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The San Carlos Real Estate Week in Review: 3-31-12.

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San Carlos Real Estate Summary.

The lack of new listings once again controlled the pace of the market in San Carlos this past week.   With only 4 new single-family residences to choose from, the pending sales number dropped to half the rate of last week.   Buyers can’t buy what’s not there.  This mirroring of pending sales versus new listings kept the inventory at 21 homes for sale in the city — a number which will probably drop again into the teens by next week since 104 Windsor Drive and 29 Upland Avenue will be taking offers on Tuesday.

Here are the numbers for this past 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 3-31-2012:

San Carlos Housing Data 3-31-12 Prior Week
Closed Sales for the Week:
6 2
Average Sold Price
$910,000 $965,000 (-5.7%)
Average $/Sq Foot
$529 $411
Sold Price vs Orig List (%) 98% 99%
Average DOM of Closed Sales 33 152
No. of Homes Pending Sale: 56 55
Inventory of Active Listings:
21 22 (-4.5%)
Average Price of Active Listings: $1,437,216 $1,356,630 (+6%)
Average DOM of Active Listings: 32 41
Active-Pending Ratio:
0.38 : 1 0.4 : 1

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The San Carlos Real Estate Week in Review: 3-24-12.

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San Carlos Real Estate Summary.

The numbers are simply mind-boggling for buyers looking to find a home in San Carlos.   22 active listings is an abnormally low number for any time of the year, but it’s unprecedented for the end of March.  And when you compare that to the 55 homes that are currently pending sale, the ratio of active to pending plummets to 0.4!   There are 2.5 times more homes pending sale than for sale in San Carlos right now.   As a point of reference, most communities never see a ratio below 1, and are frankly thrilled if they can get it down below 3.

If that’s not daunting enough, the average days on the market for homes that went pending this past week was 26, which is a reasonable number.  But if you take out just one home that took 185 days to sell, that average number drops to 12 days for the other 11 sales.   That means on average, you have less than 2 weeks to decide on a new listing once it hits the market.   In reality, you have less than a week, if you factor in the time it takes to prepare the offer.   Tough sledding for buyers these days, but it underscores the preparation and focus that’s required to be in this market right now.

Here are the numbers for this past 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 3-24-2012:

San Carlos Housing Data 3-24-12 Prior Week
Closed Sales for the Week:
2 6
Average Sold Price
$965,000 $1,384,167 (-30%)
Average $/Sq Foot
$411 $588
Sold Price vs Orig List (%) 99% 101%
Average DOM of Closed Sales 152 55
No. of Homes Pending Sale: 55 43
Inventory of Active Listings:
22 30 (-27%)
Average Price of Active Listings: $1,356,630 $1,317,379 (+3%)
Average DOM of Active Listings: 41 37
Active-Pending Ratio:
0.4 : 1 0.7 : 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: 3-17-12.

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San Carlos Real Estate Summary.

Buyers were the story this week in San Carlos.  14 homes went into contract in what was arguably the busiest week so far this year.  This overshadowed the fact that 9 new listings made their debut during the week — normally a very respectable number, and it follows on the heels of the 12 homes that listed the prior week.   But this flurry of buying activity served to push the inventory of single family homes in San Carlos back down to 30 again.

By popular request, the condo stats are back this week and will become part of the Week in Review again going forward.

Here are the numbers for this past 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 3-17-2012:

San Carlos Housing Data 3-17-12 Prior Week
Closed Sales for the Week:
6 7
Average Sold Price
$1,384,167 $851,286 (+63%)
Average $/Sq Foot
$588 $518
Sold Price vs Orig List (%) 101% 97%
Average DOM of Closed Sales 55 66
Inventory of Active Listings:
30 36 (-17%)
Average Price of Active Listings: $1,317,379 $1,268,656 (+3.8%)
Average DOM of Active Listings: 37 49
No. of Homes Pending Sale: 43 34
Active-Pending Ratio:
0.7 : 1 1.1 : 1

>>> Click Here to Read the Full Post
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The San Carlos Real Estate Week in Review: 3-10-12.

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San Carlos Real Estate Summary.

The San Carlos real estate market got a much needed shot in the arm this week — a total of 12 new listings launched at various times this week, making for a very busy open house weekend for buyers and agents alike.  This total easily made it the biggest single listing week so far this year, and helped push the available inventory of homes upward by over 40% from last week.  Hopefully the momentum will continue this week, as we’re still below our seasonal average.  And there’s certainly no shortage of buyers ready to snap up this new inventory.

Here are the numbers for this past 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 3-10-2012:

San Carlos Housing Data 3-10-12 Prior Week
Closed Sales for the Week:
7 9
Average Sold Price
$851,286 $998,111 (-14.7%)
Average $/Sq Foot
$518 $555
Sold Price vs Orig List (%) 97% 102%
Average DOM of Closed Sales 66 28
Inventory of Active Listings:
36 25 (44%)
Average Price of Active Listings: $1,268,656 $1,127,082 (+12.6%)
Average DOM of Active Listings: 49 77
No. of Homes Pending Sale: 34 38
Active-Pending Ratio:
1.1 : 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: 3-3-12.

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San Carlos Real Estate Summary.

