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The San Carlos Real Estate Week in Review: 6-28-15.

July

There’s no doubt about it – the real estate market in San Carlos has certainly cooled down a bit over the past two weeks. The attendance at open houses has been lighter, and homes that are on the market now don’t seem to be getting the frenzied response they might have gotten only a month or so ago.

The numbers reflect this slowdown as well.  The average days on the market (DOM) of all active single-family residence listings in San Carlos is now at 19 days — certainly not an eternity for most real estate markets, but probably the longest we’ve seen all year in our local market.

Much of this may be attributed to the traditional seasonal slowing that has been discussed numerous times in this weekly post. But we will be closely watching the market over the summer months to see if there isn’t more to this trend. After 3+ years of breakneck growth, there are those who believe the market is due to level off in the coming months as the economic growth tapers, and interest rates finally start to climb.

This reduced competition presents a golden opportunity for buyers who are still diligently looking for a home during the summer months. It’s going to be an interesting summer…

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 6-28-2015:

San Carlos Housing Data 6-28-15 Prior Week
Closed Sales for the Week: 2 7
Average Sold Price: $1,605,000 $1,257,857
Average $/Sq Foot (Sold) $763 $783
Average Sold as Percentage Of List Price: 113% 118%
Average DOM of Closed Sales 55 17
No. of Homes Pending Sale: 22 20
No. of New Listings: 4 4
Total # of Active Listings: 11 11
Average Price of Active Listings: $1,910,535 $1,846,727
Average DOM of Active Listings: 19 16
Average $/Sq Foot (List) $737 $711
Active-Pending Ratio: 0.50 : 1 0.55 : 1

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The San Carlos Real Estate Week in Review: 6-21-15.

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The June Swoon that we have been experiencing since the beginning of this month continued in earnest last week. Only 3 homes were put into contract, and one of them had been on and off the market for over two months. Granted, there still isn’t a huge inventory being built up while buyers decide what they want to do — only 4 new listings tested the market last week which only offset what went into contract — but there are still some very nice homes on the market that some smart buyers are going snatch up.

For home buyers, this is just about the exact scenario that you’ve been waiting for all year — less buying pressure, and less competition. Once we get a reasonable bump in inventory, your persistence may pay off for you as we head into the summer months.

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 6-21-2015:

San Carlos Housing Data 6-21-15 Prior Week
Closed Sales for the Week: 7 5
Average Sold Price: $1,257,857 $1,736,300
Average $/Sq Foot (Sold) $783 $826
Average Sold as Percentage Of List Price: 118% 110%
Average DOM of Closed Sales 17 13
No. of Homes Pending Sale: 20 24
No. of New Listings: 4 5
Total # of Active Listings: 11 9
Average Price of Active Listings: $1,846,727 $1,895,556
Average DOM of Active Listings: 16 20
Average $/Sq Foot (List) $711 $757
Active-Pending Ratio: 0.55 : 1 0.38 : 1

>>> Click Here to Read the Full Post
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The San Carlos Real Estate Week in Review: 6-14-15.

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One of the changes that is common to see around this time of year is that the number offers that each property fetches tends to drop from what you might see in the peak months of March-May.  This makes sense, because when the calendar hits June, many buyers hit the road. And if it’s not vacation that’s beckoning, it’s the multitude of graduations and weddings that are pulling at everyone’s time.

It’s important to note this, because what is not happening right now with this decrease in offers is a decrease in purchase prices. Quite the contrary – although the homes that went pending over the past two weeks fetched fewer offers, there was definitely no signs of weakness in the prices that these homes fetched, as you will see when the sales prices are posted on the blog in the coming weeks.

It’s important for buyers to not get lulled into a sense of complacency if they are only up against 1-2 other offers on a particular property, because it’s clear from the market performance that a decrease in the number of offers is not causing a decrease in the final price.

