The San Carlos Real Estate Week in Review: 8/23/21
August 23, 2021
The Recap.
In recent weeks, I have made mention of the stunning premiums that are being paid for homes in San Carlos. Just a few weeks ago, there were a handful of homes that fetched $500K or more over their respective asking prices. But this week takes the cake so far in 2021. There were two homes that notched premiums of $700K or more, one in excess of $600K, and one more that eclipsed the $500K mark. In at least one of these cases, the house was ridiculously under-priced, so the premiums actually made some sense. In other words, the house sold about where it should have and the absurd premiums can be notched up to the arbitrary nature of the list price. But several homes still sold at much higher values than I certainly would have expected, which just underscores the demand for housing in San Carlos, and the continuing strength of the pool of buyers that are in the market.
Massively under-pricing a house may achieve the desired goal of generating a lot of offers for the listing agent, but in reality it does more harm than good. The press seizes these examples as a way to illustrate how “out of control” the real estate market is, when in reality many of these homes are selling right about where they should. This sensationalism only serves to drive good buyers out of the market in fear that they will never be able to compete. It also gives other buyers a false sense of hope that they have a shot at a certain property, when it's really gamed to go way beyond their budget. Again, this just frustrates buyers and makes all of us look bad. I really hate to see that happen in this market, but there are a few repeat offenders that continually do this and cast false assumptions on what is really happening in the marketplace.
On that note, have a great week! Here are the sales numbers from last week:
At A Glance
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 8/22/2021:| San Carlos SFR Data | 8/22/2021 | Prior Week |
| Number of Closed Sales: | 6 | 6 |
| Average Sold Price: | $2,391,515 | $2,527,651 |
| Median Sold Price: | $2,790,444 | $2,610,000 |
| Average % Sold vs Orig List Price: | 120% | 114% |
| Average DOM of Closed Sales | 9 | 6 |
| Average $/Sq Foot (Sold) | $1,290 | $1,351 |
| Listings put into Contract: | 5 | 9 |
| Total Homes Pending Sale: | 40 | 41 |
| New Listings: | 6 | 3 |
| Total Active Listings: | 14 | 13 |
| Average Price of Active Listings: | $2,739,714 | $2,828,911 |
| Average DOM of Active Listings: | 41 | 43 |
| Average $/Sq Foot (List) | $1,175 | $1,234 |
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 | Premium Over List | $/sq foot | DOM (days) |
| 780 Knoll Drive | $3,700,000 | $2,988,000 | +$712,000 (+23.8%) | $1,004 | 9 |
| 113 Glasgow Lane | $3,416,800 | $2,800,000 | +$616,800 (+22.0%) | $1,492 | 11 |
| 1101 Greenbrier Road | $3,050,000 | $2,995,950 | +$54,050 (+1.8%) | $1,026 | 10 |
| 800 Buckland Avenue | $2,530,888 | $1,999,888 | +$531,000 (+26.6%) | $1,534 | 2 |
| 215 Loma Road | $2,500,000 | $1,798,000 | +$702,000 (+39.0%) | $1,420 | 7 |
| 875 Buckland Avenue | $2,391,400 | $2,298,000 | +$93,400 (+4.1%) | $1,265 | 12 |
San Carlos Single-Family Homes Pending Sale
The following single-family homes were put 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) |
| 1245 Devonshire Boulevard | $3,699,950 | 22 |
| 205 Beverly Drive | $2,950,000 | 19 |
| 2710 Brittan Avenue | $1,999,000 | 12 |
| 166 Barford Avenue | $1,749,888 | 7 |
| 1008 Sylvan Drive | $1,500,000 | 8 |
San Carlos New Single-Family Home Listings
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) | $/Square Foot | Listed By |
| 268 Park Avenue | $2,998,000 | 3BR/2.5BA | 2,548/6,750 | $1,177 | Compass |
| 269 Edgehill Drive | $2,599,000 | 4BR/3BA | 2,890/6,000 | $899 | Sothebys |
| 4 Alderlee Way | $2,598,000 | 4BR/2BA | 2,370/6,600 | $1,096 | dwell |
| 154 Alberta Avenue | $2,388,000 | 3BR/2BA | 1,508/5,712 | $1,584 | Sothebys |
| 10 Burnham Court | $1,949,000 | 3BR/2BA | 1,950/6,800 | $999 | Coldwell Banker |
| 1011 Riverton Drive | $1,698,000 | 2BR/1.5BA | 1,264/5,000 | $1,264 | 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 no way responsible for the accuracy of the data from this source.
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