The San Carlos Real Estate Week in Review: 5/16/22
May 16, 2022
The Recap:
Perhaps it's just the time of year, or maybe all of the economic volatility is finally catching up to the real estate market, but the vibe of the market has changed noticeably over the past two weeks. A few homes that would have normally flown off the market are still looking for buyers, and those homes that are getting offers are not seeing as many as they may have expected. The other indication of a market under duress is the number of buyers that are trying to extract themselves from contracts that they are currently in, either because they're spooked by the market volatility, or worse yet they simply can no longer afford the home they're in contract to buy because their equities they were planning to liquidate to purchase the home have cratered in value. Regardless of the reason, people are finding that getting out of a non-contingent contract can be a painful and expensive lesson.
This turn of events has made all-cash offers and offers with very large down payments much more attractive because of the perception that they are more impervious to the economic turmoil – which is largely true, and something that we'll touch on again on the blog.
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 5/15/2022:| San Carlos SFR Data | 5/15/22 | Previous Week |
| Number of Closed Sales: | 4 | 9 |
| Average Sold Price: | $3,693,750 | $2,860,111 |
| Median Sold Price: | $3,437,500 | $2,498,000 |
| Average % Sold vs Orig List Price: | 108% | 113% |
| Average DOM of Closed Sales | 8 | 8 |
| Average $/Sq Foot (Sold) | $1,248 | $1,483 |
| Listings put into Contract: | 2 | 3 |
| Total Homes Pending Sale: | 20 | 22 |
| New Listings: | 9 | 6 |
| Total Active Listings: | 17 | 11 |
| Average Price of Active Listings: | $2,661,693 | 2,560,072 |
| Average DOM of Active Listings: | 9 | 8 |
| Average $/Sq Foot (List) | $1,365 | $1,418 |
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) |
| 1637 Greenwood Avenue | $4,800,000 | $4,495,000 | +$305,000 (+6.8%) | $1,548 | 13 |
| 14 Estrada Place | $3,600,000 | $3,698,000 | -$98,000 (-2.7%) | $818 | 12 |
| 1067 Hewitt Drive | $3,275,000 | $2,788,000 | +$487,000 (+17.5%) | $1,489 | 7 |
| 263 Winding Way | $3,100,000 | $2,850,000 | +$250,000 (+8.8%) | $1,136 | 0 |
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) |
| 1621 Cordilleras Avenue | $2,398,000 | 6 |
| 1632 Elm Street | $1,695,000 | 13 |
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 |
| 132 Bayview Drive | $3,998,000 | 4BR/3.5BA | 3,520/10,441 | $1,136 | Redfin |
| 212 Frances Lane | $3,450,000 | 4BR/4.5BA | 3,360/9,600 | $1,027 | Sereno |
| 860 Cabot Court | $3,449,000 | 4BR/2.5BA | 3,193/11,250 | $1,096 | Coldwell Banker |
| 2848 Tramanto Drive | $2,649,000 | 4BR/2.5BA | 1,915/7,380 | $1,383 | Compass |
| 1628 Gover Lane | $2,600,000 | 3BR/2BA | 1,960/5,650 | $1,327 | Compass |
| 1950 Brittan Avenue | $2,250,000 | 3BR/1.5BA | 1,610/5,000 | $1,398 | Corcoran |
| 148 Vine Street | $1,995,000 | 3BR/2BA | 1,320/5,610 | $1,511 | Compass |
| 549 Prospect Street | $1,699,000 | 2BR/1BA | 1,090/6,500 | $1,559 | Compass |
| 1354 Oakhurst Avenue | $1,588,000 | 2BR/1BA | 970/3,250 | $1,637 | Sereno |
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.
Posted in: