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The San Carlos Real Estate Week in Review: 3-22-15.

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Home prices in San Carlos continue to be on an absolute tear.  This past week marked probably the highest amount above the asking price for closed sales of any week since I have been tracking stats on this blog — a whopping 23% on average above the list price. This was skewed upward somewhat by the sale at 2408 San Carlos Avenue, which fetched 45% above the list price.

But the rest of the homes in the sold list below all posted breathtaking premiums over their respective asking prices, the lowest being $151,000 and half of the list fetching $300,000 or higher.  That is some serious market muscle.  Unfortunately, there’s not much relief in sight — we will be starting the week off with only 8 homes for sale in the city and some of these present some unique challenges. Let’s hope for a strong surge of listings this week.

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 3-22-2015:

San Carlos Housing Data 3-22-15 Prior Week
Closed Sales for the Week: 6 4
Average Sold Price: $1,691,500 $1,601,559
Average $/Sq Foot (Sold) $868 $798
Average Sold as Percentage Of List Price: 123% 112%
Average DOM of Closed Sales 9 14
No. of Homes Pending Sale: 16 16
No. of New Listings: 3 6
Total # of Active Listings: 8 11
Average Price of Active Listings: $1,413,000 $1,362,632
Average DOM of Active Listings: 17 12
Average $/Sq Foot (List) $832 $847
Active-Pending Ratio: 0.69 : 1 0.69: 1

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The San Carlos Real Estate Week in Review: 3-15-15.

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The post that I published on the blog last week about the sudden drop in listings (and consequently inventory) in San Carlos was picked up and expounded on in this article the Daily Journal.  San Carlos is not alone in this respect — the number of new listings in most communities along the Peninsula are is either flat, or down from previous years, which is exactly why we are being shell-shocked with some of the prices that are being paid for homes in the past few weeks.

New listings are such a vital metric to the health and balance of the real estate market that I have started tracking them in the summary table below under San Carlos Housing Data.

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 3-15-2015:

San Carlos Housing Data 3-15-15 Prior Week
Closed Sales for the Week: 4 5
Average Sold Price: $1,601,559 $1,564,000
Average $/Sq Foot (Sold) $798 $881
Average Sold as Percentage Of List Price: 112% 104%
Average DOM of Closed Sales 14 11
No. of Homes Pending Sale: 16 18
No. of New Listings: 6 4
Total # of Active Listings: 11 7
Average Price of Active Listings: $1,362,632 $1,304,714
Average DOM of Active Listings: 12 13
Average $/Sq Foot (List) $847 $901
Active-Pending Ratio: 0.69 : 1 0.39: 1

>>> Click Here to Read the Full Post
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The San Carlos Real Estate Week in Review: 3-8-15.

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That surge of new listings that we were hoping for this past week in San Carlos did not materialize.  There were only 4 new homes to debut on the market, and those were overshadowed by the 6 homes that went into contract.  From what I have heard about some of the prices these homes fetched, it will make last weeks eye-popping prices look pretty tame by comparison.

The net result of this disparity is that there are now only 7 single family homes for sale in San Carlos as we kick off the new week, and a few of these won’t be taking offers until later in the month.  So unless there’s more inventory to hit the market this week, there is not going to be a lot happening this week in our local market.

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 3-8-2015:

San Carlos Housing Data 3-8-15 Prior Week
Closed Sales for the Week: 5 12
Average Sold Price: $1,564,000 $1,643,167
Average $/Sq Foot (Sold) $881 $865
Average Sold – Percentage Of List Price: 104% 114%
Average DOM of Closed Sales 11 10
No. of Homes Pending Sale: 18 17
No. of Active Listings: 7 10
Average Price of Active Listings: $1,304,714 $1,456,895
Average DOM of Active Listings: 13 10
Average $/Sq Foot (List) $901 $787
Active-Pending Ratio: 0.39 : 1 0.59: 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: 3-1-15.

