The San Carlos Real Estate Week in Review: 3/20/23

The Recap:

In the theme of March Madness, home sellers in San Carlos definitely brought their game last week. Ten new listings hit the market, which is the largest weekly number that we've seen in a few months. Even though there were four homes that were put under contract, this pushed the inventory of homes for sale in San Carlos above 20 for the first time in months. It seems odd to get excited about having 20 homes for sale because at this time of year there are normally twice that many to choose from, but welcome to the new real estate market.

The reverberation from the failure of Silicon Valley Bank is still being felt in the local market. Only now is it becoming clear how close First Republic Bank was to biting the dust the way that SVB did, and this would have been a far more catastrophic hit to the real estate market in the Bay Area. While SVB was not a major player in the residential mortgage arena, First Republic definitely is. Not only are they a premier lender for standard home mortgages, they are one of the few local banks that still offer construction loans. And that's not to mention the sheer number of people (like myself) that do their everyday banking there as well. It's pretty frightening to imagine the chaos and fallout that would have ensued had First Republic gone under, so thank goodness they were able to find a lifeline from the other major lenders who swooped in and bailed them out. The other shoe has not yet dropped in this saga, but at least we are starting out the week with some stability in the banking sector. Whether that balance holds is anyone's guess.

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 3/19/2023:

San Carlos SFR Data	3/19/23	Previous Week
Number of Closed Sales:	4	5
Average Sold Price:	$2,323,250	$2,341,778
Median Sold Price:	$2,300,000	$2,375,000
Average % Sold vs Orig List Price:	94%	98%
Average DOM of Closed Sales	42	26
Average $/Sq Foot (Sold)	$1,430	$1,234
Listings put into Contract:	4	1
Total Homes Pending Sale:	12	12
New Listings:	10	4
Total Active Listings:	21	16
Average Price of Active Listings:	$2,577,035	$2,887,736
Average DOM of Active Listings:	11	12
Average $/Sq Foot (List)	$1,310	$1,358

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)
164 Winding Way	$2,998,000	$2,998,000	$0 (0%)	$1,428	3
65 Cedar Street	$2,300,000	$2,698,000	-$398,000 (-14.8%)	$1,257	71
1940 Greenwood Avenue	$2,300,000	$2,188,000	+$112,000 (+5.1%)	$1,797	8
1332 Elm Street	$1,695,000	$2,000,000	-$305,000 (-15.3%)	$1,237	86

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.