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The San Carlos Real Estate Week in Review: 2/8/2016.

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.

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 …

$2M Home Sales in San Carlos – An Update.

The number of homes to sell at or above $2,000,000 in San Carlos has been increasing every year since 2012 as the economy continues to improve. Already, the number of homes to sell for over $2M in 2015 has exceeded the total in all of 2014.

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: 11-15-15.

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The Scoop.

The real estate activity in San Carlos last week was about as brisk as the weather. Not surprisingly, there were six new listings to enter the market, which puts them in a perfect position to have one or two open house weekends and still get into contract before the Thanksgiving holiday.

Any hopes of home prices starting to soften will probably be dashed when you take a glance at the numbers below.  There was a $3M and a $2M closing in the very same week – and we’re in November, which is usually one of the slower months. But the six new listings bumped the inventory up to 14 total homes for sale, and there’s something to see in just about every price range. It will be interesting to see how many more sellers test the market early this week before we get too close to the Thanksgiving break.

Here’s the recap 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 11-15-2015:

San Carlos Housing Data 11-15-15 Prior Week
Closed Sales for the Week: 6 3
Average Sold Price: $1,932,083 $1,444,333
Average $/Sq Foot (Sold) $883 $869
Average Sold as Percentage Of List Price: 112% 109%
Average DOM of Closed Sales 14 13
No. of Homes Pending Sale: 20 23
No. of New Listings: 6 3
Total # of Active Listings: 14 11
Average Price of Active Listings: $1,566,706 $1,910,616
Average DOM of Active Listings: 24 28
Average $/Sq Foot (List) $900 $897
Active-Pending Ratio: 0.70 : 1 0.48 : 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: 11-8-15.

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The Scoop.

The rain seems to have returned to San Carlos (a very good thing), but that has not seemed to put a damper on the Fall real estate market. 5 new listings tested the market last week, obviously trying to get into contract before the Thanksgiving break in about 2.5 weeks. The 5 homes that went into contract kept the inventory at 11, which is exactly where we were at this time last week.

Pricing continues be strong in this market, even as we head into the end of the year.  Several of those 5 homes that went pending last week got prices significantly higher than their respective list prices, so while the market may have backed off a tad from the white-hot pace of the Spring, it’s clear that it has not leveled off to the degree that we are seeing in some other communities. Buyers are definitely still paying significant premiums for the right homes.

Here’s the recap 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 11-8-2015:

San Carlos Housing Data 11-8-15 Prior Week
Closed Sales for the Week: 3 7
Average Sold Price: $1,444,333 $1,472,173
Average $/Sq Foot (Sold) $869 $812
Average Sold as Percentage Of List Price: 109% 104%
Average DOM of Closed Sales 13 15
No. of Homes Pending Sale: 23 21
No. of New Listings: 3 2
Total # of Active Listings: 11 11
Average Price of Active Listings: $1,910,616 $2,147,616
Average DOM of Active Listings: 28 28
Average $/Sq Foot (List) $897 $897
Active-Pending Ratio: 0.48 : 1 0.52 : 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: 11-1-15.

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The Scoop.

October 2015 is now in our rear view mirror, and November is upon us. We awaken today to much shorter days, and the first serious rainfall in the past 9 months. This is the time of year when not only the weather sees some serious changes, but so does the local real estate market.

The pace of new listings slowed to a trickle this past week, with only two homes testing the market. With four homes going into contract during the same period, that effectively dropped the inventory of homes for sale back to 11 total in all of San Carlos. The data below is interesting on these 11 homes: The average sales price is over $2M, and the corresponding DOM is now up to 28 days. Contrast that with the four homes that went into contract last week, which had an average list price of $1.34M and 21 days on the market.

If you can draw any conclusions from just one week’s data and a relatively small sample size, it’s this — it’s taking slightly longer in general for homes to sell in San Carlos, and there’s a noticeable push-back on the higher end of the market right now. More on that later this week.