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Last week was one of those weeks that makes San Carlos home buyers sit back and take a deep breath…or pour a strong drink.

Some of the home sales that closed last week were so far above the asking price, that it must feel like a punch in the gut for buyers trying to land a home in this market. Of the 12 homes that closed escrow, 6 of them fetched $200,000 or more over the asking price.  Two of them landed premiums of $300,000 or more.  That would be less discouraging if one could chalk this performance up to the fact that the homes might have been simply priced too far below their market value.  But with one notable exception below that was ridiculously under-priced, it’s hard to find fault where the other 11 were marketed. It’s simply a stark statement to the strength and resolve of the typical San Carlos home buyer in this market.

Until more inventory arrives, this is what the battlefield in San Carlos is going to look like.

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 3-1-2015:

San Carlos Housing Data 3-1-15 Prior Week
Closed Sales for the Week: 12 5
Average Sold Price: $1,643,167 $1,506,000
Average $/Sq Foot (Sold) $865 $891
Average Sold – Percentage Of List Price: 114% 110%
Average DOM of Closed Sales 10 11
No. of Homes Pending Sale: 17 24
No. of Active Listings: 10 10
Average Price of Active Listings: $1,456,895 $1,388,200
Average DOM of Active Listings: 10 10
Average $/Sq Foot (List) $787 $806
Active-Pending Ratio: 0.59 : 1 0.42: 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.
Get the best coverage on the San Carlos real estate market delivered right to you!
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The San Carlos Real Estate Week in Review: 2-22-15.

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The continued strength of the San Carlos housing market was very evident this past week with some of the closing prices that are posted below.  Two of the homes that closed fetched $250,000 over their asking prices.  On top of that, there was a $1,000,000 sale in the Greater East Side neighborhood, which hasn’t happened that often in the past, but will probably start to happen with more frequency as finding any house in San Carlos for under $1,000,000 is becoming that much more elusive.

There is a sense in the real estate community that this Spring will be a strong season for listings, which will be good for the entire market.  Even though this lopsided market clearly favors the sellers, it’s so far tilted in that direction that it’s actually scaring some buyers out of the market — which is not good for either side. No matter how many listings hit the market this Spring, there will still be far more buyers than there are homes to put them in. But a market with decent inventory is more healthy than what we are slugging through 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 2-22-2015:

San Carlos Housing Data 2-22-15 Prior Week
Closed Sales for the Week: 5 3
Average Sold Price: $1,506,000 $1,593,333
Average $/Sq Foot (Sold) $891 $632
Average Sold – Percentage Of List Price: 110% 113%
Average DOM of Closed Sales 11 55
No. of Homes Pending Sale: 24 23
No. of Active Listings: 10 10
Average Price of Active Listings: $1,388,200 $1,331,500
Average DOM of Active Listings: 10 47
Average $/Sq Foot (List) $806 $753
Active-Pending Ratio: 0.42 : 1 0.43: 1

>>> Click Here to Read the Full Post
_____________________________________________________________________________

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.
Get the best coverage on the San Carlos real estate market delivered right to you!
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The San Carlos Real Estate Week in Review: 2-15-15.

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The combination of low inventory and high buyer anxiety is pushing home prices to mind-numbing heights not only in San Carlos, but in some surrounding communities where you might not expect this type of behavior. One of those local neighborhoods is the Mount Carmel neighborhood of Redwood City, which in fairly close proximity to the southern most part of San Carlos.

Normally, there is a noticeable difference in pricing between equivalent sized homes in Mount Carmel, and anywhere in San Carlos. This is mostly due the to the fact that many buyers would eschew the picturesque Redwood City neighborhood and hold out for the higher ranked school district in San Carlos.   But this past week, two 3-bedroom homes went pending in Mount Carmel at prices that certainly seem much more San Carlos-like than Redwood City.  The gap between the two cities certainly seems to be closing.

