The San Carlos Real Estate Week in Review: 6-15-13.

June 17, 2013

San Carlos Real Estate Summary.

The table was really set for it to be a “statement week” for the real estate market last week in San Carlos.  If you recall from the last report, we were slammed with a wave of new listings at the end of the prior week.  This pushed the inventory level in San Carlos above the 30 mark for the first time all year.   There were literally so many open houses to see, that it was a challenge to visit them all in the 3-hour time slot on a single day.  When was the last time that happened?

But the big question was, how would the market react to such an upside?  Would this finally signal a return to something resembling balance to the market?  Would it help give buyers a tiny bit more leverage?  Well, as you can see from the “Homes Pending Sale” section below, the market reacted just as it has all year — it devoured the inventory.   No sooner did we take a peek over the top of the 30 mark, then buyers drove it right back down to the 22 listings that we have today.  And yes, there were still multiple offers to go around the entire list.   So, while the sudden surge of inventory certainly gave buyers lots of much-needed options, it also demonstrated how strong the market remains in San Carlos.

There's another interesting tidbit in this week's report too.  For the first time in months, there's actually more red ink in the “Homes Sold” section than there was green ink.  In other words, more homes sold for less than their list price than above.  Indeed, the homes that closed escrow fetched an average of 98% of their list price.   That's the first time in months that it has been below 100%.    Is this the signal that the prices are starting to top out?   Perhaps, but it will take a few more weeks like this to convince me that it wasn't just a coincidence.

Here are the numbers from last week:

By The Numbers.

Below is a high-level snapshot of the market performance for single-family residences in San Carlos. This data is for the week ending 6-15-2013:

San Carlos Housing Data 6-15-13 Prior Week
Closed Sales for the Week:
7 8
Average Sold Price
$1,483,429 $1,244,875
Average $/Sq Foot (Sold)
$613 $736
Sold Price vs Orig List (%) 98% 108%
Average DOM of Closed Sales 11 7
No. of Homes Pending Sale: 39 34
Inventory of Active Listings:
22 29
Average Price of Active Listings: $1,438,143 $1,362,240
Average DOM of Active Listings: 23 18
Average $/Sq Foot (List) $605 $610
Active-Pending Ratio:
0.56 : 1 0.85 : 1

The San Carlos Open House Page.

If you're looking at open houses this weekend in San Carlos, check out the San Carlos Open House List. With one click on the Open House sign below, 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 home contracts that closed escrow this past week in San Carlos. Click on the address of each to see the complete details.

Address Sold Price Orig. List Difference DOM
1013 Rosewood Avenue $1,988,000 $1,975,000 +$13,000 (+0.7%)
29 Kirkwood Way $1,650,000 $1,799,000 -$149,000 (-8.3%)
108 Aster Road $1,510,000 $1,478,000 +$32,000 (+2.2%)
1082 Lupin Way $1,451,000 $1,499,980 -$48,980 (-3.3%)
620 Park Avenue $1,450,000 $1,499,000 -$49,000 (-3.3%)
125 Fairmont Avenue $1,285,000 $1,349,000 -$64,000 (-4.7%)
2724 Clifford Avenue $1,050,000 $1,050,000 $0 (0%)

Note: The sold data provided above is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction.


Single-Family Homes Pending Sale in San Carlos:

The following homes went “Pending Sale” this week. Click on the address to see more details:

Address DOM (days) List Price
438 De Anza Avenue 19 $899,000
1383 Chestnut Street 8 $925,000
1341 Central Avenue 11 $1,078,000
430 Erlin Drive 10 $999,000
744 Tamarack Avenue 12 $1,020,000
131 Alberta Avenue 12 $879,000
372 Beverly Drive 7 $1,149,000
785 Buckland Avenue 7 $1,449,000
1500 Cordilleras Avenue 9 $965,000
233 Devonshire Boulevard 7 $1,289,000
275 Club Drive 7 $869,950
2036 Saint Francis Way 9 $1,195,000

Note: The pending data provided above is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction.


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
860 Regent Court $1,598,000 5BR/3BA 2,710/8,400 Val Vandervort, Keller Williams
1265 Eaton Avenue $1,255,000 3BR/2.5BA 1,850/7,000 Tom Neel, Coldwell Banker
248 Edgehill Drive $1,199,000 4BR/3BA 2,180/4,653 Marc Romer, RE/MAX
2349 Eaton Avenue $1,050,000 3BR/2BA 1,530/5,760 David Young, Coldwell Banker
973 Alameda $802,000 3BR/1.5BA 1,050/5,123 Gregory Van Hauser, Taylor Properties
2429 San Carlos Avenue $799,000 3BR/2BA 1,320/7,000 Larry Panozzo, Today Sothebys

Note: The listing data provided above is strictly for informational purposes only, and should not imply that the author is the listing agent.


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  1. ckaught on June 17, 2013 at 3:39 pm

    I think the red in this weeks report has less to do with the market leveling off and more to do with homes being listed closer to the reality of what they might actuall sell for.

  2. Chuck Gillooley on June 17, 2013 at 6:08 pm

    Yes, I agree with that assessment. But it’s also the market pushing back on overly optimistic sellers (and agents) who are testing the upper price limits on some of these homes.

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