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The San Carlos Real Estate Week in Review: 5-25-13.

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San Carlos Real Estate Summary.

The results of that frenetic surge of sales that happened in mid-April are starting to show up as closed sales.  This week, 12 homes closed escrow in San Carlos, and it’s interesting to see that percentage above list price that buyers are paying is still hovering around the 7% mark on average.  It has been as high as 11% (average) during the peak of the spring market.   Obviously, some homes have sold for much higher than that — even this week two homes closed that fetched a 17% premium over their asking price.

Interest rates on most home mortgages inched upward slightly this week, which definitely caught the attention of buyers who are still out there looking for homes.  It was only a minor uptick of only 0.125 – 0.250, depending on the loan product, but certainly a trend in the wrong direction for buyers.  It will be very interesting to see if this is a pre-cursor of things to come, or simply a minor market correction.

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 5-11-2013:

San Carlos Housing Data 5-25-13 Prior Week
Closed Sales for the Week:
12 6
Average Sold Price
$1,300,875 $1,290,833
Average $/Sq Foot (Sold)
$671 $708
Sold Price vs Orig List (%) 107% 107%
Average DOM of Closed Sales 12 8
No. of Homes Pending Sale: 32 37
Inventory of Active Listings:
19 19
Average Price of Active Listings: $1,268,407 $1,261,091
Average DOM of Active Listings: 28 24
Average $/Sq Foot (List) $612 $625
Active-Pending Ratio:
0.59 : 1 0.51 : 1

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The San Carlos Real Estate Week in Review: 5-18-13.

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San Carlos Real Estate Summary.

If you want a good snapshot that captures the speed and strength of the San Carlos Real estate market, just look at the stats directly below for homes that sold (closed escrow) this past week.   The average price per square foot was over $700, the average number of days on the market was only 8, and the sales prices were roughly 7% above the asking price.     Those are some pretty hefty numbers in a market that just doesn’t seem to be losing any steam.

It also serves as a great reminder that you have to stay on task if you’re actively looking to purchase a home in this market, because things are still moving very quickly — even as more listings are coming onto the market.    If homes are selling within the first week of their debut, every single day matters when you’re putting together your buying strategy.   And that will get further complicated as we head into the early part of the vacation season for many people.

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 5-11-2013:

San Carlos Housing Data 5-18-13 Prior Week
Closed Sales for the Week:
6 7
Average Sold Price
$1,290,833 $1,324,000
Average $/Sq Foot (Sold)
$708 $691
Sold Price vs Orig List (%) 107% 105%
Average DOM of Closed Sales 8 13
No. of Homes Pending Sale: 37 35
Inventory of Active Listings:
19 16
Average Price of Active Listings: $1,261,091 $1,355,854
Average DOM of Active Listings: 24 10
Average $/Sq Foot (List) $625 $602
Active-Pending Ratio:
0.51 : 1 0.51 : 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: 5-11-13.

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San Carlos Real Estate Summary.

Rumor has it in some communities that their respective real estate markets are beginning to cool down (which, of course, is a a completely relative term).   I’ve heard some anecdotal comments from other agents that homes in these areas are getting fewer offers and not for as outlandishly above the list price as they were just a month or so ago.

I wish I could say the same about San Carlos, but that’s just not happening… at least not yet.  Yes, there’s the occasional home that I thought would have been picked off much sooner, but by and large things are still moving in a fast-forward manner here.  10 homes went into contract just last week, and all but one of them didn’t last on the market for a full two weeks.  Several of them never made it to their first open house.  And a few of them fetched sales prices that will still make you gasp — if that’s even still possible after all that has happened so far this year.

No, those are not signs of a market that is starting to settle down, folks.  There will be a couple very nice 3BR/2BA homes that will hit the market at the end of this week that will give us a very good idea of just temperature the market is sitting at.  Stay tuned for those…

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 5-11-2013:

San Carlos Housing Data 5-11-13 Prior Week
Closed Sales for the Week:
7 5
Average Sold Price
$1,324,357 $1,231,000
Average $/Sq Foot (Sold)
$691 $709
Sold Price vs Orig List (%) 105% 111%
Average DOM of Closed Sales 13 11
No. of Homes Pending Sale: 35 32
Inventory of Active Listings:
16 20
Average Price of Active Listings: $1,355,854 $1,364,469
Average DOM of Active Listings: 10 10
Average $/Sq Foot (List) $602 $583
Active-Pending Ratio:
0.51 : 1 0.63 : 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: 5-4-13.

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San Carlos Real Estate Summary.

Inventory was the talk of the real estate community this week, and finally in a positive tone.    Who would have thought that it would be good news when the inventory level hit 20?   But it did this week, and that’s a milestone that hasn’t been achieved in about 3 months in San Carlos.     There are actually more homes for sale now in San Carlos than there are in Belmont.   It’s a “fresh” inventory of homes that buyers have to look at too, since the average days on market for all listings in San Carlos is only 10 days.  So at least for this week, the table has turned slightly back in the direction of buyers.  It will be interesting to see how they respond this coming 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 5-4-2013:

San Carlos Housing Data 5-4-13 Prior Week
Closed Sales for the Week:
5 5
Average Sold Price
$1,231,000 $1,395,667
Average $/Sq Foot (Sold)
$709 $783
Sold Price vs Orig List (%) 111% 111%
Average DOM of Closed Sales 11 30
No. of Homes Pending Sale: 32 32
Inventory of Active Listings:
20 11
Average Price of Active Listings: $1,364,469 $1,381,985
Average DOM of Active Listings: 10 16
Average $/Sq Foot (List) $583 $579
Active-Pending Ratio:
0.63 : 1 0.34 : 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: 4-27-13.

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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

>>> 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: 4-20-13.

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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.
Don’t miss a single update!
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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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