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The San Carlos Real Estate Week in Review: 8-30-15.

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.

Chuck’s Sales

Focus = Results. If you hope to succeed in this ultra-competitive real estate market, it’s imperative that you enlist the help of an experienced Realtor who is laser-focused on the local real estate market, and who thoroughly understands the micro-economic nuances of each neighborhood.   The stakes are simply too high …

San Carlos Residential Real Estate Recap for the First Half of 2015.

The San Carlos real estate market just completed one of the most remarkable 6-month periods in recent history. The question is whether or not the market can maintain this bullish strength.

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: 7-26-15.

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The Scoop.

It was a surprisingly robust week for new listings in San Carlos, considering that we’re smack in the middle of the summer and late-July is not traditionally a strong market for listing homes. Nonetheless, there were seven new single-family listings that entered the market last week, which helped to drive the inventory up to a total of 14 homes for sale. That’s still not a huge number, but it’s a good pop above where we closed the previous week.

Sale prices for homes that closed last week were remarkably strong, too, with the sales prices fetching a whopping 19% above the list price on average.  That’s significantly higher than what we typically see on a weekly basis, and this week it can be attributed both to some surprisingly strong sales prices, combined with a few homes that were simply under-priced to begin with, which skewed that number slightly upward.

But regardless, the market still remains active and strong for single-family residences in San Carlos.  The same can’t be said for condos and townhomes, though.  As of this morning, there is only one condo for sale in the entire city

Here’s the scoop from last week:

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 7-26-2015:

San Carlos Housing Data 7-26-15 Prior Week
Closed Sales for the Week: 6 8
Average Sold Price: $1,471,000 $1,837,725
Average $/Sq Foot (Sold) $795 $852
Average Sold as Percentage Of List Price: 119% 110%
Average DOM of Closed Sales 10 23
No. of Homes Pending Sale: 16 19
No. of New Listings: 7 4
Total # of Active Listings: 14 10
Average Price of Active Listings: $1,785,243 $1,829,395
Average DOM of Active Listings: 12 11
Average $/Sq Foot (List) $785 $823
Active-Pending Ratio: 0.89 : 1 0.53 : 1

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The San Carlos Real Estate Week in Review: 7-19-15.

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The Scoop.

I always like to comb through the data every week when I run these reports to look for particular numbers that stand out. There’s usually one or two that will raise an eyebrow, and this week is no exception.

The first number that jumped out at me was the average sold price in San Carlos last week, which was a a whopping $1,837,725. And that’s just the average price for the week, and it’s abnormally skewed by having a small data pool.  There were 8 homes that closed escrow last week, which is a decent number for San Carlos, and half of them sold for $1.9M or higher.

Along the same theme, the second number that made me take notice was the average list price for a single-family home in San Carlos, which has now topped $1.8M. This 8% jump in the average list price in just a single week can be largely attributed to the addition of the $3M listing at 120 Wingate Avenue, but it’s still amazing to see how high home prices have climbed in San Carlos in just a few years. The City of Good Living is becoming an expensive place to live.

Here’s the scoop from last week:

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 7-19-2015:

San Carlos Housing Data 7-19-15 Prior Week
Closed Sales for the Week: 8 4
Average Sold Price: $1,837,725 $1,775,950
Average $/Sq Foot (Sold) $852 $801
Average Sold as Percentage Of List Price: 110% 112%
Average DOM of Closed Sales 23 28
No. of Homes Pending Sale: 19 24
No. of New Listings: 4 5
Total # of Active Listings: 10 9
Average Price of Active Listings: $1,829,395 $1,693,100
Average DOM of Active Listings: 11 9
Average $/Sq Foot (List) $823 $807
Active-Pending Ratio: 0.53 : 1 0.42 : 1

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The San Carlos Real Estate Week in Review: 7-12-15.

