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
- Pictured Above — Sale Price: $1,260,000. Original 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.
- Sale Price: $1,395,000. Original 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.
- Sale Price: $924,000. Original 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.
- Sale Price: $957,000. Original 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.
- Sale Price: $816,500. Original 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.
- Sale Price: $775,000. Original 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
- 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.
- $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.
- $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.
- $735,000 — 3BR/2BA, 1,230 sq ft on a 5,000 square foot lot. MLS# 80915467, listed by Susan Berry of Cashin Company.
- $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
- 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.)