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 6-14-2015:

San Carlos Housing Data 6-14-15 Prior Week
Closed Sales for the Week: 5 3
Average Sold Price: $1,736,300 $1,551,933
Average $/Sq Foot (Sold) $826 $909
Average Sold as Percentage Of List Price: 110% 106%
Average DOM of Closed Sales 13 9
No. of Homes Pending Sale: 24 22
No. of New Listings: 5 6
Total # of Active Listings: 9 11
Average Price of Active Listings: $1,895,556 $1,962,364
Average DOM of Active Listings: 20 20
Average $/Sq Foot (List) $757 $770
Active-Pending Ratio: 0.38 : 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: 6-7-15.

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The activity level seemed to tick downward a bit this past week in San Carlos, perhaps because of all of the graduations, or maybe everyone is getting ready to get out of Dodge for a few weeks. There were only two homes to go into contract, and six new listings made their entry onto the market which pushed the number of homes for sale to 11 as of this morning.

From what I can gather as I talk to title reps and property inspectors — people who generally are involved early in the sales process — there is still a pretty healthy pipeline of new listings that will be hitting the market before summer sets in, both in San Carlos as well as up and down the Peninsula. Buyers should definitely stay tuned into the market over the next several weeks.

I will have one nice listing coming up in White Oaks later this week, so keep tuned into the site for more detail!

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 6-7-2015:

San Carlos Housing Data 6-7-15 Prior Week
Closed Sales for the Week: 3 9
Average Sold Price: $1,551,933 $1,594,944
Average $/Sq Foot (Sold) $909 $1,063
Average Sold as Percentage Of List Price: 106% 116%
Average DOM of Closed Sales 9 8
No. of Homes Pending Sale: 22 23
No. of New Listings: 6 2
Total # of Active Listings: 11 7
Average Price of Active Listings: $1,962,364 $2,342,143
Average DOM of Active Listings: 20 25
Average $/Sq Foot (List) $770 $709
Active-Pending Ratio: 0.50 : 1 0.30 : 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: 5-31-15.

June

Don’t look now, but May is gone and June is now here. It’s hard to believe the year is flying by so quickly, but perhaps the lack of key changes in our environment (rain, inventory, etc..) makes every week feel the same. But at a time of the year where we would expect to see a peak in the inventory of homes for sale, we are seeing the exact opposite in San Carlos. As of this morning’s post, there are only 7 single family homes on the market in the entire city.

That number will take a slight bump upward later this morning when a couple of nice new 3BR listings on Greenwood Avenue and Chestnut Street hit the market. And the fact that several property inspectors that I spoke with are booked solid for at least two weeks tells me that there will be a late Spring push before the market takes its normal summer snooze. I know there’s always a certain amount of “buyer fatigue” this time of year from watching prices escalate continuously, and from losing out on multiple bids. But there is also a ton of events around this time of year — graduations and vacations — that compete with the mind share of home buyers, and those buyers who stay on task and move quickly can often can take advantage of these distractions to their benefit.

In the stats below, take a close look at the insane performance of the 9 homes that closed escrow this past week. The average price per square foot of all nine homes was a whopping $1,063/sq foot. And largely because three of these homes sold off market, the average days on market for all nine homes was only 8 days. That‘s a hot 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 5-31-2015:

San Carlos Housing Data 5-31-15 Prior Week
Closed Sales for the Week: 9 6
Average Sold Price: $1,594,944 $1,730,833
Average $/Sq Foot (Sold) $1,063 $791
Average Sold as Percentage Of List Price: 116% 110%
Average DOM of Closed Sales 8 14
No. of Homes Pending Sale: 23 26
No. of New Listings: 2 2
Total # of Active Listings: 7 10
Average Price of Active Listings: $2,342,143 $2,102,295
Average DOM of Active Listings: 25 18
Average $/Sq Foot (List) $709 $784
Active-Pending Ratio: 0.30 : 1 0.38 : 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: 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

>>> 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: 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

>>> 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: 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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