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 Data8/22/2021Prior Week
Number of Closed Sales:66
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 Sales96
Average $/Sq Foot (Sold)$1,290$1,351
Listings put into Contract:59
Total Homes Pending Sale:4041
New Listings:63
Total Active Listings:1413
Average Price of Active Listings:$2,739,714$2,828,911
Average DOM of Active Listings:4143
Average $/Sq Foot (List)$1,175$1,234

1101 Greenbrier Road

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.
AddressSold PriceOrig. ListPremium Over List$/sq footDOM (days)
780 Knoll Drive$3,700,000$2,988,000+$712,000 (+23.8%)$1,0049
113 Glasgow Lane$3,416,800$2,800,000+$616,800 (+22.0%)$1,49211
1101 Greenbrier Road$3,050,000$2,995,950+$54,050 (+1.8%)$1,02610
800 Buckland Avenue$2,530,888$1,999,888+$531,000 (+26.6%)$1,5342
215 Loma Road$2,500,000$1,798,000+$702,000 (+39.0%)$1,4207
875 Buckland Avenue$2,391,400$2,298,000+$93,400 (+4.1%)$1,26512

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:
AddressList PriceDOM (days)
124 Devonshire Boulevard$3,699,95022
205 Beverly Drive$2,950,00019
2710 Brittan Avenue$1,999,00012
166 Barford Avenue$1,749,8887
1008 Sylvan Drive$1,500,0008
268 Park Avenue

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:
AddressList PriceBR/BASq Ft (home/lot) $/Square FootListed By
268 Park Avenue$2,998,0003BR/2.5BA2,548/6,750$1,177Compass
269 Edgehill Drive$2,599,0004BR/3BA2,890/6,000$899Sothebys
4 Alderlee Way$2,598,0004BR/2BA2,370/6,600$1,096dwell
154 Alberta Avenue$2,388,0003BR/2BA1,508/5,712$1,584Sothebys
10 Burnham Court$1,949,0003BR/2BA1,950/6,800$999Coldwell Banker
1011 Riverton Drive$1,698,0002BR/1.5BA1,264/5,000$1,264RE/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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