$3M is the New $2M in San Carlos.
July 16, 2021
An Expensive Town.
Two years ago I wrote a post with exactly the same title, only it was posed as a question; Is $3M the New $2M in San Carlos? Fast forward two years, and that is no longer a question — it's a resounding yes, $3M has become the new $2M in San Carlos.
As I mentioned in the previous article, it used to be noteworthy when a home sold for over $3M in San Carlos but it's becoming so commonplace that it barely garners any attention. Consider the following data:
- There have been more $3M+ home sales recorded in San Carlos so far in 2021 (38) than in ALL of 2020 (32) and 2019 (32), and we're only in mid-July. So that record has already been shattered and will continue to grow as 2021 unfolds.
- A full 20% of all homes that have sold so far in San Carlos in 2021 fetched prices of $3M or higher. For the full year in 2020, that percentage was only 10% and in 2019 it was 11%.
- There has been the same number of $4M sales (2) so far this year as in all of 2020 or 2019, so that record will definitely fall as well since there are 3 more homes currently pending at $4M or above, and another 2 on the active market in that price range.
So if you're looking for a substantial home in San Carlos, i.e. 4BR or greater than 2,500 square feet, brace yourself that the first number in your offer is probably going to be a 3. But for those in the entry-level market, all is not lost — 28% of all the homes sold in San Carlos so far this year were below $2M, while the remaining 52% sold between $2M and $3M.