The San Carlos Real Estate Week in Review: 3/27/23

The Recap:

This past week was a virtual repeat of the prior week in the San Carlos real estate market. Sellers once again grabbed the headlines by putting 9 new listings on the market, which pushed the inventory up to 26 home for sale. This is the highest level we've had in a number of months, and it is definitely pulling buyers back from the sidelines. My open house at 1005 Orange Avenue was tremendously busy all weekend with serious buyers, so this is a strong indication that the market is picking back up again.

Another bit of good news last week was that the Federal Reserve opted to only raise their rate by the minimum allowable amount of 25 basis points in their latest meeting. It was widely believed prior to the collapse of Silicon Valley Bank that the rate would actually be pushed up by 50 basis points in an attempt to cool the stubbornly high inflation rate. But the concern about causing another wave of bank failures clearly factored heavily in their decision to stay conservative. It's important to remember that most banks already had this 25 point increase baked into their rates before the announcement was officially made. So the fact that it was not a bigger increase should mean that rates won't change – and some economic experts feel that rates could actually start to drop again in the coming weeks, which would be great news for the housing market. It's worth keeping a close eye on rates right now.

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 3/26/2023:

San Carlos SFR Data	3/26/23	Previous Week
Number of Closed Sales:	1	4
Average Sold Price:	$2,130,000	$2,323,250
Median Sold Price:	$2,130,000	$2,300,000
Average % Sold vs Orig List Price:	107%	94%
Average DOM of Closed Sales	6	42
Average $/Sq Foot (Sold)	$1,145	$1,430
Listings put into Contract:	4	4
Total Homes Pending Sale:	15	12
New Listings:	9	10
Total Active Listings:	26	21
Average Price of Active Listings:	$2,545,109	$2,577,035
Average DOM of Active Listings:	14	11
Average $/Sq Foot (List)	$1,333	$1,310

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)
3180 Brittan Avenue	$2,130,000	$1,999,888	+$130,112 (+6.5%)	$1,145	6

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.