The San Carlos Real Estate Week in Review: 1/9/23

The Recap:

Whether it's just the time of the year or the incessant rainy weather, but the real estate market in San Carlos is taking its own sweet time getting started. For the second straight week, there were no new listings to report, and the inventory of homes for sale in San Carlos has dropped to just 10 homes in the entire city. All of these 10 homes have either been on the market for a month or longer, or are on the market for the second time as a re-listing, so this batch of homes is relatively stale starting off the new year. It's going to take some compelling new listings to get the attention of home buyers and get the activity started for 2023.

Both homes that closed escrow this week were able to fetch premiums over their respective asking prices. That's something that we've grown accustomed to over the years with San Carlos homes, but something we haven't seen very often since the prices started to slide in the second half of 2022. It's too early to tell if this a signal of some market stability, but it is an encouraging sign for sellers that there are still competitive buyers in this market.

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 1/8/2023:

San Carlos SFR Data	1/8/23	Previous Week
Number of Closed Sales:	2	2
Average Sold Price:	$2,300,000	$1,642,500
Median Sold Price:	$2,300,000	$1,642,500
Average % Sold vs Orig List Price:	108%	89%
Average DOM of Closed Sales	7	63
Average $/Sq Foot (Sold)	$1,261	$1,160
Listings put into Contract:	2	2
Total Homes Pending Sale:	11	11
New Listings:	0	0
Total Active Listings:	10	12
Average Price of Active Listings:	$2,972,400	$2,809,250
Average DOM of Active Listings:	52	53
Average $/Sq Foot (List)	$1,380	$1,332

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)
873 Bauer Drive	$2,550,000	$2,250,000	+$300,000 (+13.3%)	$1,328	6
2043 Cedar Street	$1.850,000	$1,795,000	+$55,000 (+3.1%)	$1,194	7

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.