The San Carlos Real Estate Week in Review: 3/6/23

The Recap:

The traditional Spring surge in new listings is starting to happen in San Carlos, albeit not at the rate that we've become accustomed to in previous years. There were six new single-family listings to hit the market last week, and a few more will follow this week. As of this morning, that puts the inventory of homes for sale in San Carlos at 14 — still not a big number by any means, but the trend is going the right direction for buyers that need more homes to choose from.

Speaking of home buyers, there is definitely an increased sense of urgency with home buyers right now that wasn't there last quarter. All five homes that were put under contract this week were on the market for only 8 days or less, with two of them never hitting the market at all. This rapid turnover is very different from what we've witnessed the past two months, and it indicates that buyers are sensing that it's time to get back into the market, especially with the likelihood of two more Fed rate increases in the near future and the fact that prices appear to be no longer dropping in San Carlos.

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 3/5/2023:

San Carlos SFR Data	3/5/23	Previous Week
Number of Closed Sales:	3	2
Average Sold Price:	$2,220,000	$2,205,000
Median Sold Price:	$2,300,000	$2,205,000
Average % Sold vs Orig List Price:	104%	103%
Average DOM of Closed Sales	9	3
Average $/Sq Foot (Sold)	$1,282	$1,593
Listings put into Contract:	5	1
Total Homes Pending Sale:	16	13
New Listings:	6	5
Total Active Listings:	14	12
Average Price of Active Listings:	$2,647,341	$2,687,481
Average DOM of Active Listings:	18	19
Average $/Sq Foot (List)	$1,376	$1,412

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)
1373 Cedar Street	$2,350,000	$2,350,000	$0 (0%)	$1,218	0
840 Orange Avenue	$2,300,000	$2,149,950	+$150,050 (+7.0%)	$1,271	18
549 Emerald Avenue	$2,010,000	$1,910,000	+$100,000 (+5.2%)	$1,358	8

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.