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The San Carlos Real Estate Week in Review: 11-9-13.

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Entry-Level Insanity.

There doesn’t seem to be anything that can hold back the entry-level market in San Carlos right now.  To give you an idea of how much that particular segment of the market has grown this past year, the definition of an “entry-level” home San Carlos used to be one that was priced at $1M or less.  Now, it’s safe to say the upper boundary of the entry-level home in San Carlos is about $1.5M — which is about the going rate for the benchmark clean, updated 3BR home in the flats.

The sales numbers below illustrate this point very well.   For the 6 homes that were listed for under $1.5M, they all sold with multiple offers in about 10 days, and got an average of 115% of the asking price.   For the two homes that were listed above $1.5M,  they fetched 93% of their asking price, while taking nearly 41 days to sell.    That is an amazing contrast, and serves to illustrate just how competitive the lower end of the market still is in San Carlos.

Here are the numbers for 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 11-9-2013:

San Carlos Housing Data 11-9-13 Prior Week
Closed Sales for the Week:
8 4
Average Sold Price
$1,391,385 $1,462,000
Average $/Sq Foot (Sold)
$752 $720
Sold Price vs Orig List (%) 106% 104%
Average DOM of Closed Sales 19 39
No. of Homes Pending Sale: 21 22
Inventory of Active Listings:
13 17
Average Price of Active Listings: $1,606,923 $1,384,056
Average DOM of Active Listings: 48 37
Average $/Sq Foot (List) $636 $651
Active-Pending Ratio:
0.62 : 1 0.77 : 1

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The San Carlos Real Estate Week in Review: 11-2-13.

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Is it Fall Yet?

With the exception of the chilly evenings and the fact that it’s now dark at 6:00 PM, it certainly doesn’t seem like fall here in San Carlos.    The warm, sunny days that we’ve been enjoying has been a blessing for those homes that are still on the market in San Carlos.  I can tell you first-hand that holding a house open in the rain is absolutely no fun, and it keeps all but the die-hard buyers away.  The incredible weather this past weekend had buyers out in droves, as open houses were very well attended this weekend.   Chalk the awesome weather up as yet another reason why so many people want to live in San Carlos, or anywhere on the Peninsula.

Here are the numbers for 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 11-2-2013:

San Carlos Housing Data 11-2-13 Prior Week
Closed Sales for the Week:
4 7
Average Sold Price
$1,462,000 $1,142,857
Average $/Sq Foot (Sold)
$720 $674
Sold Price vs Orig List (%) 104% 110%
Average DOM of Closed Sales 39 10
No. of Homes Pending Sale: 22 21
Inventory of Active Listings:
17 15
Average Price of Active Listings: $1,384,056 $1,543,400
Average DOM of Active Listings: 37 39
Average $/Sq Foot (List) $651 $602
Active-Pending Ratio:
0.77 : 1 0.71 : 1

>>> Click Here to Read the Full Post
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Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing 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: 10-26-13.

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Low Inventory.

Another strong buying week has once again pushed the inventory of single family homes in San Carlos down to paltry levels.    Five single family homes went into contract last week with only 3 new listings to replace them.  That net deficiency pushed the number of available homes down to 15 at the time of this post.   Worse yet, with 4 more listings that have set offer dates for this week, that inventory number will continue to plummet if there isn’t a significant influx of new homes today or tomorrow.

If you’re still on the fence about listing your home this late in the year, you should have no qualms about doing so.  You could not ask for more favorable market conditions to sell a home than what we have right now.

Here are the numbers for 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 10-26-2013:

San Carlos Housing Data 10-26-13 Prior Week
Closed Sales for the Week:
7 9
Average Sold Price
$1,142,857 $1,179,056
Average $/Sq Foot (Sold)
$674 $592
Sold Price vs Orig List (%) 110% 111%
Average DOM of Closed Sales 10 24
No. of Homes Pending Sale: 21 22
Inventory of Active Listings:
15 16
Average Price of Active Listings: $1,543,400 $1,550,615
Average DOM of Active Listings: 39 42
Average $/Sq Foot (List) $602 $577
Active-Pending Ratio:
0.71 : 1 0.73 : 1

>>> Click Here to Read the Full Post
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Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing 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: 10-19-13.

