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The San Carlos Real Estate Week in Review: 5/23/2016.

The San Carlos Week in Review is the only in depth weekly recap of the San Carlos real estate market, and it’s available every week on the White Oaks Blog.

New Listing: 29 Hillcrest Road, San Carlos.

29 Hillcrest Road is my latest listing in San Carlos. This fabulous home has stunning views of the San Francisco Bay, and boasts a extremely functional layout.

The Streets of San Carlos.

What’s in a Name? You’ve undoubtedly noticed as you’re walking the streets of San Carlos — perhaps dropping your kids of at White Oaks School, taking the dog for an evening stroll, or just heading downtown for dinner — that the name of the street that you’re on is frequently …

Map of San Carlos Regions

The Realtor Zones. When it comes to residential real estate, the City of San Carlos is divided up into 6 different real estate “zones”: Alder Manor (Area 350), Beverly Terrace (351), El Sereno Corte (352), Howard Park (353), Clearfield Park (354), and Cordes (355). When a home is for sale …

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The San Carlos Real Estate Week in Review: 3/21/2016.

Easter 2016

The Scoop.

For the second straight week, a strong push in new listings has lifted the inventory of single-family homes for sale in San Carlos upward. With 7 new listings hitting the market last week and only 4 going into contract, there are now 20 single-family homes for sale in San Carlos. While this is still certainly a fraction of what we would normally see at this time of year, it’s still at a level that we haven’t crossed in quite a few months. Inventory has languished in teens for so long that it seems noteworthy when it crosses the 20-mark.

The condo and townhouse inventory is also growing significantly. As of this morning, there are 11 units for sale across San Carlos, and more coming online this week. Again, this is not a staggering number by historical standards, but when you consider that only 3 weeks ago there was not a single unit for sale, this marks a significant upward push in new inventory.

The continued push in listings may take a temporary breather this week, however, since Easter Sunday is this coming weekend. It’s one of those years where Easter actually falls within March. But regardless of when Easter falls, it’s always a tough weekend to have the first open house since a big portion of the buying population is preoccupied that weekend. Because of this, some sellers may opt to wait an additional week.

The other noteworthy statistic this week is that the average asking price of a single-family home in San Carlos has once again crossed the $2,000,000 mark (this calculation even excludes the $19M listing on Alameda, since that would really skew the data.) This is certainly helped by the fact that 3 of the 7 new listings to debut this past week are asking over $2M.

Home sellers in San Carlos (and their agents) are obviously growing more comfortable with listing their homes above $2,000,000. At this time in 2015, only 5% of the homes that listed since the beginning of the year started at a price above $2,000,000.

So far in 2016 with roughly the same number of listings, that number is a whopping 27%. That’s some serious price growth in just one year.

Here is a look at last week’s numbers:

The Numbers.

Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the 7-day period ending Sunday 3/20/2016:

San Carlos Housing Data 3/20/16 Prior Week
Closed Sales for the Week: 3 4
Average Sold Price: $1,568,333 $1,695,000
Average $/Sq Foot (Sold) $891 $852
Average Sold as Percentage Of List Price: 103% 96%
Average DOM of Closed Sales 6 27
Total # of Homes Pending Sale: 12 10
No. of New Listings: 6 5
Total # of Active Listings: 20 17
Average Price of Active Listings: $2,023,299 $1,989,727
Average DOM of Active Listings: 18 19
Average $/Sq Foot (List) $844 $814
Active-Pending Ratio: 1.7 : 1 1.7 : 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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Saint Francis Way Traffic Calming: Too Much of a Good Idea?

Slow

Solving a Chronic Problem.

Traffic density and speeding on neighborhood streets have both been problematic issues in San Carlos for many years — it has certainly been that way for the 27 years that I have lived here, and very likely even longer. These problems stem from two main causes: The rapid growth that this city has encountered since it was first founded, and the design and layout of the streets that traverse city.