Here’s the recap 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 11-1-2015:

San Carlos Housing Data 11-1-15 Prior Week
Closed Sales for the Week: 7 4
Average Sold Price: $1,472,173 $2,547,375
Average $/Sq Foot (Sold) $812 $968
Average Sold as Percentage Of List Price: 104% 120%
Average DOM of Closed Sales 15 41
No. of Homes Pending Sale: 21 24
No. of New Listings: 2 4
Total # of Active Listings: 11 13
Average Price of Active Listings: $2,147,616 $1,985,376
Average DOM of Active Listings: 28 24
Average $/Sq Foot (List) $897 $876
Active-Pending Ratio: 0.52 : 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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The San Carlos Real Estate Week in Review: 10-25-15.

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The Scoop.

You may have been wondering how much a 10,500 square foot flat lot in prime, central San Carlos would set you back. Well, this week you finally got your answer: $1,655,500 — which is the price that 1348 Cedar Street fetched after being purchased through the probate court system. This may sound like a shocking amount of money for what is basically dirt value, since the home that’s on the property now is essentially a tear-down. But oddly enough, this price didn’t surprise me nor any of my other colleagues who are also experts in the San Carlos real estate market. When this property first hit the market, I polled a few of them about how high this property could go and I got numbers anywhere from $1.6M to $1.75M. So it landed right about where we expected, which just goes to show you how quickly one can get desensitized to the prices that are being tossed around in this market. It’s an amazing piece of property in a great location, and I can’t wait to see what will become of it.

For the rest of the San Carlos market, it was a fairly lackluster week.  The upside of over $800,000 on the list price of 1348 Cedar served to put rest of the market positive territory in what would have otherwise been a negative performing week for closed sales – none of the other three homes that closed escrow this past week exceeded their original asking price, which is a first in quite some time.

Inventory didn’t change much, with only 4 new homes being offered for sale. That increase was offset by  the same amount of homes going into contract.

Here’s the recap 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 10-25-2015:

San Carlos Housing Data 10-25-15 Prior Week
Closed Sales for the Week: 4 2
Average Sold Price: $2,547,375 $2,240,00
Average $/Sq Foot (Sold) $968 $646
Average Sold as Percentage Of List Price: 120% 107%
Average DOM of Closed Sales 41 12
No. of Homes Pending Sale: 24 24
No. of New Listings: 4 4
Total # of Active Listings: 13 14
Average Price of Active Listings: $1,985,376 $1,815,982
Average DOM of Active Listings: 24 24
Average $/Sq Foot (List) $876 $834
Active-Pending Ratio: 0.54 : 1 0.58 : 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: 10-18-15.

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The Scoop.

Buyers were certainly busier than sellers last week in the San Carlos real estate market. Seven single-family homes were purchased last week, while only four new listings hit the market. That effectively dropped the inventory of homes for sale back down to 14 as we start the new week.

You’ve probably noticed that it’s getting darker quite a bit earlier each night. This makes it increasingly difficult to view properties after work hours during the week. This will be especially noticeable when Daylight Savings ends at the end of this month. That means seeing the home during daylight hours will be more of a challenge for many working couples. It also becomes a legitimate reason for sellers to leave their home on the market for slightly longer to allow those necessary extra showings.

It’s just one of many things that makes the Fall real estate market just a bit different from other times in the year.

Here’s the recap 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 10-18-2015:

San Carlos Housing Data 10-18-15 Prior Week
Closed Sales for the Week: 2 6
Average Sold Price: $2,240,00 $1,847,833
Average $/Sq Foot (Sold) $646 $1,089
Average Sold as Percentage Of List Price: 107% 121%
Average DOM of Closed Sales 12 13
No. of Homes Pending Sale: 24 19
No. of New Listings: 4 7
Total # of Active Listings: 14 16
Average Price of Active Listings: $1,815,982 $1,870,417
Average DOM of Active Listings: 24 16
Average $/Sq Foot (List) $834 $781
Active-Pending Ratio: 0.58 : 1 0.71 : 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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$2M Home Sales in San Carlos – An Update.

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The Top Tier.

Among the many metrics that I track to gauge the trajectory of the San Carlos real estate market, the number of homes that sell at or above $2,000,000 is one of the more interesting ones – especially over the past 3-4 years. That’s because it’s not only a good measure of where home prices are going in San Carlos, but also a measure of buyer’s reluctance (or lack thereof) in the top end of the local market. After all, if a buyer can easily afford a home for over $2M, there are probably other options for them out there besides just the City of Good Living.

