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The San Carlos Real Estate Week in Review: 4-27-13.

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San Carlos Real Estate Summary.

Buyers were certainly busy this past week in San Carlos.  10 homes went into contract over the past 7 days, leaving us once again with a paltry inventory level heading into the new week.  In fact, the ratio of active/pending is so absurdly low this week that it’s almost comical.  As I’ve stated before, in a normal market, you’d expect that ratio to be at least 2.0 – 3.0….i.e. 2-3 times as many homes for sale as the number that are pending sale.  This week it sits at 0.34!!    It almost defies logic to have that number sitting below 1 for as long as it has been.   But that’s the market we are in right now, and there doesn’t seem to be any indication that it’s changing any time soon.

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 4-27-2013:

San Carlos Housing Data 4-27-13 Prior Week
Closed Sales for the Week:
5 5
Average Sold Price
$1,395,667 $1,2266,255
Average $/Sq Foot (Sold)
$783 $719
Sold Price vs Orig List (%) 111% 111%
Average DOM of Closed Sales 30 13
No. of Homes Pending Sale: 32 25
Inventory of Active Listings:
11 15
Average Price of Active Listings: $1,381,985 $1,528,493
Average DOM of Active Listings: 16 13
Average $/Sq Foot (List) $579 $638
Active-Pending Ratio:
0.34 : 1 0.6 : 1

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The San Carlos Real Estate Week in Review: 4-20-13.

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San Carlos Real Estate Summary.

Price per square foot is a topic that we’ll address later this week on the blog.  It’s one of a few different ways to measure the relative affordability (or lack thereof) of housing in a particular area.  Using this metric instead of average or median sales price sometimes makes more sense, because that it factors the size of the house out of the equation and provides you with a metric that can be compared to all homes in the area.

Ironically, the number that jumped out at me most in the data below is the price-per-square-foot of the homes that closed escrow this past week: $719/sq foot.  As an average figure, this is pretty breathtaking when you consider that only a couple of years ago, the $600/foot threshold in San Carlos was really reserved for new construction or recently remodeled homes.  Now, that milestone would be considered below average for any given week.  More to follow on that topic later in the week.

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 4-20-2013:

San Carlos Housing Data 4-20-13 Prior Week
Closed Sales for the Week:
5 5
Average Sold Price
$1,266,255 $1,253,200
Average $/Sq Foot (Sold)
$719 $642
Sold Price vs Orig List (%) 111% 110%
Average DOM of Closed Sales 13 43
No. of Homes Pending Sale: 25 25
Inventory of Active Listings:
15 12
Average Price of Active Listings: $1,528,493 $1,462,571
Average DOM of Active Listings: 13 11
Average $/Sq Foot (List) $638 $608
Active-Pending Ratio:
0.6 : 1 0.56 : 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: 4-13-13.

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San Carlos Real Estate Summary.

There was nothing but green ink in the “Single Family Homes Sold in San Carlos” section of the report this week.  All 5 homes that closed escrow did so at prices that averaged 10% over the asking price.    This shouldn’t really be a surprise, since virtually every listing that has sold in the past few months has done so with multiple aggressive offers.  Of the 14 active listings that remain, at least 4 of them have offer dates for this week.  So unless we continue to get new listings to sell, the inventory is going to remain in the low-teens (or perhaps the single digits) for yet another week.  If you’re thinking of selling your home and catching the spring market, now is the time.

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 4-13-2013:

San Carlos Housing Data 4-13-13 Prior Week
Closed Sales for the Week:
5 6
Average Sold Price
$1,253,200 $1,157,000
Average $/Sq Foot (Sold)
$642 $651
Sold Price vs Orig List (%) 110% 105%
Average DOM of Closed Sales 43 25
No. of Homes Pending Sale: 25 25
Inventory of Active Listings:
14 12 (+%)
Average Price of Active Listings: $1,462,571 $1,347,333
Average DOM of Active Listings: 11 9
Average $/Sq Foot (List) $608 $637
Active-Pending Ratio:
0.56 : 1 0.48 : 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: 4-6-13.

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San Carlos Real Estate Summary.

Saved by the bell.  Just when it looked like we would plunge below our lowest level of the year — 7 listings — we got a little surge late in the week to push us back into double digits.  Sure, it’s only 12, but it’s sure a whole lot better than 6.    That’s about half the inventory that’s currently available in Belmont, to give you some idea of what’s going on in the local market.

Stay tuned to the site this week for the Q1’2013 update, where we’ll take a look at the numbers for the first quarter.  There are some very revealing trends that we’ll discuss.

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 4-6-2013:

San Carlos Housing Data 4-6-13 Prior Week
Closed Sales for the Week:
6 5
Average Sold Price
$1,157,000 $1,636,400
Average $/Sq Foot (Sold)
$651 $604
Sold Price vs Orig List (%) 105% 101%
Average DOM of Closed Sales 25 19
No. of Homes Pending Sale: 25 27
Inventory of Active Listings:
12 10 (+20%)
Average Price of Active Listings: $1,347,333 $1,288,200
Average DOM of Active Listings: 9 10
Average $/Sq Foot (List) $637 $626
Active-Pending Ratio:
0.48 : 1 0.37 : 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: 3-30-13.

