Will San Carlos Become a $1B Real Estate Market This Year?

The Next Big Milestone.

We're only 3/4 of the way through the calendar year, and yet it's pretty much a guarantee that every meaningful sales record for San Carlos real estate will be shattered (and reset) this year. Just last year, the all-time record for total revenue (single family homes plus condos and town homes) for a complete year was set at nearly $803M, and yet we've already breached the record this year with still 2.5 months of sales to go.

The only suspense left is whether San Carlos will break the $1B mark in residential sales in a calendar for the very first time — and the answer is likely yes.

According to the stats above, over $804M in residential sales has already closed this year. There's another at least $110M in pending sales that will all close before the end of the year, and another $60M in active listings. If all of those opportunities close, that puts the tally at about $975M, and that's not counting anything that's yet to hit the market. With the average price of a single-family home in San Carlos now hovering near $2.5M, that would mean only 10 more houses above the existing inventory would have to list and close before the end of the year to break the $1B mark. That doesn't seem like too much of a stretch in this market.

Other Records Will Fall.

The total sales volume isn't the only milestone that will be rewritten this year. The average price per square foot of all properties will likely set an all time record as stands now at $1,167 — well ahead of last year's record number. And the average price of a single family home in San Carlos skyrocketed nearly 16% from last years high to sit at nearly $2.5M year to date.

The condo/townhouse market in San Carlos is not on the same price trajectory as the one that the single-family home sector is on, but it never really has been. In addition, the pandemic has placed an increased emphasis on living space, which explains the explosive growth in single-family home prices since many of these same condo owners up-sized this year to the larger living spaces that single-family homes afford.

So barring an unforeseen and unprecedented meltdown of the local real estate market, San Carlos should hit the $1B mark in residential real estate sales for the first time this year — the first of many times likely going forward.