 116%
Average DOM of Closed Sales 10 85
No. of Homes Pending Sale: 19 15
No. of New Listings: 5 9
Total # of Active Listings: 15 16
Average Price of Active Listings: $1,708,467 $1,671,804
Average DOM of Active Listings: 17 13
Average $/Sq Foot (List) $808 $788
Active-Pending Ratio: 0.79 : 1 1.1: 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: 4-12-15.

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As I predicted last week, the new listings started to come out of the woodwork after the Easter weekend.  San Carlos saw 9 single-family homes make their listing debut this past week, with most of them hitting the market late in the week.  I expect that this trend will continue in the coming weeks as we head into the sweet spot of the Spring real estate market.

This week also saw the unveiling of the first nearly $5M listing that I have ever seen in San Carlos at 168 Queens Court.  It will be interesting to watch where this one sells, because it will certainly test just how rich the San Carlos real estate market really is.

Sales figures on closed homes were once again off the charts, with two homes fetching premiums of over $400,000 above the asking price.  There seems to be nothing that will dampen the enthusiasm for homes in San Carlos right now.

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 4-12-2015:

San Carlos Housing Data 4-12-15 Prior Week
Closed Sales for the Week: 5 4
Average Sold Price: $1,666,000 $1,581,000
Average $/Sq Foot (Sold) $749 $790
Average Sold as Percentage Of List Price: 116% 113%
Average DOM of Closed Sales 85 9
No. of Homes Pending Sale: 15 14
No. of New Listings: 9 4
Total # of Active Listings: 16 13
Average Price of Active Listings: $1,671,804 $1,489,385
Average DOM of Active Listings: 13 13
Average $/Sq Foot (List) $788 $772
Active-Pending Ratio: 1.1 : 1 0.93: 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: 4-5-15.

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The listing activity was fairly light last week in San Carlos, as was generally expected, since most homeowners don’t want to have their first open house on Easter Sunday when many home buyers are committed to family activities. Consequently, I expect to see the  number of new listings pick up quite a bit in the coming weeks, as we are now heading into a stretch of 6 straight weekends without any holiday interruptions until Memorial Day weekend (Mother’s Day being the sole exception during that period).

This is prime-time for the Spring real estate market in San Carlos, and I know that are sellers who were probably ready to put their home on the market last week, but opted to wait until after Easter Sunday, and the various school system’s Spring breaks. If you’re committed to finding a home in San Carlos before summer, this is the period of time that you’ll want to pay full attention to what’s happening.

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 4-5-2015:

San Carlos Housing Data 4-5-15 Prior Week
Closed Sales for the Week: 4 6
Average Sold Price: $1,581,000 $1,892,500
Average $/Sq Foot (Sold) $790 $755
Average Sold as Percentage Of List Price: 113% 109%
Average DOM of Closed Sales 9 9
No. of Homes Pending Sale: 14 16
No. of New Listings: 4 8
Total # of Active Listings: 13 13
Average Price of Active Listings: $1,489,385 $1,412,308
Average DOM of Active Listings: 13 15
Average $/Sq Foot (List) $772 $797
Active-Pending Ratio: 0.93 : 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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