During the latter half of the past century, San Carlos grew by leaps and bounds as neighborhood subdivisions sprouted up on the west side of Alameda where once there were only farmland and pastures. Even the high school was razed in favor of more houses up on the hill. And most recently, the booming tech economy has effectively pushed the population of San Carlos to all-time highs.

But despite this huge increase in population, the streets of San Carlos remain largely unchanged from the way they were originally designed. This is especially true in the flats, where the majority of the traffic that travels across San Carlos ultimately goes down just a handful of streets.  San Carlos Avenue, Brittan Avenue, Howard Avenue, Saint Francis Way, and Eaton Avenues handle most of the traffic that runs toward downtown — while Elm Street, Cedar Street and Alameda de las Pulgas, and Crestview Drive are the main thoroughfares for traffic that runs parallel to El Camino.

If you happen to live on any one of these streets, then you already know that dealing with the sheer density of traffic and the accompanying speed is a daily challenge.

I know this firsthand — I have had two of my own cars plowed into while they were parked in front of my house. One of the cars suffered significant damage, the other was completely totaled (along with the other two cars involved in the “accident.”) Both mishaps were attributed to excessive speed. So I get the frustration, believe me.

Calming Measures.

During the years of budget deficit that eventually led up to the outsourcing of police services to the San Mateo Sheriff’s Department, traffic enforcement was cut to save money and headcount. But even with a fully staffed traffic enforcement department, monitoring these chronically busy and fast streets full time with live bodies was simply not practical, so the city began investigating other “passive” ways to slow down the traffic in residential neighborhoods. >>> 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: 3/14/2016.

March Calendar

The Scoop.

For the first time in a quite a few months, it was not a banner week for home sales in San Carlos. Three of the four homes that closed escrow this past week did not get full list price. The average percentage of sales price to list price topped out at 96% — certainly nothing to cry about, but also very un-San Carlos when we have grown accustomed to seeing over 110% on a regular basis.

Another number that hit a level that we haven’t seen in quite a while is the active-pending ratio.  At the start of this week it’s sitting at 1.7, which means there are nearly two active listings for each one pending. In other words, this is an indicator that are starting to build up some inventory, which is certainly the case as we now have 17 active single-family residence listings in San Carlos. This is also a level we have not seen in quite a while, but something that you might expect as we enter the main period of the Spring real estate market.

Cause for concern?  Not necessarily. The surprisingly lackluster performance of those closed sales was just as much a function of coincidence that they all closed in the same week as it was any solid indicator that the market may be topping out. Looking at the 10 homes that are pending sale right now, quite a few of them fetched nice premiums over the asking price, which will show up in the coming weeks when they close. So clearly, buyers still have a strong appetite for homes with the right stuff.

But what this does show is that there is  certainly an upper limit to what buyers are going to spend on homes that may not be completely dialed in, which is something that sellers and agents will need to keep in mind as they set prices on new listings.

Here is a look at last week’s numbers:

The Numbers.

Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the 7-day period ending Sunday 3/13/2016:

San Carlos Housing Data 3/13/16 Prior Week
Closed Sales for the Week: 4 3
Average Sold Price: $1,695,000 $1,475,000
Average $/Sq Foot (Sold) $852 $1,152
Average Sold as Percentage Of List Price: 96% 103%
Average DOM of Closed Sales 27 16
Total # of Homes Pending Sale: 10 12
No. of New Listings: 5 6
Total # of Active Listings: 17 12
Average Price of Active Listings: $1,989,727 $1,914,967
Average DOM of Active Listings: 19 19
Average $/Sq Foot (List) $814 $881
Active-Pending Ratio: 1.7 : 1 1.0 : 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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February 2016 Home Sales in San Carlos.

FebSales

Just as we did earlier in the week when we posted the January home sales in San Carlos, we’re getting caught up for the year by tabulating the home sales for the month of February below. The results, not surprisingly, are very similar to the what we analyzed in the January numbers: Growth, and lots of it.

There were some simply stunning premiums paid over the asking price for a number of the homes below, most notably the $500,050 extra that 620 Terrace Road fetched, and the nearly 29% upside that 27 Bayport Court reeled in.