As you might expect to see in a strengthening market with tight inventory, prices are starting to inch upward in San Carlos.  A significant percentage of the homes that are selling right in San Carlos now are fetching multiple offers, which almost always drives the prices above initial asking price.  This week was no different, as the average sold price was 102% of the list price.  On top of that, the of the 5 homes that went pending during the week, 4 of them were on the market for 2 weeks or less — usually an indication that there was strong demand for those homes.

This doesn’t mean that everything is selling above list like it did back in the peak of 2007, but be prepared for the possibility that if there’s a place that catches your eye, it has probably caught a few others too.   Here are the numbers for the 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 3-3-2012:

San Carlos Housing Data 3-3-12 Prior Week
Closed Sales for the Week:
9 4
Average Sold Price
$998,111 $793,750 (+26%)
Average $/Sq Foot
$555 $590
Sold Price vs Orig List (%) 102% 97%
Average DOM of Closed Sales 28 13
Inventory of Active Listings:
25 25 (0%)
Average Price of Active Listings: $1,127,082 $986,159 (+14.2%)
Average DOM of Active Listings: 77 77
No. of Homes Pending Sale: 38 40
Active-Pending Ratio:
0.6 : 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: 2-25-12.

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San Carlos Real Estate Summary.

If you need any further proof that the demand is red-hot for homes in San Carlos, this past week should have resolved any doubt.  The $2.8M home at 1955 Carmelita Drive sold in just 5 days, reportedly with multiple offers.   And the first open house on Saturday for the beautiful craftsman at 1837 Howard Avenue was absolutely packed.   Buyers are definitely out there in big numbers, and with 8 homes being snapped up this past week, it has been impossible to build up any significant inventory of homes.  As of this post, there are still only 25 homes to choose from in the entire city.

Even the active/pending ratio — which normally sits at about 1.7-2.0 — hit a low of 0.6 this week.  That’s the lowest number that I can recall posting in the 4+ years of this blog’s existence.

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 2-25-2012:

San Carlos Housing Data 2-25-12 Prior Week
Closed Sales for the Week:
4 3
Average Sold Price
$793,750 $825,000 (-3.8%)
Average $/Sq Foot
$590 $437
Sold Price vs Orig List (%) 97% 89%
Average DOM of Closed Sales 13 113
Inventory of Active Listings:
25 27 (-7.4%)
Average Price of Active Listings: $986,159 $977,222 (+0.9%)
Average DOM of Active Listings: 77 79
No. of Homes Pending Sale: 40 36
Active-Pending Ratio:
0.6 : 1 0.8 : 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: 2-18-12.

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San Carlos Real Estate Summary.

The Spring real estate market jumped to life this past week in San Carlos.    Buyers snapped up 10 homes during the week, and there were 6 new listings to complement several homes that were making a repeat visit to the active list.    This balance of pending sales and active listings kept the inventory almost unchanged, which is still unusually low for this time of year.

The good news is that new listings are starting to spring up (no pun intended), which should give frustrated buyers a bit more choice to find the right place.

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 2-18-2012:

San Carlos Housing Data 2-18-12 Prior Week
Closed Sales for the Week:
3 5
Average Sold Price
$825,000 $848,100 (-2.7%)
Average $/Sq Foot
$437 $487
Sold Price vs Orig List (%) 89% 91%
Average DOM of Closed Sales 113 73
Inventory of Active Listings:
27 26 (+3.8%)
Average Price of Active Listings: $977,222 $1,031,255 (-5.2%)
Average DOM of Active Listings: 79 95
No. of Homes Pending Sale: 36 32
Active-Pending Ratio:
0.8 : 1 0.8 : 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: 2-11-12.

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San Carlos Real Estate Summary.

The active-to-pending ratio is one of several metrics that I use to measure the relative strength of a real estate market.  Simply put, it’s just number of active listings divided by the number of pending sales.   In a slow market, one could expect to see that number between 4-5, which shows that there’s a glut of inventory.   In a healthy market like we saw in 2011, that number hovered around 2 — this indicates that homes are selling quickly, but there’s a steady supply of new listings to feed the pipeline.

For the past several weeks in San Carlos, the active-pending ratio has been in the tank, as you can see in the table below. It’s not that often that this ratio falls below 1 — meaning that there more homes pending sale than for sale — but that’s exactly the situation we’ve been in since about the beginning of the year.  (To be fair, it’s important to note that a full 1/3 of these pending sales are actually short sales, which generally take  longer than normal sales to close.  This pulls the ratio a bit lower.)

But when you combine an abnormally low ratio with an inventory hovering in the mid-20′s, it’s clear that the growth of the market is being starved.   Here are the numbers for this 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 2-11-2012:

San Carlos Housing Data 2-11-12 Prior Week
Closed Sales for the Week:
5 4
Average Sold Price
$848,100 $728,875 (+16.3%)
Average $/Sq Foot
$487 $482
Sold Price vs Orig List (%) 91% 96%
Average DOM of Closed Sales 73 42
Inventory of Active Listings:
26 24 (+8.3%)
Average Price of Active Listings: $1,031,255 $1,006,203 (+2.5%)
Average DOM of Active Listings: 95 117
No. of Homes Pending Sale: 32 33
Active-Pending Ratio:
0.8 : 1 0.7 : 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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