As we have tracked through the course of this year, the number of $2,000,000 home sales that have been listed on the MLS actually doubled from 2013 to 2014. Will that happen again this year? That may be a bit of stretch with less than 3 months left in calendar year. But from the chart below, you can see that we’ve already handily exceeded last year’s total of $2M sales as of today, and there are a number of pending sales that will close in the coming weeks and months that will fall into this elite bracket to boost that number even higher.

 

$SC $2M Sales 10-15

There are already 33 homes to close higher than $2M so far this year, which is nearly triple the number from just two years ago. It’s also interesting to note that there are another 10 home sales that just missed $2M mark by 5% or less. Buyers clearly are not concerned about breaking the $2,000,000 mark to live in San Carlos, where the average price of a home now hovers around $1.8M.  As more of the larger and updated homes start to roll out on the market, $2M will become more the rule, and less the exception.
_____________________________________________________________________________

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: 10-11-15.

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The Scoop.

Last week I posted some alarming statistics about the number of new listings that have hit the market so far in 2015, and how that number is over 21% below the same period last year – which was also a lean year for listings. When the market is starved like this, it results in mind-numbing numbers like you see below in the summary table: $1,089 per square foot, 121% of the asking price, and an average sales price of nearly $1.85M.

It also shows the whipsaw behavior of the Fall real estate market. Only one week prior, homes fetched only 7% over the asking price and $846 per square foot on average, and spent twice as long on the market. It should serve as good data for buyers that even though the market may have cooled a slight bit, there is still strong competition for what home buyers deem to be the “right” place.

Here’s the recap 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 10-11-2015:

San Carlos Housing Data 10-11-15 Prior Week
Closed Sales for the Week: 6 6
Average Sold Price: $1,847,833 $1,791,869
Average $/Sq Foot (Sold) $1,089 $846
Average Sold as Percentage Of List Price: 121% 107%
Average DOM of Closed Sales 13 25
No. of Homes Pending Sale: 19 21
No. of New Listings: 5 7
Total # of Active Listings: 16 15
Average Price of Active Listings: $1,870,417 $1,861,982
Average DOM of Active Listings: 16 14
Average $/Sq Foot (List) $781 $834
Active-Pending Ratio: 0.84 : 1 0.71 : 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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2015 San Carlos Art and Wine Faire is This Weekend.

Art and Wine 2015

25th Anniversary.

San Carlos, it’s that time of year again — the leaves are turning, the days are getting shorter, and rain is on the way.  Well, two out of three is not bad… But that means that Fall is here, and that also means it’s time for that venerable institution known as the San Carlos Art and Wine Faire, once again sponsored by the San Carlos Chamber of Commerce. This year marks the 25th Anniversary of this extremely popular event.

It all takes place this coming weekend, October 10-11, and pretty much all of north Laurel Street and numerous side streets will be taken over with booths full of wine, art, and of course, more wine. There will also be musical entertainment in a variety of places downtown. Here’s the schedule:

ENTERTAINMENT SCHEDULE:

Laurel Street Park
Saturday
• 11:-00-1:30 Toree McGee & Rodeo House (rockin’ country)
• 2:30-5:30 Caravanserai (Santana Tribute band)

Sunday
• 11:00-1:30 The E-Ticket Band (rock-n-roll)
• 2:30-5:30 Aja Vu/Stealin’ Chicago (Steely Dan and Chicago Tribute)

San Carlos Avenue Stage
Saturday
• 12:00-2:30 The Groove (70’s Rock)
• 3:30-5:30 The RiPTides- (60’s Rock)

Sunday
• 12:00-2:30 Stompy Jones– (Swing)
• 3:30-5:30 KickBack (R & B Soul)

So be sure to head downtown this weekend, and catch up with all of your San Carlos neighbors. The weather should be spectacular, and the wine will be flowing!
_____________________________________________________________________________

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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Chuck Gillooley
Realtor, Principal
Dwell Realtors, Inc.

(650) 207-2024
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Email: Chuck Gillooley
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