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The San Carlos Real Estate Week in Review: 4-19-14.

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The combination of Easter and the final week of spring break seemed to keep the San Carlos home sellers on the sidelines this past week.  While there were only 3 new single-family listings to debut and not a single condo or townhouse, the buyers who stayed in town kept the market jumping.   7 homes were put into contract, which has once again driven the available inventory of homes in San Carlos into the single-digit range.    The active/pending ratio in San Carlos dropped to 0.25 — one of the lowest levels that I have seen in quite some time.

In a traditional year, the month of May is one of the most robust listing periods in year, as sellers rush to get their homes to the market before the Summer break is upon us.   Home buyers are praying that this trend will happen again this year, because as of right now, there are only 9 homes to choose from in all of San Carlos – and that number will drop significantly next week without some new inventory to backfill.

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 4-19-2014:

San Carlos Housing Data 4-19-14 Prior Week
Closed Sales for the Week: 4 5
Average Sold Price: $1,211,000 $1,656,200
Average $/Sq Foot (Sold) $804 $868
Sold Price vs Orig List Price: 107% 117%
Average DOM of Closed Sales 17 9
No. of Homes Pending Sale: 36 31
No. of Active Listings: 9 13
Average Price of Active Listings: $1,607,111 $1,302,808
Average DOM of Active Listings: 16 7
Average $/Sq Foot (List) $673 $697
Active-Pending Ratio: 0.25 : 1 0.42 : 1

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The San Carlos Real Estate Week in Review: 4-12-14.

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Spring break seemed to take a little wind out of the open house sails over the past two weekends.  With the exception of a few of the new listings, most open houses that I attended yesterday were eerily quiet.   Because the various schools and colleges in the area don’t take the same week off, this phenomenon has been spread out over the past few weekends.  It hasn’t appeared to rein in the appetite of home buyers in San Carlos, though, since they took another 7 homes off the market this past week.

A couple of homes that closed this week fetched prices over $2M — something that was unheard of a few years ago in sleepy San Carlos, but is now something much more commonplace in this red-hot market.   We’ll talk about that more later this week on the blog.

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 4-12-2014:

San Carlos Housing Data 4-12-14 Prior Week
Closed Sales for the Week: 5 4
Average Sold Price: $1,656,200 $1,438,500
Average $/Sq Foot (Sold) $868 $773
Sold Price vs Orig List Price: 117% 105%
Average DOM of Closed Sales 9 11
No. of Homes Pending Sale: 31 30
No. of Active Listings: 13 13
Average Price of Active Listings: $1,302,808 $1,311,258
Average DOM of Active Listings: 7 10
Average $/Sq Foot (List) $697 $684
Active-Pending Ratio: 0.42 : 1 0.43 : 1

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The San Carlos Real Estate Week in Review: 4-5-14.

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It’s hard to say whether it was just a slow week because of spring break, or if it’s because the market might be finally showing some signs of pushing back — but while it was another fairly busy week with 9 homes going into contract, several of these homes only got 1 or 2 offers.  One of them had to take a significant price reduction to get there.   On top of that, there are at least two homes in the active inventory list that had set offer dates for last week and came up empty.

Now before anyone draws any conclusions, it’s important to note that the showpiece homes like 1355 Central and 156 Normandy seemed to do quite remarkable this past week, as you will see when the sales prices are posted.   But for the first time since the beginning of the year, there seems to be the first sign of a pause in this runaway real estate market in San Carlos.   And while we can’t draw a trend from just one week’s worth of data, we will know a lot more about the appetite of this market in the coming 2 weeks.

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 4-5-2014:

San Carlos Housing Data 4-5-14 Prior Week
Closed Sales for the Week: 4 6
Average Sold Price: $1,438,500 $1,436,833
Average $/Sq Foot (Sold) $773 $782
Sold Price vs Orig List Price: 105% 117%
Average DOM of Closed Sales 11 10
No. of Homes Pending Sale: 30 24
No. of Active Listings: 13 16
Average Price of Active Listings: $1,311,258 $1,467,234
Average DOM of Active Listings: 10 14
Average $/Sq Foot (List) $684 $659
Active-Pending Ratio: 0.43 : 1 0.67 : 1

>>> Click Here to Read the Full Post
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The San Carlos Real Estate Week in Review: 3-29-14.

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Last week was the kind of week you would hope for as we head into the month of April — lots of new listings to choose from, at least by this year’s standard.  Eight homes made their debut last week, all being within the range of $1.4M – $2M.  And with only 4 homes going into contract during the same period, our inventory now sits at 16 homes for sale in San Carlos.

Home pricing remains extremely strong, as is evident below in the sold section.   For the second straight week, homes that closed escrow in San Carlos fetched a whopping premium over the asking price — this week it was 17% on average.   That is simply amazing, considering the fact that asking prices have already been adjusted upward during this recent run-up in the market.   If there’s an upper limit to what buyers will do to get the right house in San Carlos, we have not hit it yet.

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 3-29-2014:

San Carlos Housing Data 3-29-14 Prior Week
Closed Sales for the Week: 6 8
Average Sold Price: $1,436,833 $1,401,688
Average $/Sq Foot (Sold) $782 $873
Sold Price vs Orig List Price: 117% 119%
Average DOM of Closed Sales 10 8
No. of Homes Pending Sale: 24 27
No. of Active Listings: 16 11
Average Price of Active Listings: $1,467,234 $1,318,273
Average DOM of Active Listings: 14 15
Average $/Sq Foot (List) $659 $622
Active-Pending Ratio: 0.67 : 1 0.41 : 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: 3-22-14.