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 2-15-2015:

San Carlos Housing Data 2-15-15 Prior Week
Closed Sales for the Week: 3 1
Average Sold Price: $1,593,333 $1,350,000
Average $/Sq Foot (Sold) $632 $785
Average Sold – Percentage Of List Price: 113% 113%
Average DOM of Closed Sales 55 6
No. of Homes Pending Sale: 23 22
No. of Active Listings: 10 10
Average Price of Active Listings: $1,331,500 $1,297,900
Average DOM of Active Listings: 47 7
Average $/Sq Foot (List) $753 $729
Active-Pending Ratio: 0.43 : 1 0.45: 1

>>> Click Here to Read the Full Post
_____________________________________________________________________________

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.
Get the best coverage on the San Carlos real estate market delivered right to you!
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The San Carlos Real Estate Week in Review: 2-8-15.

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January of 2015 is officially in the books, and it was a robust month by January standards.  As I noted earlier on the blog, there were more new single family listings in January of this year than in any January in the past four years. And historically, January’s performance tends to be an indicator of how the year will go.  So if that logic holds true, buyers should have a slightly better inventory to choose from this Spring. Let’s see if that holds up.

Along those very lines, February is off to a promising start with 6 single-family homes and 3 town homes making their market debut this past week.  Market demand has remained very strong so far this year — of the four homes that went pending this past week, at least two of them fetched a significant number of  offers.  The listing at 205 Clifton raised everyone’s eyebrows when it was disclosed that it received 29 offers.  That has not been the norm this Spring, or at any time in San Carlos, but it does highlight the fact that the market between $1M and $1.5M remains incredibly hot in this market.

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 2-8-2015:

San Carlos Housing Data 2-8-15 Prior Week
Closed Sales for the Week: 1 4
Average Sold Price: $1,350,000 $1,228,675
Average $/Sq Foot (Sold) $785 $703
Average Sold – Percentage Of List Price: 113% 103%
Average DOM of Closed Sales 6 11
No. of Homes Pending Sale: 22 19
No. of Active Listings: 10 8
Average Price of Active Listings: $1,297,900 $1,282,494
Average DOM of Active Listings: 7 18
Average $/Sq Foot (List) $729 $689
Active-Pending Ratio: 0.45 : 1 0.42: 1

>>> Click Here to Read the Full Post
_____________________________________________________________________________

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.
Get the best coverage on the San Carlos real estate market delivered right to you!
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The San Carlos Real Estate Week in Review: 2-1-15.

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The activity was very intense last week in the world of San Carlos real estate, especially considering that we’re still in the final week of January, which is traditionally a slower month.  But buyers really rolled up their sleeves and battled for the few homes that were on the market.  8 homes went into contract in the last 7 days, with the vast majority of them getting multiple offers.

That in itself is not a surprise, but the prices that some of these homes fetched will raise some eyebrows when they are posted in a few weeks. And the sheer strength of the offers that are being written (even the losing ones) is simply amazing.  Suffice it to say that the new year has not brought any relief in pricing for homes in San Carlos.  The game is definitely on.

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 2-1-2015:

San Carlos Housing Data 2-1-15 Prior Week
Closed Sales for the Week: 4 4
Average Sold Price: $1,228,675 $1,358,750
Average $/Sq Foot (Sold) $703 $860
Average Sold – Percentage Of List Price: 103% 99%
Average DOM of Closed Sales 11 37
No. of Homes Pending Sale: 19 15
No. of Active Listings: 8 11
Average Price of Active Listings: $1,282,494 $1,534,177
Average DOM of Active Listings: 18 16
Average $/Sq Foot (List) $689 $786
Active-Pending Ratio: 0.42 : 1 0.69: 1

>>> Click Here to Read the Full Post
_____________________________________________________________________________

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.
Get the best coverage on the San Carlos real estate market delivered right to you!
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