The San Carlos Real Estate Week in Review: 9-28-13.

September 30, 2013

The Premium for Dirt.

If you're looking to buy a home in San Carlos and you get queasy at the thought that prices are escalating out of your budget, then perhaps you should skip reading this week's review.   This week's closed sales featured more eye-popping final prices than I've seen in a single week in San Carlos in a long time.    But all kidding aside, for some of the bigger sales there is a rational explanation — for others, there's simply not.

269 Kelton Avenue and 294 Devonshire Boulevard were the two sales that fetched the highest amount (both % and $$) over their asking price.  But both of these homes are perfect examples of two points I made recently in the post “The Price of Dirt in San Carlos” — First, the homes themselves had virtually no influence on the final sale prices — the value was driven solely by the dirt on which they stand.  And second, it illustrates the fact that there's still a HUGE premium for flat, buildable land in San Carlos.   The economy is once again strong enough were homeowners are willing to make that significant investment to build their “15-20 year” home.

The other home sale that topped the charts was 3363 Melendy Drive, which fetched a whopping $301,000 over the asking price.   But the reality of this sale is that this home simply sold where its value was — it's a very clean 3,400 square foot home with some incredible views, and even the higher sales price only equates to $485/square foot, compared to the average of $777/square foot that the rest of the homes fetched this week.

The rest of the big winners this week?  Chalk it up to high demand and market exuberance.  And here are those 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 9-28-2013:

San Carlos Housing Data 9-28-13 Prior Week
Closed Sales for the Week:
12 6
Average Sold Price
$1,239,022 $1,131,667
Average $/Sq Foot (Sold)
$777 $688
Sold Price vs Orig List (%) 118% 99%
Average DOM of Closed Sales 13 18
No. of Homes Pending Sale: 26 29
Inventory of Active Listings:
18 22
Average Price of Active Listings: $1,679,217 $1,714,770
Average DOM of Active Listings: 46 37
Average $/Sq Foot (List) $552 $547
Active-Pending Ratio:
0.69 : 1 0.76 : 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
3363 Melendy Drive $1,650,000 $1,349,000 +$301,000 (+22.3%)
294 Devonshire Boulevard $1,630,000 $998,000 +$632,000 (+63.3%)
2809 Norburt Lane $1,430,000 $1,299,000 +$131,000 (+10.1%)
269 Kelton Avenue $1,425,000 $1,110,000 +$315,000 (+28.4%)
1549 Chestnut Street $1,370,000 $1,218,000 +$152,000 (+12.5%)
2416 Melendy Drive $1,365,000 $1,188,000 +$177,000 (+14.9%)
92 Bay View Drive $1,303,000 $1,149,000 +$154,000 (+13.4%)
170 Hillcrest Road $1,280,000 $1,049,000 +$231,000 (+22.0%)
260 Beverly Drive $1,015,260 $989,000 +$26,260 (+2.7%)
2668 Thornhill Drive $860,000 $860,000 $0 (0%)
333 Hill Way $800,000 $750,000 +$50,000 (+6.7%)
76 Alameda de las Pulgas $740,000 $638,000 +$102,000 (+6.7%)

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
76 Bay View Drive 8 $1,675,000
40 Hartford Avenue 9 $999,000
19 Winding Way 30 $875,000
2704 Eaton Avenue 20 $950,000
2800 Roland Avenue 9 $1,195,000
2133 Brittan Avenue 8 $749,000
55 Shelford Avenue 8 $999,000

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
840 Crestview Drive $1,988,000 5BR/3.5BA 3,990/12,414 Rip Miller, Alain Pinel Realtors
723 Orange Avenue $1,195,000 3BR/2BA 1,750/5,141 Erika Demma, Coldwell Banker
2204 San Carlos Avenue $899,950 3BR/2BA 1,610/6,500 Maxine Dumas, 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.


Posted in:

Leave a Comment