The San Carlos Real Estate Week in Review: 11/14/2016.

This is the first week of the post-election market, and many people are wondering how the election is going to impact the local housing market, and people's ability and desire to buy homes. One of the most publicized events was the impact on the stock market. Despite election night predictions that the stock market was going to take a nose dive (Dow Futures were down 800 points when the Presidency was called), the market actually ended nearly 300 points higher on the day after the election, and continued on an upward trend for the rest of the week. So much for the experts…

But there was another much less publicized effect, and that was the interest rates for home mortgages. After the election results were announced, the average mortgage interest rate jumped an astounding 0.5% in just 48 hours. In the grand scheme of home buying, rates are still at historically low levels. But a jump this large in such a short amount of time sent shivers through the lending market, and has forced loan brokers to reconvene with those clients who intend to borrow the maximum allowable amount to recalculate the changes in their buying power.

The unexpected results of the Presidential election has certainly sent shock waves through the local economy and real estate market. Time will tell whether these changes are simply a knee-jerk reaction to the news, or a precursor of things to come.

Here is a look at last week's numbers:

The Numbers.

Below is a high-level view of the market performance for single-family residences (SFR) in San Carlos. This data is for the 7-day period ending Sunday 11/13/2016:

San Carlos SFR Data	11/14/16	Prior Week
Closed Sales for the Week:	3	5
Average Sold Price:	$1,950,333	$1,580,000
Average % List Price:	108%	101%
Average DOM of Closed Sales	9	26
Average $/Sq Foot (Sold)	$951	$946
No. of New Listings:	3	4
Total # of Active Listings:	15	17
Average Price of Active Listings:	$1,723,597	$1,892,762
Average DOM of Active Listings:	22	27
Average $/Sq Foot (List)	$933	$916
Total # of Homes Pending Sale:	31	29
Active-Pending Ratio:	0.48 : 1	0.59 : 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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San Carlos Single-Family Residences Sold:

 

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 (days)
916 Tamarack Avenue	$2,391,000	$2,198,000	+$193,000 (+8.8%)	8
3218 La Mesa Drive	$2,300,000	$1,999,950	+$300,050 (+15.0%)	10
2444 San Carlos Avenue	$1,160,000	$1,149,000	+$11,000 (+1.0%)	9

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San Carlos Single-Family Homes Pending Sale:

The following single-family homes went into contract in San Carlos this past week. Click on the address of each home to see more details and photos:

Address	DOM (days)	List Price
2607 Graceland Avenue	8	$2,295,000
232 Beverly Drive	11	$1,698,000
1983 Brittan Avenue	11	$1,050,000
228 Shelford Avenue	26	$1,698,000
21 Cranfield Avenue	172	$3,288,000

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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 see more details and photos.

Address	List Price	BR/BA	Sq Ft (home/lot)	Listed By
1061 Porto Marino Drive	$1,649,950	4BR/2BA	2,000/12,240	David Blewett, Intero
1345 Geneva Avenue	$1,075,000	2BR/1BA	920/4,040	Paris Wilson, Amici Real Estate
261 Highland Avenue	$1,050,000	3BR/2BA	1,210/6,599	David Young, Coldwell Banker

 

(Click the “Homes For Sale” sign below to see ALL of the homes currently for Sale in San Carlos.)

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Condos and Townhomes Sold in San Carlos:

Below are the condos/townhouses that closed escrow this past week. Click on the address of each home to see more details and photos.

Address	Sold Price	Orig. List	Difference	DOM (days)
—	—	$–	$– (–%)	—

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Condo/Townhouse Pending Sale this Week.

The following condos/townhouses went into contract this week. Click on the address of each home to see more details and photos.

Address	DOM (days)	List Price
—	—	$–

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New Condo/Townhouse Listings in San Carlos:

The following condo/townhouses listed this past week. Click on the address of each home to see more details and photos.

Address	List Price	BR/BA	Sq Feet	Listed By
633 Elm Street #103	$969,000	2BR/2BA	1,096	Sean Clar, RE/MAX

Disclaimer: The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week. The data provided in this report is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction unless explicitly stated otherwise. The source of this data is the Multiple Listing Service (MLS), so the author is in now way responsible for the accuracy of the data from this source.