$2M Home Sales in San Carlos – An Update.

October 14, 2015


The Top Tier.

Among the many metrics that I track to gauge the trajectory of the San Carlos real estate market, the number of homes that sell at or above $2,000,000 is one of the more interesting ones – especially over the past 3-4 years. That's because it's not only a good measure of where home prices are going in San Carlos, but also a measure of buyer's reluctance (or lack thereof) in the top end of the local market. After all, if a buyer can easily afford a home for over $2M, there are probably other options for them out there besides just the City of Good Living.

As we have tracked through the course of this year, the number of $2,000,000 home sales that have been listed on the MLS actually doubled from 2013 to 2014. Will that happen again this year? That may be a bit of stretch with less than 3 months left in calendar year. But from the chart below, you can see that we've already handily exceeded last year's total of $2M sales as of today, and there are a number of pending sales that will close in the coming weeks and months that will fall into this elite bracket to boost that number even higher.


$SC $2M Sales 10-15

There are already 33 homes to close higher than $2M so far this year, which is nearly triple the number from just two years ago. It's also interesting to note that there are another 10 home sales that just missed $2M mark by 5% or less. Buyers clearly are not concerned about breaking the $2,000,000 mark to live in San Carlos, where the average price of a home now hovers around $1.8M.  As more of the larger and updated homes start to roll out on the market, $2M will become more the rule, and less the exception.

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