Below is the list of the all of the single-family homes that sold during the month of February 2016 in San Carlos.  Click on the addresses to see the complete details of each of these homes:

Address Sold Price Orig. List Difference DOM (days)
1985 Carmelita Drive $3,600,000 $3,600,000 $0 (0%) 0
112 Wildwood Avenue $2,725,000 $2,249,000 +$476,000 (+21.2%) 9
620 Terrace Road $2,400,000 $1,899,950 +$500,050 (+26.3%) 5
133 Plymouth Avenue $2,200,000 $2,200,000 $0 (0%) 0
2668 Thornhill Drive $2,170,000 $2,268,000 -$98,000 (-4.3%) 154
2079 Alma Street $2,100,000 $1,695,950 +$404,050 (+23.8%) 7
238 Loma Road $2,050,000 $1,698,000 +$352,000 (+20.7%) 8
2015 Eaton Avenue $1,950,000 $1,728,000 +$222,000 (+11.4%) 16
1089 Hewitt Drive $1,876,000 $1,488,000 +$388,000 (+26.1%) 15
10 Valley Road $1,835,000 $1,835,000 $0 (0%) 0
27 Bayport Court $1,670,000 $1,300,000 +$370,000 (+28.5%) 7
2202 Carmelita Drive $1,635,000 $1,568,000 +$67,000 (+4.3%) 8
2220 San Carlos Avenue $1,588,000 $1,288,000 +$300,000 (+23.3%) 17
205 Oakview Drive $1,425,000 $1,395,000 +$30,000 (+2.2%) 5
1925 Howard Avenue $1,380,000 $1,349,000 +$31,000 (+2.3%) 12
1450 Alameda de las Pulgas $1,350,000 $1,189,500 +$160,500 (+13.5%) 3
1647 Walnut Street $1,250,000 $1,049,000 +$201,000 (+19.2%) 10

2016 vs 2015.

Below is a high-level view of the market performance for single-family residences that sold in San Carlos in February of 2016 compared to the same period in 2015:

San Carlos Housing Data Feb 2016 Feb  2015
Closed Sales: 17 23
Average Sold Price: $1,993,471 $1,620,130
Average $/Sq Foot (Sold) $997 $843
Average Sold as Percentage Of List Price: 113% 112%
Average DOM of Closed Sales 16 15

Just like we saw in the January data, home prices in February posted huge gains over the prior year. The average price for a single-family San Carlos home in February skyrocketed by 23% from the previous year, while the average price per square foot also shot upward, registering an 18.3% increase.

What was also fascinating is that of the 17 homes that closed in February, nearly half of those sold for over $2,000,000.  In fact, the calculated average sales price for all homes sold that month was just a whisker below $2,000,000 — quite possibly one of the highest average sales prices for any month on record.
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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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January 2016 Home Sales in San Carlos.

Jan Sale

A Summary.

In a manner somewhat similar to listing recap that I do at the end of every month, I’m starting another new series on the blog where I will compile a summary of the homes that sell each month in San Carlos. Along with this list will be a summary of the data that should reveal some interesting trends in our housing market. As with all of the data that is presented on the site, the data in this series only accounts for those homes sales that were reported on the Multiple Listing Service (MLS) — private sales and those where the final sales price was withheld are excluded from the calculations.

So without further delay, below is a list of the single-family homes that closed escrow in January in San Carlos. In order to get the series caught up with the actual calendar, I will post February’s sales later in the week.

