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|
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