The San Carlos Real Estate Week in Review: 3-15-14.
March 17, 2014
Every week is a different adventure in this wild real estate market. It was a refreshing change last week for San Carlos home buyers to see that more new listings debuted on the market than there were homes that went into contract. This was a a bit of a surprise to me, because I was predicted the exact opposite was going to happen and that we would be headed back to single-digit inventory again. But I'm perfectly OK being wrong in this instance. This runaway market needs desperately needs balance for its own good.
As I highlighted earlier in the week, the amount that buyers are overbidding to get a home in San Carlos seems to increase every week. All 5 of the sales that closed this past week commanded 6-figure premiums over the asking price, with two of them fetching a whopping 16% over list. What makes this remarkable is that not a single one of these homes could be considered under-priced to begin with — in my opinion all 5 were logically priced, taking into consideration the characteristics of the home and the market conditions. It just speaks volumes about the strength and determination of home buyers in this market.
Here are the details 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 3-15-2014:
| San Carlos Housing Data | 3-15-14 | Prior Week |
|---|---|---|
| Closed Sales for the Week: | 5 | 5 |
| Average Sold Price: | $1,727,600 | $1,495,400 |
| Average $/Sq Foot (Sold) | $747 | $826 |
| Sold Price vs Orig List Price: | 111% | 109% |
| Average DOM of Closed Sales | 9 | 9 |
| No. of Homes Pending Sale: | 28 | 30 |
| No. of Active Listings: | 14 | 10 |
| Average Price of Active Listings: | $1,355,429 | $1,479,595 |
| Average DOM of Active Listings: | 11 | 10 |
| Average $/Sq Foot (List) | $706 | $664 |
| Active-Pending Ratio: | 0.50 : 1 | 0.33 : 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.
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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 | Days on Market |
|---|---|---|---|---|
| 319 Emerald Avenue | $2,000,000 | $1,899,000 | +$101,000 (+5.3%) | 9 |
| 156 Mesa Verde Way | $1,818,000 | $1,698,000 | +$120,000 (+7.1%) | 8 |
| 878 Knoll Drive | $1,800,000 | $1,549,000 | +$251,000 (+16.2%) | 13 |
| 225 Alberta Avenue | $1,570,000 | $1,350,000 | +$220,000 (+16.3%) | 7 |
| 34 Hilltop Drive | $1,450,000 | $1,285,000 | +$165,000 (+12.8%) | 6 |
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.
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San Carlos Homes Pending Sale for the Week:
The following homes went into contract his week. Click on the address to see more details:
| Address | DOM (days) | List Price |
|---|---|---|
| 1005 Rosewood Avenue | 7 | $1,199,000 |
| 990 Orange Avenue | 8 | $1,299,950 |
| 880 Regent Court | 19 | $1,499,000 |
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.
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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. Click on the address of each home to get the complete details.
| Address | List Price | BR/BA | Sq Ft (home/lot) | Listed By |
|---|---|---|---|---|
| 115 Barford Avenue | $1,550,000 | 4BR/3BA | 2,000/6,820 | Julie Vejmola, Coldwell Banker |
| 1906 Saint Francis Way | $1,419,000 | 4BR/2BA | 1,620/6,050 | Justine Ford, Today Sothebys |
| 3025 Brittan Avenue | $1,248,000 | 3BR/3BA | 2,020/13,175 | Lou Carlos, Coldwell Banker |
| 1989 Belle Avenue | $1,195,000 | 2BR/1BA | 1,200/5,858 | Marla Perego, Coldwell Banker |
| 2321 Eaton Avenue | $1,099,000 | 2BR/1.5BA | 1,320/6,000 | Henry Chu, Today Sothebys |
| 1004 Springfield Drive | $899,000 | 3BR/2BA | 1,320/5,000 | Dan Robinson, Today Sothebys |
| 1035 Cherry Street | $768,000 | 2BR/2BA | 920/5,000 | Lisa Susnow, Keller Williams |
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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