For more information on any of the properties, simply click on the address of each to see the complete details.  I hope you find this information useful…

Address Sold Price Orig. List Difference DOM (days)
2525 Nanette Drive $2,200,000 $1,599,000 +$601,000 (+37.6%) 18
20 Winding Way $1,870,000 $1,788,000 +$82,000 (+4.6%) 25
1230 Greenbrier Road $1,700,000 $1,799,000 -$99,000 (-5.5%) 21
1917 Saint Francis Way $1,650,000 $1,498,000 +$152,000 (+10.1%) 10
880 Buckland Avenue $1,595,000 $1,395,000 +$200,000 (+14.3%) 8
416 Hillcrest Road $1,590,971 $1,599,000 -$8,029 (-0.5%) 21
108 Ruby Avenue $1,450,000 $1,382,000 +$68,000 (+4.9%) 11
205 Oakview Drive $1,425,000 $1,395,000 +$30,000 (+2.2%) 5
106 Acacia Court $1,250,000 $1,225,000 +$25,000 (+2.0%) 21
1361 Hull Drive $1,175,000 $899,000 +$276,000 (+30.1%) 11

2016 vs 2015.

Below is a high-level view of the market performance for single-family residences that sold in San Carlos in January of 2016 compared to the same period in 2015:

San Carlos Housing Data Jan 2016 Jan 2015
Closed Sales: 10 11
Average Sold Price: $1,590,597 $1,309,518
Average $/Sq Foot (Sold) $945 $793
Average Sold as Percentage Of List Price: 110% 102%
Average DOM of Closed Sales 16 18

If you read this site on a regular basis, you’ll know that home prices in San Carlos have been on an steep upward trend for the past 5 years, so it should be no surprise to see this trend continue in 2016. The average price for a single-family San Carlos home in January jumped by a whopping 21.5% from the previous year. The average price per square foot increased at a similar rate, registering a 19.2% growth.
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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: 3/7/2016.

calendar24

The Scoop.

The San Carlos real estate market got a nice shot in the arm this past week with six new single-family homes hitting the market, which is a bit more typical of what we expect to see this time of year. But four of the existing listings went into contract during the same period, so the net impact on the available inventory was only an increase of 2. What’s amazing about this figure is not that there are only 12 homes for sale in San Carlos right now — it’s that the average price of a home for sale in San Carlos right now is just a shade under $2,000,000. Who would have thought that it would go this high?

The next few weeks mark the true start of the Spring real estate market in San Carlos. It will be very interesting to see if we continue to get a surge of new listings, or if we will register yet another consecutive year where were simply fewer homes to choose from.

Here is a look at last week’s numbers:

The Numbers.

Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the 7-day period ending Sunday 3/6/2016:

San Carlos Housing Data 3/6/16 Prior Week
Closed Sales for the Week: 3 5
Average Sold Price: $1,475,000 $2,110,600
Average $/Sq Foot (Sold) $1,152 $1,053
Average Sold as Percentage Of List Price: 103% 113%
Average DOM of Closed Sales 16 10
Total # of Homes Pending Sale: 12 9
No. of New Listings: 6 5
Total # of Active Listings: 12 10
Average Price of Active Listings: $1,914,967 $1,702,284
Average DOM of Active Listings: 19 18
Average $/Sq Foot (List) $881 $920
Active-Pending Ratio: 1.0 : 1 1.2 : 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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Sheriff’s Department Issues Car Burglary Alert in San Carlos

Sheriff

“Smash and Grabs” on the Rise.

The San Carlos Police Bureau of the San Mateo Sheriff’s Department issued a city-wide alert yesterday warning residents and shoppers about a rise in auto burglaries in the downtown shopping district of San Carlos. This is not a new issue, as vehicle break-ins have been a persistent problem in areas that are in close proximity to Highway 101, like the San Carlos Plaza parking lot (Best Buy, Home Goods) and across the freeway at in the parking lot shared by Izzy’s and the hotel. These areas were prime targets because they allowed thieves a quick exit path to the freeway.

But this recent rash of break-ins has prompted the yet another advisory.

As the police have outlined in the alert below, thieves are resorting to punching out windows and grabbing anything of value in the car — phones, laptops, briefcases — especially if they are left in plain sight. But because the police suspect that thieves are “lying in wait,” they may see potential targets put their valuables out of sight or lock them in the trunk, so they will still break into the car as soon as the opportunity presents itself.

