The San Carlos Real Estate Week in Review: 6/1/2020.

The Recap.

Each week that we gradually open up the economy, the real estate market seems to get just a little bit busier.   7 new listings hit the market in last week in San Carlos, and even though only 2 homes were officially put into contract, that somewhat belies the activity level that's taking place.  At least two of the 25 active listings will go pending today, and showing activity on many other San Carlos listings has been brisk, to say the least.

It's interesting to note that all 5 of the homes that sold last week closed at prices below their original list price. Seeing an entire column of red ink isn't something that I recall seeing on this post since the Recession, but I wouldn't take this as evidence that prices are starting to plummet, although there seems to be resistance by buyers to writing offers way above the list price.  Consequently, sellers are pricing their homes more “transparently”, or closer to where they think the home will ultimately sell.  This is in marked contrast to the method we've grown used to of pricing the home slightly low to generate multiple offers.  While the latter strategy works fine in an escalating market, it's often too risky in a nervous and twitchy market that we are living with right now.

Here are the sales numbers from last week:

The Numbers.

This 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 5/31/2020:

San Carlos SFR Data	5/31/20	Prior Week
Number of Closed Sales:	5	8
Average Sold Price:	$1,936,900	$2,144,125
Median Sold Price:	$1,750,000	$2,199,000
Average % Sold vs Orig List Price:	93%	99%
Average DOM of Closed Sales	–*	–*
Average $/Sq Foot (Sold)	$1,003	$1,100
Listings put into Contract:	2	6
Total Homes Pending Sale:	14	16
New Listings:	7	7
Total Active Listings:	25	22
Average Price of Active Listings:	$2,540,715	$2,523,949
Average DOM of Active Listings:	–*	–*
Average $/Sq Foot (List)	$1,062	$1,064

*DOM figures are frozen until SIP is lifted.

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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	$/Sq Foot	DOM (days)
1125 Cedar Street	$2,702,500	$2,895,000	-$192,500 (-6.6%)	$1,060	–*
1400 Eaton Avenue	$2,060,000	$2,100,000	-$40,000 (-1.9%)	$1,120	–*
188 Winding Way	$1,750,000	$1,898,000	-$148,000 (-7.8%)	$841	–*
2428 San Carlos Avenue	$1,622,000	$1,775,000	-$153,000 (-8.6%)	$960	–*
186 Wildwood Avenue	$1,550,000	$1,695,000	-$145,000 (-8.6%)	$1,033	–*

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San Carlos Single-Family Homes Pending Sale:

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

Address	List Price	DOM (days)
510 De Anza Avenue	$1,850,000	–*
22 Dover Court	$2,159,000	–*

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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
2959 Eaton Avenue	$3,498,000	4BR/3BA	4,555/12,414	Greg Celotti, Compass
345 Oakview Drive	$3,380,000	4BR/3BA	2,667/7,150	Erika Ameri, Compass
1137 Greenbrier Road	$3,199,999	4BR/2.5BA	3,360/11,020	Sam Jafari, RE/MAX
1350 Woodland Avenue	$2,150,000	3BR/2BA	1,833/4,040	Chuck Gillooley, Compass
244 Shelford Avenue	$2,125,000	3BR/2.5BA	2,235/9,150	John Nelson, Reali
825 Buckland Avenue	$1,990,000	3BR/2.5BA	1,550/7,200	Robert Bredel, Dwell
1051 Crestview Drive	$1,769,000	3BR/2BA	1,720/10,488	Arlene Sullivan, Coldwell Banker

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