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San Carlos Real Estate Summary.

I overheard a conversation this week between two agents that the market might actually be slowing down in San Carlos (no, this is not an April Fool’s joke).   I’m not quite sure where that perception came from — maybe it’s the fact that some of the recent sales were “only” getting 4-6 offers, instead of the lofty double-digit offer counts of some previous sales.  But if you want an indication of the temperature of this market this past week, just look at the Pending Sales section below.   Eight homes went pending last week — seven of those eight were gone in under two weeks.  One never had an open house.

It’s not slowing down, folks.  You heard it here first.

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 3-30-2013:

San Carlos Housing Data 3-30-13 Prior Week
Closed Sales for the Week:
5 6
Average Sold Price
$1,636,400 $1,004,000 (+63%)
Average $/Sq Foot (Sold)
$604 $685
Sold Price vs Orig List (%) 101% 106%
Average DOM of Closed Sales 19 10
No. of Homes Pending Sale: 27 22
Inventory of Active Listings:
10 14 (-29%)
Average Price of Active Listings: $1,288,200 $1,307,000
Average DOM of Active Listings: 10 13
Average $/Sq Foot (List) $626 $642
Active-Pending Ratio:
0.37 : 1 0.64 : 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: 3-23-13.

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San Carlos Real Estate Summary.

Nothing seemed to slow the runaway freight train that is the San Carlos real estate market this past week.   9 homes went into contract during the week, with some at some eye-popping prices.  You’ll be amazed to see the prices on both 199 Sycamore Street an 124 Chestnut Street when their final prices are posted.   But that will only remain a shocker until the next barrier is destroyed — In fact, the theme for San Carlos market should be “Last Week’s Insane is This Week’s Mundane.”   It was only a few weeks ago when we marveled at 148 Chestnut shattering the $1.3M mark for a 3BR home — now it’s looking like a bargain this week.

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 3-23-2013:

San Carlos Housing Data 3-23-13 Prior Week
Closed Sales for the Week:
6 9
Average Sold Price
$1,004,000 $1,208,444 (-17%)
Average $/Sq Foot (Sold)
$685 $653
Sold Price vs Orig List (%) 106% 108%
Average DOM of Closed Sales 10 40
No. of Homes Pending Sale: 22 20
Inventory of Active Listings:
14 13 (+7%)
Average Price of Active Listings: $1,307,000 $1,536,068
Average DOM of Active Listings: 13 28
Average $/Sq Foot (List) $642 $616
Active-Pending Ratio:
0.64 : 1 0.65 : 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: 3-16-13.

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San Carlos Real Estate Summary.

If you take good look at the section below titled “Single-Family Homes Sold in San Carlos”, you’ll see the kind of hard evidence that has defined the upswing in homes prices that we’ve experienced in San Carlos so far in 2013.  The 9 homes that closed escrow this week sold at a price that averaged 8% above the asking price, with one of them fetching a whopping 26% over list.  That’s a perfect snap shot of the housing market that we’re living in right now.

There was a solid showing this past week for new listings, with 7 homes making their debut on the market. But with nearly the same number going into contract, the inventory of homes for sale still sits at a paltry 13 at the time of this post.

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 3-16-2013:

San Carlos Housing Data 3-16-13 Prior Week
Closed Sales for the Week:
9 4
Average Sold Price
$1,208,444 $1,614,750 (-25%)
Average $/Sq Foot (Sold)
$653 $739
Sold Price vs Orig List (%) 108% 107%
Average DOM of Closed Sales 40 11
No. of Homes Pending Sale: 20 25
Inventory of Active Listings:
13 12 (+8%)
Average Price of Active Listings: $1,536,068 $1,469,072
Average DOM of Active Listings: 28 31
Average $/Sq Foot (List) $616 $602
Active-Pending Ratio:
0.65 : 1 0.48 : 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: 3-9-13.

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San Carlos Real Estate Summary.

There wasn’t too much in the way of new listings to hit the market this past week.  And with 4 more homes going into contract, the net result is that our inventory of homes for sale is stuck in the low teens — again.  One effect that we have touched on in recent weeks (and will continue to monitor) is the strong uptick in home prices in San Carlos.  As home sales for Q1 are now closing escrow, we’re starting to see evidence of where prices are headed.  Just this past week, the average price for the homes that sold jumped to an incredible $739/sq foot, which is an astounding leap over the already high $669/sq foot that was set last week.  It used to be extremely rare for any medium-large sized home break $700/sq foot in San Carlos.  In the coming months as you see these sales being reported, it’s going to become commonplace.

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 3-9-2013:

San Carlos Housing Data 3-9-13 Prior Week
Closed Sales for the Week:
4 4
Average Sold Price
$1,614,750 $1,312,839 (+23%)
Average $/Sq Foot (Sold)
$739 $669
Sold Price vs Orig List (%) 107% 111%
Average DOM of Closed Sales 11 9
No. of Homes Pending Sale: 25 24
Inventory of Active Listings:
12 13 (-8%)
Average Price of Active Listings: $1,469,072 $1,475,676
Average DOM of Active Listings: 31 25
Average $/Sq Foot (List) $602 $626
Active-Pending Ratio:
0.48 : 1 0.54 : 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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