The San Carlos Real Estate Week in Review: 2/20/23

February 20, 2023

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The Recap:

The San Carlos real estate is continuing to show signs of slow but steady improvement. One of the homes that was put under contract last week enjoyed 3 offers and will close significantly above the asking price. Another positive sign is that a number of listings that were unable to sell last year are getting re-listed in the early months of 2023 and they are getting snapped up. Belmont is experiencing a similar, if not greater, surge in demand which is resulting in some pretty eye-opening multiple offer transactions.

In general, new listings are spending less time on the market than they did in the fourth quarter of last year when buyers were rapidly retreating to the sidelines. This is keeping the inventory painfully low in the single-digits, which is not common for this time of year. Despite the new listing activity that we saw last week in San Carlos, there are still only 9 single-family homes for sale in the city. If you're undecided about listing your house, the conditions couldn't be much better with the obvious exception of the higher interest rates.

Here are the 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 2/19/2023:
San Carlos SFR Data2/19/23Previous Week
Number of Closed Sales:26
Average Sold Price:$2,150,000$2,408,333
Median Sold Price:$2,150,000$2,575,000
Average % Sold vs Orig List Price:102%97%
Average DOM of Closed Sales942
Average $/Sq Foot (Sold)$1,497$1,242
Listings put into Contract:35
Total Homes Pending Sale:1413
New Listings:41
Total Active Listings:97
Average Price of Active Listings:$2,611,222$2,711,977
Average DOM of Active Listings:2124
Average $/Sq Foot (List)$1,360$1,344

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.
AddressSold PriceOrig. ListOver/Under List$/sq footDOM (days)
1325 Rosewood Avenue$2,450,000$2,588,000-$138,000 (-5.3%)$1,4256
1458 Chestnut Street$1,850,000$1,700,000+$150,000 (+8.8%)$1,56812

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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