The San Carlos Real Estate Week in Review: 5-31-14.

Last week was another one of those weeks that should have given a shot of encouragement to prospective home buyers in San Carlos.  Even though 7 homes went into contract during what was a very busy period, there was actually a greater number of homes that listed during the same time, and that pushed the inventory of homes for sale in San Carlos back up to 22.   That's still less than half of what one would expect in San Carlos for this point in the Spring selling season, but it's a welcome relief from the single digit inventory we've been forced to endure for much of the year.

What's also interesting to note is the that the average number of offers that most listings are getting is seeming to drop as we get more inventory.  This is a statistic that is very hard to track, because it's at the discretion of the listing agent to disclose (or not) this information, and it also strongly depends on the price point of the home.  But from my informal poll of recent San Carlos listings, we're starting to see more and more homes that are only getting a handful of offers — sometimes only one offer.   I've heard quite a few accounts where homes only received two offers.  That's quite a change from only a few months ago, but it's a telltale indication that the market is starting to level off just a little bit.

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 5-31-2014:

San Carlos Housing Data	5-31-14	Prior Week
Closed Sales for the Week:	2	6
Average Sold Price:	$1,177,500	$1,431,667
Average $/Sq Foot (Sold)	$1,011	$761
Average Percentage Over List Price:	98%	109%
Average DOM of Closed Sales	9	11
No. of Homes Pending Sale:	28	23
No. of Active Listings:	22	19
Average Price of Active Listings:	$1,496,814	$1,554,615
Average DOM of Active Listings:	16	18
Average $/Sq Foot (List)	$702	$717
Active-Pending Ratio:	0.79 : 1	0.83 : 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
2668 Thornhill Drive	$1,160,000	$1,199,000	-$39,000 (-3.3%)	9
1989 Belle Avenue	$1,195,000	$1,195,000	$0 (0%)	8

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
119 Brook Street	11	$1,249,000
1404 Crestview Drive	26	$1,798,888
80 Hartford Avenue	13	$1,280,800
843 Cedar Street	14	$998,000
112 Arundel Road	14	$1,995,000
58 Hillcrest Road	11	$2,349,000
1006 Alameda	0	$1,795,000

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
75 Porto Marino Way	$2,299,999	4BR/3.5BA	3,170/95,484	Tony Kim, Legacy Real Estate
20 Molton Avenue	$1,800,000	4BR/3.5BA	3,269/6,700	George Chopoff, RE/MAX
109 Mirabel Place	$1,588,000	4BR/3.5BA	2,357/2,622	Mike Bohnert, Coldwell Banker
316 Chesham Avenue	$1,499,000	3BR/2.5BA	2,327/9,148	Johnny Heckenberg, Real Estate EBroker
111 Mirabel Place	$1,499,000	4BR/3.5BA	2,186/2,034	Mike Bohnert, Coldwell Banker
393 Chestnut Street	$1,298,950	4BR/3BA	2,700/9,148	Jerry Giourard, Girourard Properties
261 Kelton Avenue	$1,199,950	3BR/1.5BA	1,390/4,400	Maxine Dumas, Dumas & Company
100 Alberta Avenue	$1,150,000	3BR/2BA	1,630/5,940	Samia Morgan, Samia Real Estate Group
966 Cherry Street	$779,000	2BR/1BA	900/5,000	Melanie Smith, Coldwell Banker

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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