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Market Strength.

The real estate market in San Carlos has seemed to survive everything that has been thrown at recently — rising interest rates, temporary government shutdown, and the corresponding stock market volatility — and yet it keeps chugging along.  This past week’s home closing data showed us that homes in San Carlos are still selling at a blistering pace, and are fetching significant premiums over the asking price (111%).

Even though only 5 listings went pending this week, the majority of these saw fierce competition and garnered multiple offers, as you will see when the sales numbers are published after they close escrow.   So buyers take heed that the market is still ultra-competitive here in San Carlos — and should remain so throughout the fall/winter buying season.

Here are the numbers for 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 10-19-2013:

San Carlos Housing Data 10-19-13 Prior Week
Closed Sales for the Week:
9 4
Average Sold Price
$1,179,056 $1,127,750
Average $/Sq Foot (Sold)
$592 $739
Sold Price vs Orig List (%) 111% 97%
Average DOM of Closed Sales 24 28
No. of Homes Pending Sale: 22 28
Inventory of Active Listings:
16 19
Average Price of Active Listings: $1,550,615 $1,485,781
Average DOM of Active Listings: 42 31
Average $/Sq Foot (List) $577 $598
Active-Pending Ratio:
0.73 : 1 0.68 : 1

>>> Click Here to Read the Full Post
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Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing 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: 10-12-13.

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The Fall Push.

It was a little disconcerting for San Carlos home buyers last week when the inventory of homes for sale plummeted to 12.   For a brief moment, there were thoughts that the fall market was going to maybe pack it in for the year since we’ve now hit mid-October.  But we’re still well over a month before the Thanksgiving holiday, and that means there’s still plenty time for a home owner to sell their home and close the deal before the Thanksgiving break.  And there are many in the business who feel that the real estate market this year is completely oblivious to any calendar anyway.

Well, as if almost on queue, nine new listings debuted in San Carlos this past week, making it a very busy weekend for house hunters — especially since open house hours were competing directly with the San Carlos Art and Wine Faire.   This burst of new listings pushed the inventory back up to 19 homes for sale as of this morning.  That’s still not a huge number for this time of the year, but a bit less frightening for sellers than 12.

Here are the numbers for 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 10-12-2013:

San Carlos Housing Data 10-12-13 Prior Week
Closed Sales for the Week:
4 6
Average Sold Price
$1,127,750 $1,044,917
Average $/Sq Foot (Sold)
$739 $677
Sold Price vs Orig List (%) 97% 103%
Average DOM of Closed Sales 28 11
No. of Homes Pending Sale: 28 28
Inventory of Active Listings:
19 12
Average Price of Active Listings: $1,485,781 $1,820,663
Average DOM of Active Listings: 31 43
Average $/Sq Foot (List) $598 $572
Active-Pending Ratio:
0.68 : 1 0.43 : 1

>>> Click Here to Read the Full Post
_____________________________________________________________________________

Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing 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: 10-5-13.

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Back to Low Inventory.

Don’t look now, but the inventory of single-family homes for sale in San Carlos just took another nose dive.   As of this morning, there are only 12 homes for sale in the entire city, and that number may drop even further by the end of the day today.   This is all because 8 homes went into contract last week, and there were only 3 new listings to fill the gap.   Clearly, there is still strong buyer demand in San Carlos, and sellers should take this as proof that this real estate market knows no calendar.   Sellers will be able to move their home at any time throughout the end of this year.

If you’re thinking about selling your home and debating on whether to wait until next year to list it, you really need to take heed of this climate.  The market is still so heavily in favor of sellers right now — especially now that there is virtually no competition.

Here are the numbers for 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 10-5-2013:

San Carlos Housing Data 10-5-13 Prior Week
Closed Sales for the Week:
6 12
Average Sold Price
$1,044,917 $1,239,022
Average $/Sq Foot (Sold)
$677 $777
Sold Price vs Orig List (%) 103% 118%
Average DOM of Closed Sales 11 13
No. of Homes Pending Sale: 28 26
Inventory of Active Listings:
12 18
Average Price of Active Listings: $1,820,663 $1,679,217
Average DOM of Active Listings: 43 46
Average $/Sq Foot (List) $572 $552
Active-Pending Ratio:
0.43 : 1 0.69 : 1

>>> Click Here to Read the Full Post
_____________________________________________________________________________

Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
Don’t miss a single update!
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The San Carlos Real Estate Week in Review: 9-28-13.

