The San Carlos Real Estate Week in Review: 12/12/22

The Recap:

Just when it seemed like the bottom was falling out of the local real estate market, new life seems to be being breathed back in. The open house for my listing at 873 Bauer Drive in San Carlos had over 250 people through over two days despite the stormy weather, and there were other homes in both San Carlos and Belmont that saw huge turnouts on their offer dates. There is probably a variety of reasons why this is happening. First, I believe buyers are wary of future increases in the mortgage interest rates and want to act now before it gets even more expensive to borrow money. Second, there's not a lot of inventory to choose from. And third, it seems as if the market may have over-corrected itself with the torrent of bad news and interest rate hikes, and buyers are looking to snap up properties at these reduced prices.

What IS apparent is that there is still a LOT of buyers out there looking for homes right now, and it's creating a lot more demand for housing in San Carlos and surrounding communities.

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 12/11/2022:

San Carlos SFR Data	12/11/22	Previous Week
Number of Closed Sales:	7	5
Average Sold Price:	$1,929,714	$2,564,600
Median Sold Price:	$1,800,000	2,500,000
Average % Sold vs Orig List Price:	95%	96
Average DOM of Closed Sales	31	23
Average $/Sq Foot (Sold)	$1,077	$1,270
Listings put into Contract:	4	2
Total Homes Pending Sale:	10	13
New Listings:	4	3
Total Active Listings:	26	26
Average Price of Active Listings:	$2,789,726	$2,819,726
Average DOM of Active Listings:	41	43
Average $/Sq Foot (List)	$1,291	$1,311

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)
28 Granite Court	$3,100,000	$2,998,000	+$102,000 (+3.3%)	$1,069	6
1252 Crestview Drive	$2,403,000	$2,895,000	-$492,000 (-17.0%)	$1,059	61
1630 Hull Drive	$1,800,000	$1,998,000	-$198,000 (-9.9%)	$1,132	30
1701 Chestnut Street	$1,955,000	$1,995,000	-$40,000 (-2.0%)	$1,117	18
1902 San Carlos Avenue	$1,750,000	$1,899,000	-$149,000 (-7.8%)	$1,006	59
980 Springfield Drive	$1,400,000	$1,549,500	-$149,500 (-9.6%)	$946	38
952 Holly Street	$1,100,000	$999,000	+$101,000 (+10.1%)	$1,209	5

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)
2043 Cedar Street	$1,795,000	7
1689 Brittan Avenue	$2,188,000	8
205 Timothy Drive	$2,795,000	46
945 Sunset Drive	$2,725,000	87

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
7 El Sereno	$2,600,000	3BR/2BA	2,140/6,720	$1,215	Keller Williams
873 Bauer Drive	$2,250,000	3BR/2BA	1,920/18,000	$1,172	Ektra
1332 Elm Street	$2,000,000	3BR/2BA	1,370/4,800	$1,460	M&M
1048 Inverness Drive	$1,998,000	3BR/2.5BA	1,660/5,000	$1,204	Coldwell Banker

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.