The San Carlos Real Estate Week in Review: 8-24-13.

August 23, 2013

Affordable Options.

There are lots of interesting gems to be found in the numbers below which reflect last week's real estate activity in San Carlos.  The first one to touch on is affordability.  There was a nice push of new listings again last week, which is keeping the inventory of new homes over the 30 mark.   But what was particularly interesting about last week was the affordability factor.  Of the 11 homes to debut on the market, 64% of them were under the $1M mark.  This will give first time buyers a level of choice that they haven't had all year.

The other interesting number is the active/pending ratio.  This number has been mired at ridiculously low levels all year, well under the 1 mark.   But this past week, it surged to the highest point this year at 1.7.   This ratio is a good measure of buying vs listing activity, and looking at the numbers below for last week it shouldn't be a surprise to see this number surge — 11 new listings compared to only 3 homes going into contract.   1.7 is not an abnormally high number, but it's an indication that the pace of selling activity is slowing somewhat in San Carlos.

The third number that jumps out is $1,202.   That's the price per square foot that the house on 1324 Oakhurst Avenue fetched when it closed escrow this week.  Shocking?  Not when you consider that the home sits on a nearly 10,000 sq foot flat lot on a fantastic San Carlos street.   This just drives home the point I made in this post about lot values in San Carlos — sometimes the dirt drives the value of the sale, and the structure is just an afterthought.  This sale was a perfect example of that scenario.

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 8-24-2013:

San Carlos Housing Data 8-24-13 Prior Week
Closed Sales for the Week:
7 5
Average Sold Price
$1,100,143 $1,278,857
Average $/Sq Foot (Sold)
$808 $709
Sold Price vs Orig List (%) 112% 108%
Average DOM of Closed Sales 11 12
No. of Homes Pending Sale: 18 21
Inventory of Active Listings:
31 25
Average Price of Active Listings: $1,421,575 $1,543,754
Average DOM of Active Listings: 29 35
Average $/Sq Foot (List) $630 $651
Active-Pending Ratio:
1.7 : 1 1.2 : 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
1324 Oakhurst Avenue $1,551,000 $1,349,000 +$202,000 (+15.0%)
810 Buckland Avenue $1,260,000 $899,000 +$361,000 (+40.2%)
1544 School Street $1,100,000 $1,025,950 +$74,050 (+7.2%)
74 Vine Street $1,100,000 $1,100,000 $0 (0%)
242 Park Avenue $960,000 $899,000 +$61,000 (+6.8%)
30 Vine Street $880,000 $889,000 -$9,000 (-1.0%)
2460 San Carlos Avenue $850,000 $725,000 +$125,000 (+17.2%)

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
2349 Eaton Avenue 66 $1,100,000
835 Orange Avenue 5 $1,388,000
1724 Greenwood Avenue 8 $1,098,000

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
369 Club Drive $1,788,000 4BR/5BA 7,735/2 acres Robert Stafford, Stafford Realty
462 Emerald Avenue $1,175,000 3BR/2BA 1,710/5,500 Mary Duvall, Coldwell Banker
3363 Melendy Drive $1,349,000 4BR/3.5BA 3,400/7,480 Eddie Azzopardi, Realty World
170 Hillcrest Road $1,049,000 3BR/2BA 1,704/7,381 Justine Ford, Today Sothebys
260 Beverly Drive $989,000 2BR/2BA 1,400/8,000 Stephanie Lashkoff, Ace Real Estate
212 Windsor Drive $899,000 2BR/2BA 1,462/8,325 Gary Bulanti, Alain Pinel Realtors
1434 Cordilleras Avenue $850,000 3BR/2BA 1,600/4,400 Tom Stone, Coldwell Banker
333 Hill Way $750,000 3BR/2BA 1,020/5,014 Steve Tenbroeck, Alain Pinel Realtors
953 Lupin Way $749,000 2BR/2BA 1,400/5,500 Amy Anderson, Intero
339 Cedar Street $739,000 2BR/1BA 870/5,700 John Donahue, Coldwell Banker
76 Alameda de las Pulgas $638,000 1BR/1BA 1,010/5,300 Howard Clark, Dumas & Company

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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