The San Carlos Real Estate Week in Review: 9/26/22
September 26, 2022
The Recap:
Home buyers experienced a significant setback last week when the Federal Reserve moved ahead with a much anticipated hike in the prime lending rate. This resulted in a drop in the stock market to levels not seen since the pandemic, and pushed many of the mortgage loan rates above 6%. This is the double-whammy that happens every the rate is lurched upward, and it will likely happen again as the Fed takes very belated steps to curb inflation.
The result of this action was very noticeable in the weekend open houses. Attendance was down significantly at my own open house, as it was with other agents that I spoke with. But while these shifts in the economy further slow down the local real estate market, it does create better opportunities for home buyers who have been continuously beaten when multiple offers were the norm. Yes, the costs of funds are higher than they were 6 months ago, but home prices have dropped more than enough to offset the increase in rates. Those buyers that recognize the long-term opportunity of this current market will thank themselves down the road for not being afraid to jump in now.
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 9/25/2022:| San Carlos SFR Data | 9/25/22 | Previous Week |
| Number of Closed Sales: | 6 | 4 |
| Average Sold Price: | $2,629,815 | $2,571,250 |
| Median Sold Price: | $2,169,444 | $2,387,500 |
| Average % Sold vs Orig List Price: | 103% | 96% |
| Average DOM of Closed Sales | 34 | 30 |
| Average $/Sq Foot (Sold) | $1,135 | $1,211 |
| Listings put into Contract: | 6 | 5 |
| Total Homes Pending Sale: | 21 | 22 |
| New Listings: | 6 | 5 |
| Total Active Listings: | 37 | 36 |
| Average Price of Active Listings: | $2,560,424 | $2,608,359 |
| Average DOM of Active Listings: | 36 | 34 |
| Average $/Sq Foot (List) | $1,309 | $1,305 |
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) |
| 228 Queens Court | $4,900,000 | $5,650,000 | -$750,000 (-13.3%) | $886 | 63 |
| 240 Bay View Drive | $2,540,000 | $2,279,000 | +$261,000 (+11.5%) | $1,660 | 7 |
| 925 Montgomery Street | $2,138,888 | $1,999,888 | +$139,000 (+7.0%) | $1,156 | 20 |
| 755 Dartmouth Avenue | $2,200,000 | $1,988,000 | +$212,000 (+10.7%) | $1,293 | 44 |
| 73 Hilltop Drive | $2,000,000 | $1,799,000 | +$201,000 (+11.2%) | $851 | 12 |
| 2617 San Carlos Avenue | $2,000,000 | $2,195,000 | -$195,000 (-8.9%) | $966 | 56 |
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) |
| 2833 Tramanto Drive | $2,685,000 | 12 |
| 1200 Cordilleras Avenue | $2,100,000 | 12 |
| 150 Dolton Avenue | $3,549,950 | 70 |
| 2701 Eaton Avenue | $2,299,888 | 68 |
| 1601 Greenwood Avenue | $2,595,000 | 12 |
| 2721 Victoria Manor | $2,197,000 | 78 |
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 |
| 185 Lyndhurst Avenue | $2,895,000 | 3BR/2BA | 2,160/5,000 | $1,340 | Compass |
| 1574 Gover Lane | $2,585,000 | 4BR/2.5BA | 1,756/5,650 | $1,472 | Christies |
| 1022 Alameda | $2,650,000 | 4BR/2BA | 1,849/6,144 | $1,433 | Keller Williams |
| 103 Mirabel Place | $2,398,888 | 4BR/3.5BA | 2,339/3,922 | $1,026 | Compass |
| 130 Pearl Avenue | $2,299,000 | 4BR/3BA | 2,150/4,400 | $1,069 | Christies |
| 434 Emerald Avenue | $2,249,000 | 3BR/2BA | 1,410/6,100 | $1,595 | Christies |
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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