The San Carlos Real Estate Week in Review: 3/13/23

The Recap:

Who said that views don't sell? The home at 3342 Melendy Drive closed this week at $100,000 over the asking price after getting multiple offers in less than a week on the market. And the views from this house were jaw-dropping. This sale is noteworthy because the recent trend has been more favorable for homes in flats close to downtown. It's encouraging to see that home buyers still place some value for having a yard with an amazing view while forgoing the convenience of living close to Laurel Street.

The big news last week was obviously the sudden and shocking implosion of Silicon Valley Bank. In just 48 hours, a highly-respected and sought after institution was reduced to ashes. Even though the government stepped in over the weekend and promised to insure the unsecured deposits over $250,000, the shockwaves from this collapse have not been fully felt yet. SVB was the primary lender for many startups in the tech, biotech, and wine industries because of their willingness to take risks and offer terms that other banks wouldn't do. These startups are going to have to find funding elsewhere, if they can find funding at all, and the terms will not be nearly as favorable. So the impact may not be immediate to the real estate market here on the Peninsula, but there will be aftershocks without a doubt.

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 3/12/2023:

San Carlos SFR Data	3/12/23	Previous Week
Number of Closed Sales:	5	3
Average Sold Price:	$2,341,778	$2,220,000
Median Sold Price:	$2,375,000	$2,300,000
Average % Sold vs Orig List Price:	98%	104%
Average DOM of Closed Sales	26	9
Average $/Sq Foot (Sold)	$1,234	$1,282
Listings put into Contract:	1	5
Total Homes Pending Sale:	12	16
New Listings:	4	6
Total Active Listings:	16	14
Average Price of Active Listings:	$2,887,736	$2,647,341
Average DOM of Active Listings:	12	18
Average $/Sq Foot (List)	$1,358	$1,376

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)
3342 Melendy Drive	$3,328,888	$3,228,888	+$100,000 (+3.0%)	$1,342	6
920 Elm Street	$2,400,000	$2,695,000	-$295,000 (-10.9%)	$984	95
3203 La Mesa Drive	$2,375,000	$2,588,000	-$213,000 (-7.0%)	$1,159	15
71 Bayport Court	$1,815,000	$1,695,000	+$120,000 (+7.1%)	$1,279	7
1316 Walnut Street	$1,790,000	$1,780,000	+$10,000 (+0.6%)	$1,409	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.