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For home buyers in this market hoping to make San Carlos their new zip code, this week’s report will seem somewhat analogous to driving past a car accident on the freeway:  You really want to look at it, but you might be sorry once you did.   The sold figures that are posted below will probably take a little bit of starch out of even the most die-hard home buyers, while at the same time making every homeowner in San Carlos feel like they hit the lottery.

Some of the recorded sales below are simply breathtaking, with premiums of over 40% paid to secure these listings.  But these huge differentials aren’t solely caused by the listings being under-priced to begin with.  The average price per square foot of the 8 sales that closed last week was $873 — an incredible price for San Carlos, and more akin to what you would have seen in Menlo Park a few months ago (they’re now at $1,000/square foot.)    So no matter how you look at it, it’s getting very expensive to live in San Carlos.

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 3-22-2014:

San Carlos Housing Data 3-22-14 Prior Week
Closed Sales for the Week: 8 5
Average Sold Price: $1,401,688 $1,727,600
Average $/Sq Foot (Sold) $873 $747
Sold Price vs Orig List Price: 119% 111%
Average DOM of Closed Sales 8 9
No. of Homes Pending Sale: 27 28
No. of Active Listings: 11 14
Average Price of Active Listings: $1,318,273 $1,355,429
Average DOM of Active Listings: 15 11
Average $/Sq Foot (List) $622 $706
Active-Pending Ratio: 0.41 : 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: 3-15-14.

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Every week is a different adventure in this wild real estate market.  It was a refreshing change last week for San Carlos home buyers to see that more new listings debuted on the market than there were homes that went into contract.  This was a a bit of a surprise to me, because I was predicted the exact opposite was going to happen and that we would be headed back to single-digit inventory again.   But I’m perfectly OK being wrong in this instance.  This runaway market needs desperately needs balance for its own good.

As I highlighted earlier in the week,  the amount that buyers are overbidding to get a home in San Carlos seems to increase every week.  All 5 of the sales that closed this past week commanded 6-figure premiums over the asking price, with two of them fetching a whopping 16% over list.  What makes this remarkable is that not a single one of these homes could be considered under-priced to begin with — in my opinion all 5 were logically priced, taking into consideration the characteristics of the home and the market conditions.   It just speaks volumes about the strength and determination of home buyers 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 3-15-2014:

San Carlos Housing Data 3-15-14 Prior Week
Closed Sales for the Week: 5 5
Average Sold Price: $1,727,600 $1,495,400
Average $/Sq Foot (Sold) $747 $826
Sold Price vs Orig List Price: 111% 109%
Average DOM of Closed Sales 9 9
No. of Homes Pending Sale: 28 30
No. of Active Listings: 14 10
Average Price of Active Listings: $1,355,429 $1,479,595
Average DOM of Active Listings: 11 10
Average $/Sq Foot (List) $706 $664
Active-Pending Ratio: 0.50 : 1 0.33 : 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: 3-8-14.

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The two week run of relatively favorable trends for home buyers in San Carlos definitely came to an abrupt halt last week.  Only 4 new listings hit the market, which was not nearly enough to offset the 9 homes that went pending during the same period.  The net result is that by the time of this post, we were back down to 10 homes for sale in the entire city of San Carlos, and the trend looks to be continuing downward from there.

More than half of these 10 active listings have offer dates set for sometime this coming week, so without a significant influx of new inventory we’re likely headed back to the low single-digit inventory range once again.   So don’t be shocked if you check in later in the week and see a total of 4-5 listings in all of San Carlos.  That’s definitely not good news for home buyers, who are certainly expecting more inventory now we’re well into the Spring 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 3-8-2014:

San Carlos Housing Data 3-8-14 Prior Week
Closed Sales for the Week: 5 5
Average Sold Price: $1,495,000 $1,022,400
Average $/Sq Foot (Sold) $826 $699
Sold Price vs Orig List Price: 109% 112%
Average DOM of Closed Sales 9 11
No. of Homes Pending Sale: 30 25
No. of Active Listings: 10 16
Average Price of Active Listings: $1,479,595 $1,382,875
Average DOM of Active Listings: 10 8
Average $/Sq Foot (List) $664 $631
Active-Pending Ratio: 0.33 : 1 0.64 : 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: 3-1-14.

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For the second straight week, the spring real market was literally jumping in San Carlos.   10 new listings hit the street, ranging in price from $840K to $2.3M, and almost as many homes were plucked off the market by eager buyers.   The net result of all of this buying and selling is that inventory of homes for sale as of this morning bumped up slightly to 16.

Home buyers are really hoping for more of the same type of activity this week, since each solid wave of new listings seems to diffuse some of the buying pressure in this market environment, albeit slightly, since it doesn’t feel like everyone is competing for the same house.    Much like the situation we have with the drought, it’s going to take quite a few more weeks of this type of activity to saturate this market and settle it down a bit.    But the last two weeks were a very good start.

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 3-1-2014:

San Carlos Housing Data 3-1-14 Prior Week
Closed Sales for the Week: 5 4
Average Sold Price: $1,022,400 $1,092,000
Average $/Sq Foot (Sold) $699 $865
Sold Price vs Orig List Price: 112% 113%
Average DOM of Closed Sales 11 11
No. of Homes Pending Sale: 25 22
No. of Active Listings: 16 12
Average Price of Active Listings: $1,382,875 $1,319,143
Average DOM of Active Listings: 8 6
Average $/Sq Foot (List) $631 $694
Active-Pending Ratio: 0.64 : 1 0.67 : 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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