The San Carlos Real Estate Week in Review: 8-20-11.
August 21, 2011
San Carlos Real Estate Summary.
I read somewhere this week that it might be turning into a buyer's market in San Carlos. I don't think so. All of the key metrics still point to a very competitive environment for buyers, which makes it very much a seller's market. Inventory is tight, with only 47 homes for sale. And of the four homes that closed escrow last week, 3 sold for over list price — at an average stay on the market of only 6 days. That's not an environment that tells me that buyers are calling the shots. Even homes that have been on the market for up to 3 months are starting to go into contract. With the Fall market just a couple of weeks away, it will be interesting to see how the expected surge of new inventory will affect the pace of sales.
Here's a quick snapshot of the inventory of San Carlos single family homes as of 8-20-2011:
| Inventory | 8-20-11 | Prior Week |
|---|---|---|
| Active Listings | 47 | 48 (-2.1%) |
| Average Price of Active Listings | $1,017,234 | $1,034,133 (-1.6%) |
| Average DOM of Active Listings | 73 | 71 |
| No. of Homes Pending Sale | 45 | 43 (+4.7%) |
| Ratio of Active:Pending | 1.0 : 1 | 1.1 : 1 |
San Carlos Market Report.
Click here to download this week's edition of the Altos Research Market Report: San Carlos Market Report 8-20-2011
The San Carlos Open House Page.
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.
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 |
|---|---|---|---|---|
| 3443 Brittan Avenue |
$1,275,721 | $1,275,721 | $0 (0%) | 5 |
| 1017 Walnut Street |
$1,125,000 | $1,099,000 | +$26,000 (+2.4%) | 7 |
| 2211 Howard Avenue |
$960,000 | $899,000 | +$61,000 (+6.8%) | 8 |
| 932 Elm Street |
$932,000 | $900,000 | +$32,000 (+3.6%) | 4 |
— Here are some key statistics on the sales that closed this week:
| Closed Sales Stats | 8-20-11 | Prior Week |
|---|---|---|
| # Closed Sales | 4 | 10 |
| # of Sales Below List (% of total) | 0 (0%) | 6 (60%) |
| SP/Orig List % | 103% | 96.6% |
| Average DOM of Closed Sales | 6 | 31 |
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Single-Family Homes Pending Sale in San Carlos:
The following homes went “Pending Sale” this week. Click on the address of each for additional info:
| Address | DOM (days) | List Price |
|---|---|---|
| 3233 La Mesa Drive | 9 | $1,249,000 |
| 19 Anchor Lane |
94 | $1,199,000 |
| 787 Kent Avenue |
7 | $1,549,888 |
| 20 Pepper Lane |
9 | $875,000 |
| 2867 Roland Avenue | 41 | $869,000 |
| 1649 Brittan Avenue | 55 | $769,500 |
| 1968 Birch Avenue |
71 | $699,000 |
(Click the “Homes Pending Sale” button below to see ALL the homes that are Pending Sale in San Carlos.)
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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 |
|---|---|---|---|---|
| 1820 Chestnut Street |
$1,549,888 | 5BR/5BA | 2,780/4,240 | Christine Morgan, RE/MAX |
| 815 Buckland Avenue | $1,068,000 | 4BR/3.5BA | 2,816/8,100 | David Young, Coldwell Banker |
| 3101 Brittan Avenue | $1,048,000 | 4BR/2.5BA | 2,520/12,400 | Nancy Field, Coldwell Banker |
| 1472 Cordilleras Avenue | $979,000 | 3BR/2BA | 1,800/5,500 | Justine Ford, Today Sothebys |
| 1536 Cherry Street |
$650,000 | 2BR/1BA | 1,360/7,000 | Theresa Finnegan, Better Homes |
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(The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week.)
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Posted in:
“I read somewhere this week that it might be turning into a buyer’s market in San Carlos. I don’t think so.” – The Alain Pinel (Altos Research) market reports you link to have indicated a Strong Buyers market since mid-2007……..so one could understand that opinion.
My 2 cents. The time series of data used in this report seems to only capture two cycles and the time frame should be shortened up (i.e. starting in January 2008) to capture a more representative range of activity since the market selloff, or it should be much longer as to capture multiple cycles (i.e. start in the 70’s and capture different cycles).
Also, one must remember that this is all backward looking. More interesting to buyers/sellers should be forward looking statements/opinions (expectations on credit availability, supply of homes in pipeline, etc.). For example, if the current environment of very tight supply boads well for sellers then wouldn’t any marginal increase in supply creates shift that dynamic marginally towards the buyer?
In the process of buying or selling, other data points which would be useful as homes sell (but I am not sure would be available) are (in addition to DOM, number of bids, closing vs. ask) what the cover bid was (if any), range of bids (hi-low), and how the finanincing factored in (i.e. all cash, 80/20, 85/15, etc).
Thanks for your comment. You are correct – most market data is backward looking. The government can’t even declare a recession until they look at past quarters, not the present (or future) conditions. My perspective on whether it’s a buyer’s or seller’s market has nothing to do with the Altos Research data. It has much more to do with the present conditions, and the general feel moving forward. To your point, those metrics (credit availability, supply of homes, etc.. ) basically create an environment that entices more buyers to compete for fewer homes. Regarding the former, money is as easy to get today as it has been in the past 3-4 years. I closed an escrow with a conforming loan in 16 days just last week, so there’s no issue getting funds for qualified buyers. And rates should remain low for the foreseeable future, as the fed has committed to keeping the prime rate near zero.
On the seller’s side, we’re slipping back into a mode of very limited inventory. Right now, there are only 41 homes for sale in all of San Carlos, and only 5 of them have been on the market for less than a week. So there’s not much to choose from, and when a nice home does come on the market, the environment is very conducive to multiple offers — which is where we’re at right now. Will this bias towards sellers continue? It’s hard to say — but if the conditions continue unchanged, I feel that the market between Labor Day and Thanksgiving will be very robust… and VERY competitive for buyers.
Thanks again…