The San Carlos Real Estate Week In Review – 3/28/09…

March 28, 2009

The sub-$1M sector continues to be the busiest in San Carlos.   Four of the five new listings below are in this segment, and now homes in this price range comprise more than 50% of all homes currently for sale in San Carlos.  When was the last time you saw that?   It wasn't too long ago that the average home price in San Carlos was well north of $1M.  The majority of homes that closed escrow this past week were also below the $1M mark.

As surprising as it may seem, it actually makes sense.   Rates on conforming loans (up to $417,000) are now below 5%, and banks are just now beginning to write loans for the temporary “jumbo-conforming” limits of $729,950.   This means that first-time buyers have all of the elements in their favor now;  low rates, decreased home prices, and plenty of inventory to choose from.

Here's a snapshot of the San Carlos market:

  • Active:  69 Homes (last week: 74)
  • Pending Sale: 27 Homes (last week: 24)
  • Ratio ~ 2.6:1 (last week:  3.1:1)

And here are those same numbers broken out by price category:

  • Homes < $1M–>  35 Active, 15 Pending =  35:15, or ~2.3:1  (last week: 35:12, or ~2.9:1)
  • Homes  $1M –>$1.5M —  24 Active, 9 Pending = 24:9, or~ 2.7:1 (last week: 28:9, 0r~ 3.7:1)
  • Homes  >$1.5M –>  10 Active,  3 Pending = 10:3, or ~ 3.3:1 (last week: 11:3, or ~ 3.7:1)

We spiked into the 70's range for active listings for a short time last week, but with several going into contract and others being taken off the market, we're back in the 60's range again.  The Active:Pending ratio is below 3:1, which indicates a very active market.

Here's the scoop on what happened this week.  Click on the respective address to get all the details.


San Carlos Home Sales

1461 Crestview Drive

  • Pictured Above — Sale Price: $1,260,000Original List Price: $1,349,000.   Difference: $89,000 (6.6%) below original list.   DOM: 39 Days total under MLS # 80902508.   Listed by Lisa Susnow of Coldwell Banker.

774 Knoll Drive

  • Sale Price: $1,395,000Original List Price: $1,450,000.   Difference: $55,000 (3.8%) below original list.   DOM: 24 Days total under MLS # 80903735.   Listed by Andrea Lynn of Coldwell Banker.

465 Wellington Drive

  • Sale Price: $924,000Original List Price: $935,000.   Difference: $11,000 (1.2%) below original list.   DOM: 15 Days total under MLS # 80915228.   Listed by Anna Wong of Alain Pinel Realtors.

2724 Clifford Avenue

  • Sale Price: $957,000Original List Price: $962,000.   Difference: $5,000 (0.5%) below original list.   DOM: 10 Days total under MLS # 80906518.   Listed by Melanie Smith of Coldwell Banker.

1557 Alameda de las Pulgas

  • Sale Price: $816,500Original List Price: $814,000.   Difference: $2,500 (0.3%) above original list.   DOM: 4 Days total under MLS # 80907755.   Listed by Justine Ford of RE/MAX Today.

117 Belvedere Avenue

  • Sale Price: $775,000Original List Price: $799,000.   Difference: $24,000 (3.0%) below original list.   DOM: 26 Days total under MLS # 80905000.   Listed by Mike Hirner of Alain Pinel Realtors.


New Listings in San Carlos

870 Sunset Drive

  • Pictured Above:  $1,225,000 — 3BR/2BA, 2,090 sq ft on a 13,200 square foot lot.    MLS# 80914486, listed by Mark Ruiz of the Ruiz Group.

2419 Graceland Avenue

  • $918,000 — 3BR/2BA, 1,310 sq ft on a 7,300 square foot lot.    MLS# 80914511, listed by Laura Bertolacci of RE/MAX Today.

425 Cedar Street

  • $750,000 — 3BR/2BA, 1,410 sq ft on a 9,600 square foot lot.    MLS# 80914536, listed by John Shroyer of RE/MAX Today.

259 Vine Street

  • $735,000 — 3BR/2BA, 1,230 sq ft on a 5,000 square foot lot.    MLS# 80915467, listed by Susan Berry of Cashin Company.

820 Sunset Drive

  • $675,000 — 2BR/2BA, 1,220 sq ft on a 5,500 square foot lot.    MLS# 80915575, listed by Mary Duvall of Coldwell Banker.


Back on the Market

1339 Pebble Drive

  • Pictured Above: $1,148,000 — 5BR/2.5BA, 3,060 sq ft on a 7,620 square foot lot.    Was on the market back in July '08 under a different brokerage and listing at $1,698,000.   Current MLS# 80914513, listed by Molitor and Lunder of Alain Pinel Realtors.


(The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week, and an occasional podcast mixed in to keep things lively.   Between the two, you should get a great idea of what happened last week in San Carlos real estate.)


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  1. Fred on March 29, 2009 at 12:13 am

    Chuck –

    What is the deal with 425 Cedar? I know it is across San Carlos Ave but the size, lot and pictures make it look like it is under priced. Is it a foreclosure?


  2. Chuck on March 29, 2009 at 12:23 am

    Hi Fred,

    It’s not a foreclosure or a short sale. This is just a funky old place that needs a little TLC. The location is great, since it’s very close to downtown…and it has some historical significance, too.


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