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The “slight bump” in listings that I predicted (or wishfully hoped for) in last week’s post somewhat materialized over the past week.  There were five new listings to test the summer market, which is still a significant number considering that it’s mid-July and the market is usually quiet this time of year.

The recent sales posted below at 30 Upland Avenue and 1616 Chestnut Street show that there is still significant strength in the 3-bedroom market, with both of these homes surprisingly topping the $1.6M mark. It will be interesting to see if that momentum continues with any new 3-bedroom listings that hit the market in them coming weeks.

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 7-day period ending Sunday 7-12-2015:

San Carlos Housing Data 7-12-15 Prior Week
Closed Sales for the Week: 4 3
Average Sold Price: $1,775,950 $1,465,000
Average $/Sq Foot (Sold) $801 $860
Average Sold as Percentage Of List Price: 112% 105%
Average DOM of Closed Sales 28 13
No. of Homes Pending Sale: 24 25
No. of New Listings: 5 4
Total # of Active Listings: 10 9
Average Price of Active Listings: $1,693,100 $1,714,889
Average DOM of Active Listings: 9 19
Average $/Sq Foot (List) $807 $726
Active-Pending Ratio: 0.42 : 1 0.36 : 1

>>> Click Here to Read the Full Post
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Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog 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 Summer Concert Series – 2015

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A San Carlos Summer Tradition.

It’s July in San Carlos, and besides summer vacation and Little League Baseball, you know what July means… Summer Concerts in the Park! For those of you not familiar with this fantastic San Carlos summertime tradition, every Friday evening for the next 6 weeks the picnic area of Burton Park is transformed into a concert venue where you can join your friends and neighbors and take in some free music.

This even has gotten so popular in recent years that a permanent stage was added to the picnic area to accommodate these concerts when Burton Park got its facelift several years ago:

Photo May 30, 10 14 59 AM

Here’s the line-up for the 2015 edition of Music in the Park:

Date Band
Genre Sponsor
July 10 Cripple Creek Band
Country San Carlos Park & Recreation
July 17 Mustache Harbor Rock Party Band Provident Credit Union
July 24 E-Ticket Oldies Rock n’ Roll Today Sotheby’s International Realty & BOWWOW Meow
July 31 Chops Big Band Big Band San Carlos Elms
August 7 Lara Price Blues Revue Blues Palo Alto Medical Foundation
August 14 Donnie & the Wayrads Classic Rock Parks and Recreation Foundation of San Carlos & Recology San Mateo County

 

So pack up your lawn chairs, some great food, and your favorite wine and get ready to take in some free music along with your San Carlos neighbors and friends. Be sure to get there early to nab your favorite spot, because this event draws a great crowd.  (And remember, no separate BBQ’s allowed.)
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San Carlos Residential Real Estate Recap for the First Half of 2015.

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Fewer Listings, Higher Prices.

If you had to capture the essence of the San Carlos residential real estate market for the first half of 2015 in as few words as possible, then that header above pretty much does it. So far, 2015 has clearly been a seller’s market, just as 2014 was. We have witnessed home prices rising to breathtaking heights all along the Peninsula as even more extremely well qualified buyers entered the market and competed for fewer available listings.

The net result of these conditions is a perfect case study in economics: High demand coupled with low supply means that prices are going to go up. And they have certainly been going up here in San Carlos.

The first chart below shows that the average and median prices for all residential properties sold in San Carlos (single-family residences, townhomes, and condos) have hit an all time high for the first half of this year. Even though the data only shows the past 8 years, you can safely assume that these are the all-time high points for either one of these metrics.

To put this growth into perspective, the average cost of a residential property in San Carlos has risen by 12% since just last year, and a mind-blowing 73% since the depth of the recession in 2009:

Average and Median Prices: All San Carlos Residential Properties

Average and Median Prices: All San Carlos Residential Properties

When the data is normalized on a price per square foot basis, the results are essentially the same. This means that prices are high across the board for all homes in San Carlos, regardless of the size.  And remember, this data is for all residential properties – homes, townhomes, and condos:

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Price per Square Foot: All San Carlos Residential Properties

What’s the catalyst behind these staggering prices? Aside from the booming local economy, the lack of available homes for sale has resulted in bidding wars for virtually every home that hit the market this year. This is a trend that I have been tracking closely all year, and it has been evident that 2015 is on pace to have the lowest number of new listings in a very long time.