It’s unfortunate to have to post this kind of bad news on the site, but it’s far better to be forewarned than to become a victim.  Here is the Sheriff’s Department alert in its entirety:

In the recent week, there have been numerous auto burglaries throughout the various parking plazas where side windows are smashed and purses, laptops, briefcases and luggage has been taken.  All though these recent incidents were between 5 & 8 pm, this type of theft is also happening during the daytime as well.
The common methods thieves have been using recently are to park in parking lots and watch people as they exit their vehicles.  The victims themselves unknowingly assist the thieves by some of the following actions;

•         Women exit their vehicles and then re-enter the car to put their purse or handbag under the front seat or in the back seat and cover it with a coat.
•         Travelers on business trips will exit the car and place their briefcase/luggage in the back seat or trunk.
•         Laptops and other electronic devices are left in plain view on the front seat
•         Shoppers will carry packages and purchased items back to their vehicle and place them in the back seat or trunk and then return to shopping.
•         Business people at the end of the day “carpool” to dinner from work and upon parking their car, they leave their briefcases and laptops on the seat and cover them with their business coats.

Each of the above scenarios occurred this week.  Times have changed and motorists need to be more aware of their surroundings and their own actions.  There is a reason why one vehicle is targeted over another…..opportunity.  Next time you reach to place your wallets under the front seat beware that this seemingly innocent action might be all the thief is looking for.

San Carlos as well as many other communities in our area is experiencing these types of thefts.  What we are not experiencing is break-ins where “Nothing” is taken.  Don’t leave anything of value in your vehicle.  If you’re shopping and place packages inside your vehicle, drive off and find another place to park.  When you return home, remove your valuables and lock your car.  Report suspicious persons or behavior to your local Police or Sheriff.

_____________________________________________________________________________

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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San Carlos Listing Update: February 2016.

update

Opposing Trends.

As we did at the end of January, and will continue do at the end of each month, below is the year-to-date tally of new residential listings in San Carlos for both single-family residences and for condos and townhomes. This is an important statistic to track because it’s essentially the supply element of the supply-versus-demand equation that is the economic engine for any market, regardless of whether it’s a home or any other commodity. If the supply is tight and the demand is high, prices go up — and vice versa.

So far this year in San Carlos, we have two different trends in play depending on whether you’re talking about single-family homes, or condos and townhouses.

As we have discussed numerous times on the site this year, the rate of new listings for single-family residences in San Carlos has been dropping consistently for the past 4 years. And as of the end of February, nothing has happened to reverse that trend. San Carlos only saw 35 new single-family homes hit the market in the first two months of the year, even despite a Leap Day this year on a Monday.  That’s a 19% drop from just last year, and more significant, the lowest level for the first two months in at least the last 14 years — and conceivably quite a bit longer than that, since the MLS data only goes back to 2002.

This trend has been a thorn in the side of home buyers ever since the market turned upward in 2011. It’s the primary cause of the meteoric rise in home prices in San Carlos, and it’s just an exhausting market for buyers to survive in since they’re virtually guaranteed to be in a multiple offer scenario on any house they write on.

Quite to the contrary, condo and townhome listings seem to be quite robust, with 19 new listings to hit the market since the beginning of the year. Most notably, there have been quite a few units in the past few weeks to pop up in the Brittan Heights complex on top of the hill. This figure is up 27% from just last year, and represents the strongest listing start since 2011.

Why is it such a difference from the single-family home market? I believe there are two factors in play. First of all, more condos and townhomes are held as investment properties than are single-family homes. Investors are keenly aware that prices are at the highest levels they have ever been, and perhaps some are opting to to cash out and move their investment elsewhere.

The other reason is that by definition, the condo and townhouse market is very much a transitional market for many homeowners — it’s a step on the way to a larger home for many families, so one would expect that they will be bought and sold more often — although one has to wonder where these sellers are purchasing, since there are so few single-family home listings.

Here’s the listing data for the first two months of the year:

 

New Listings YTD Feb-16

(Source: Multiple Listing Service.  This data is for homes that were listed on the MLS, or for off-market sales that were recorded on the MLS for comparative purposes. It does not account for any private, unreported sales.)

 
_____________________________________________________________________________

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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