The San Carlos Real Estate Week in Review: 11/14/22

The Recap:

Last week was an interesting case study on how twitchy our economy is right now. The slightest bit of good news regarding inflation caused the stock market to rocket upward for two straight sessions, marking the single biggest gain in over a year. Additionally, home mortgage interest rates are creeping lower ever so slightly. Two different loan agents emailed with with rates for jumbo 30-year fixed that were at 6.125% (they hit 7 a few weeks ago), and ARM rates are in the low 5% range. Maybe it's a coincidence, but 9 houses were put into contract last week in San Carlos, which is a huge increase from the last few week's averages. Or maybe it's the fact that buyers are starting to get serious about getting a home before the holidays rather than bargain hunting?

The sudden surge in buying activity dropped the inventory of homes for sale in San Carlos below 30 for the first time in a few weeks. As we get closer to the holidays, that number is going to drop as some listings take a breather. So if you're serious about finding a home in San Carlos this year, now is the time to act.

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 11/13/2022:

San Carlos SFR Data	11/13/22	Previous Week
Number of Closed Sales:	3	5
Average Sold Price:	$2,675,333	$1,895,000
Median Sold Price:	$2,975,000	$2,075,000
Average % Sold vs Orig List Price:	99%	94%
Average DOM of Closed Sales	12	32
Average $/Sq Foot (Sold)	$1,406	$1,127
Listings put into Contract:	9	1
Total Homes Pending Sale:	21	14
New Listings:	4	7
Total Active Listings:	28	34
Average Price of Active Listings:	$2,728,167	$2,745,986
Average DOM of Active Listings:	40	38
Average $/Sq Foot (List)	$1,309	$1,275

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	Over/Under List	$/sq foot	DOM (days)
124 Colton Avenue	$3,000,000	$3,000,000	$0 (0%)	$1,515	0
290 Oakview Drive	$2,975,000	$3,149,000	-$174,000 (-5.5%)	$1,149	27
1929 Cedar Street	$2,051,000	$1,988,000	+$63,000 (+3.2%)	$1,554	7

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)
952 Holly Street	$999,000	5
6 Coleman Court	$2,100,000	56
28 Granite Court	$2,998,000	6
1252 Crestview Drive	$2,495,000	61
1345 Geneva Avenue	$3,998,000	0
1630 Hull Drive	$1,798,000	30
783 Kent Avenue	$3,250,000	0
1902 San Carlos Avenue	$1,799,000	59
1022 Alameda	$2,325,000	51

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
1325 Rosewood Avenue	$2,489,000	3BR/3BA	1,719/4,800	$1,448	Christies
2708 Brittan Avenue	$1,998,000	3BR/2BA	1,460/6,600	$1,368	Keller Williams
123 Winding Way	$1,598,000	3BR/2BA	1,230/6,080	$1,299	Compass
47 Winding Way	$1,188,000	1BR/1BA	1,010/18,150	$1,176	Compass

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.