With half of the year in now the books, this trend has held true. The chart below shows the number of new listings in the first 6 months of 2015, and compares it to the same 6-month time period over the past 10 years. The 189 new residential listings recorded in San Carlos during the first six months of 2015 is down 19% from the same period last year, and represents the lowest total for that period of time for any year this past decade.

2015 New Listings in San Carlos: All Residential Properties

New Listings in San Carlos: All Residential Properties, First 6 Months of the Year.

So if you’ve felt in your gut that there have been fewer homes to choose from this year in San Carlos, you can rest assured that your intuition was statistically correct.

What Lies Ahead?

That seems to be the question that is on everyone’s mind who follows the local real estate market. After 3-4 years of unabated growth, everyone is wondering whether prices are going to continue to rise, or if the market is on the verge of pricing itself out of the affordability range of most buyers.  Here are my observations on what’s happening right now in the market, and what the impact on the real estate market may be in the second half of 2015:

  1. Current Market Conditions.  The market right now in San Carlos has slowed perceptibly from the breakneck pace that we witnessed in the Spring market. Part of this is to be expected, since the market always takes a breather from mid-June until mid-August. But every year when we feel the foot come off the gas, that nagging question creeps back in — is the market changing? The events in Greece and the recent volatility in the stock market are raising more than a few eyebrows, and there have been some widely publicized predictions that both the stock market and real estate market are prime for  a correction.
  2. Interest Rates.  For the first time since the Recession ended, we can say with certainty that mortgage interest rates are indeed going to rise. It’s no longer a matter of “if”, but of “when”. And based on the latest Federal Reserve meetings, it could happen as early as this Fall. Although rates have crept upward slightly over the past few weeks in anticipation of such a move, look for the market to react more visibly when the Fed formally announces its move.
  3. Local Job Market. There’s no indication that I’ve seen that the local high-tech fueled economy is slowing down, which should mean that more buyers will be back in the market this Fall. But if the technology job hiring slows down, look for that to have a negative impact on the market.
  4. Stock Market.  The fact that the major stock indices are sitting at or near all-time high levels is great news for home buyers, since much of their purchasing power is directly related to their equity positions. If something in the local or worldwide economy triggers a pull-back in the stock market, though, this would certainly curtail the buying power of many active home buyers. The market has shown in recent weeks to be a little twitchy with the ongoing Greece and European financial issues, so there is some understandable uneasiness with the current stock market heights.

The first few weeks of the Fall market will be a telltale indication of the health of the local real estate market. That period historically started after the Labor Day weekend, but with school starting seemingly earlier every year, the Fall real estate market will start organize itself in mid-late August when vacations have ended and school has started up again.

Stay tuned to the blog in the coming months.  I’ll be watching the market very closely to look for signs of changes. It’s going to be a very interesting Summer!

 

 
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The San Carlos Real Estate Week in Review: 7-5-15.

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I hope everyone had a safe and happy 4th of July weekend. It’s Monday, and time to get back to reality!

If there will ever be a part of this year where the momentum may swing slightly back in favor of home buyers, this next 5-6 weeks is probably going to be it. This is the time of year where buyers enjoy the unique combination of having the least amount of competition while there is still decent inventory to choose from. There have already been reports in the past week of homes in San Carlos and Belmont that have only gotten one offer – or none at all – once offer dates have been set. This is a sign that there are either fewer buyers in the market, or that the buyers that are out there have suddenly gotten a lot more picky. Whatever the reason is, this simply wasn’t happening just a few months ago.