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The Premium for Dirt.

If you’re looking to buy a home in San Carlos and you get queasy at the thought that prices are escalating out of your budget, then perhaps you should skip reading this week’s review.   This week’s closed sales featured more eye-popping final prices than I’ve seen in a single week in San Carlos in a long time.    But all kidding aside, for some of the bigger sales there is a rational explanation — for others, there’s simply not.

269 Kelton Avenue and 294 Devonshire Boulevard were the two sales that fetched the highest amount (both % and $$) over their asking price.  But both of these homes are perfect examples of two points I made recently in the post “The Price of Dirt in San Carlos” — First, the homes themselves had virtually no influence on the final sale prices — the value was driven solely by the dirt on which they stand.  And second, it illustrates the fact that there’s still a HUGE premium for flat, buildable land in San Carlos.   The economy is once again strong enough were homeowners are willing to make that significant investment to build their “15-20 year” home.

The other home sale that topped the charts was 3363 Melendy Drive, which fetched a whopping $301,000 over the asking price.   But the reality of this sale is that this home simply sold where its value was — it’s a very clean 3,400 square foot home with some incredible views, and even the higher sales price only equates to $485/square foot, compared to the average of $777/square foot that the rest of the homes fetched this week.

The rest of the big winners this week?  Chalk it up to high demand and market exuberance.  And here are those numbers 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 9-28-2013:

San Carlos Housing Data 9-28-13 Prior Week
Closed Sales for the Week:
12 6
Average Sold Price
$1,239,022 $1,131,667
Average $/Sq Foot (Sold)
$777 $688
Sold Price vs Orig List (%) 118% 99%
Average DOM of Closed Sales 13 18
No. of Homes Pending Sale: 26 29
Inventory of Active Listings:
18 22
Average Price of Active Listings: $1,679,217 $1,714,770
Average DOM of Active Listings: 46 37
Average $/Sq Foot (List) $552 $547
Active-Pending Ratio:
0.69 : 1 0.76 : 1

>>> Click Here to Read the Full Post
_____________________________________________________________________________

Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing 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: 9-21-13.

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Chugging Along

Last week we tabled the question as to whether the real estate market may be starting to slow a bit from the break-neck pace that we’ve seen all year.  Certainly, last week’s numbers were less than stellar in comparison to the rest of the year’s seemingly unstoppable numbers.  But we also noted that one week’s worth of data does not constitute a trend.

The most recent week’s data rebounded nicely on almost all fronts.   The most telling statistic was that 8 homes went into contract, which shows that buyers are still out there in big numbers.   Another good statistic was that 7 new listings hit the market, which indicates that sellers have no trepidation about bring their home on the market in the Fall.   This will serve to keep the market chugging along.

The one indicator that was down this past week  was the sales price/list price ratio.   This has been running at about 110% on average for most of the year.  This past week, homes that closed escrow in San Carlos fetched 99% of the asking price on average.     It’s hard to say whether this is just a function of more realistic asking prices, or if the sales figures are starting to level off, but it’s worth keeping an eye on in the coming weeks.

Here are the numbers 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 9-21-2013:

San Carlos Housing Data 9-21-13 Prior Week
Closed Sales for the Week:
6 6
Average Sold Price
$1,131,667 $1,173,000
Average $/Sq Foot (Sold)
$688 $729
Sold Price vs Orig List (%) 99% 103%
Average DOM of Closed Sales 18 21
No. of Homes Pending Sale: 29 30
Inventory of Active Listings:
22 23
Average Price of Active Listings: $1,714,770 $1,445,210
Average DOM of Active Listings: 37 37
Average $/Sq Foot (List) $547 $605
Active-Pending Ratio:
0.76 : 1 0.77 : 1

>>> Click Here to Read the Full Post
_____________________________________________________________________________

Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing 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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