The San Carlos Real Estate Week in Review: 1/22/11

January 23, 2011

Summary.

There's an interesting phenomenon taking place right now in the San Carlos real estate market: Everyone is looking, but nobody is buying. Now, that may seem like a bit of an exaggeration, but consider the following — despite the fact that open house attendance has been up significantly every weekend, only two listings have gone into contract in all of San Carlos since the year began 3 weeks ago. Granted, January is not usually known as a robust real estate market, but this paradoxical behavior is a bit surprising.

A big part of the reason why nobody is pulling the trigger is the inventory of what's available now in San Carlos — not the quality of the inventory, but the quantity and especially the age. I did some quick math and determined that the average number of days that the 45 homes currently for sale in San Carlos have been on the market is 104 days. That's basically 3.5 months. (I will actually start tracking this stat each week in the data table below.) Even with the six new listings that came on them market this week, 3 of them are re-lists from within the past 12 months. So it seems as if the buyers have seen everything that's out there now, but they're clearly holding out to see what's new in the coming weeks before they decide to make a move.

San Carlos Market Report.

Click here for this week's edition of the Market Report: San Carlos Market Report 1-22-2011

Open House?

If you're looking at open houses this weekend in San Carlos here's the only link you'll need: The San Carlos Open House Page. With one click, you'll get a “live” list of all the homes and condos that will be open this weekend in San Carlos! It's updated continuously from the MLS, so bookmark this link and you'll never have to wander around town looking for open houses again.

Here's a quick snapshot of the inventory of San Carlos single family homes as of 1/22/2011:

Inventory	1/22/2011	Prior Week
Active Listings	45	37 (+22%)
Average DOM of Active Listings	104	—
Homes in Contract	15	20 (-25%)
Ratio Active/Pending	3 : 1	1.7 : 1

Single-Family Homes Sold in San Carlos:

Below is a list of the single-family homes that sold this past week in San Carlos. Click on the address of each to see the complete details.

Address	Sold Price	Orig. List	Difference	DOM
2068 Eaton Avenue	$1,080,000	$1,088,000	$8,000 (-0.7%)	2
405 Pearl Avenue	$791,000	$784,900	$6,100 (+0.8%)	17
136 Devonshire Boulevard	$755,000	$769,000	$14,000 (-1.8%)	40

Here are some key statistics on the sales that closed this week:

Closed Sales Stats	1/22/2011	Prior Week
# Closed Sales	3	0
# Sales Below List (% total)	2 (67%)	0 (0%)
SP/Orig List %	99%	0%
Average DOM of Closed Sales	19.7	0

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Single-Family Homes Pending Sale in San Carlos:

The following homes went “Pending Sale” this week — click on the address or the MLS # of each for additional info:

Address	DOM (days)
23 Whitman Court	12

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New Single-Family Home Listings in San Carlos:

Below are the new listings that hit the market this past week in San Carlos. Simply click on the address of each home to get the complete details.

Address	List Price	BR/BA	Sq Ft (home/lot)	Listed By
250 Ruby Avenue	$1,225,000	4BR/2.5BA	1,900/5,500	Joyce Romeo, Intero
202 Timothy Drive	$1,199,000	4BR/2.5BA	2,350/7,644	Melanie Smith, Coldwell Banker
144 Glasgow Lane	$1,075,000	3BR/2BA	1,850/7,007	Jolaine Woodson, Alain Pinel Realtors
218 Exeter Avenue	$1,050,000	4BR/2.5BA	2,720/8,200	David Young, Coldwell Banker
500 Prospect Street	$849,000	3BR/2BA	1,280/7,050	Julie Geyer, RE/MAX Star Properties
11 Willow Glen Way	$729,000	3BR/2BA	1,280/4,482	David Young, Coldwell Banker

(The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week.)