Home owners who decide to sell during the summer months will wisely choose to avoid the 4th of July weekend, so you can expect to see a bump in new listings over the next couple of weeks since we have now passed that date. Home buyers that stay on task may be rewarded in the coming weeks.

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 7-5-2015:

San Carlos Housing Data 7-5-15 Prior Week
Closed Sales for the Week: 3 2
Average Sold Price: $1,465,000 $1,605,000
Average $/Sq Foot (Sold) $860 $763
Average Sold as Percentage Of List Price: 105% 113%
Average DOM of Closed Sales 13 55
No. of Homes Pending Sale: 25 22
No. of New Listings: 4 4
Total # of Active Listings: 9 11
Average Price of Active Listings: $1,714,889 $1,910,535
Average DOM of Active Listings: 19 19
Average $/Sq Foot (List) $726 $737
Active-Pending Ratio: 0.36 : 1 0.50 : 1

>>> Click Here to Read the Full Post
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The San Carlos Real Estate Week in Review: 6-28-15.

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There’s no doubt about it – the real estate market in San Carlos has certainly cooled down a bit over the past two weeks. The attendance at open houses has been lighter, and homes that are on the market now don’t seem to be getting the frenzied response they might have gotten only a month or so ago.

The numbers reflect this slowdown as well.  The average days on the market (DOM) of all active single-family residence listings in San Carlos is now at 19 days — certainly not an eternity for most real estate markets, but probably the longest we’ve seen all year in our local market.

Much of this may be attributed to the traditional seasonal slowing that has been discussed numerous times in this weekly post. But we will be closely watching the market over the summer months to see if there isn’t more to this trend. After 3+ years of breakneck growth, there are those who believe the market is due to level off in the coming months as the economic growth tapers, and interest rates finally start to climb.

This reduced competition presents a golden opportunity for buyers who are still diligently looking for a home during the summer months. It’s going to be an interesting summer…

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 6-28-2015:

San Carlos Housing Data 6-28-15 Prior Week
Closed Sales for the Week: 2 7
Average Sold Price: $1,605,000 $1,257,857
Average $/Sq Foot (Sold) $763 $783
Average Sold as Percentage Of List Price: 113% 118%
Average DOM of Closed Sales 55 17
No. of Homes Pending Sale: 22 20
No. of New Listings: 4 4
Total # of Active Listings: 11 11
Average Price of Active Listings: $1,910,535 $1,846,727
Average DOM of Active Listings: 19 16
Average $/Sq Foot (List) $737 $711
Active-Pending Ratio: 0.50 : 1 0.55 : 1

>>> Click Here to Read the Full Post
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The San Carlos Real Estate Week in Review: 6-21-15.

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The June Swoon that we have been experiencing since the beginning of this month continued in earnest last week. Only 3 homes were put into contract, and one of them had been on and off the market for over two months. Granted, there still isn’t a huge inventory being built up while buyers decide what they want to do — only 4 new listings tested the market last week which only offset what went into contract — but there are still some very nice homes on the market that some smart buyers are going snatch up.

For home buyers, this is just about the exact scenario that you’ve been waiting for all year — less buying pressure, and less competition. Once we get a reasonable bump in inventory, your persistence may pay off for you as we head into the summer months.

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 6-21-2015:

San Carlos Housing Data 6-21-15 Prior Week
Closed Sales for the Week: 7 5
Average Sold Price: $1,257,857 $1,736,300
Average $/Sq Foot (Sold) $783 $826
Average Sold as Percentage Of List Price: 118% 110%
Average DOM of Closed Sales 17 13
No. of Homes Pending Sale: 20 24
No. of New Listings: 4 5
Total # of Active Listings: 11 9
Average Price of Active Listings: $1,846,727 $1,895,556
Average DOM of Active Listings: 16 20
Average $/Sq Foot (List) $711 $757
Active-Pending Ratio: 0.55 : 1 0.38 : 1

>>> Click Here to Read the Full Post
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Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog 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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