The San Carlos Real Estate Week in Review: 4/3/23

The Recap:

There's nothing like a good stretch of dry weather to get home buyers back out searching again. Open houses were very busy again this weekend, and buyers have some good inventory to ponder. There are still over 27 homes to choose from in San Carlos, and something in pretty much every price range from $1M to $7M!

Mortgage rates appear to have stabilized after the Fed increase two weeks ago, and in some cases have actually dropped. I have seen several rate alerts that are advertising 30-year fixed loans in the mid 5% range, which is a marked improvement from the rates we saw last year. What's more interesting is that the gap between fixed rate loans and adjustable rate loans is almost negligible in many of the rate sheets that I'm getting. Usually the ARM's are less expensive because you're trading long term security over an attractive teaser rate. That means that many buyers are opting for a standard fixed rate mortgage, and will then be prepared to refi when the rates finally start to drop.

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 4/2/2023:

San Carlos SFR Data	4/2/23	Previous Week
Number of Closed Sales:	5	1
Average Sold Price:	$2,257,000	$2,130,000
Median Sold Price:	$2,200,000	$2,130,000
Average % Sold vs Orig List Price:	102%	107%
Average DOM of Closed Sales	21	6
Average $/Sq Foot (Sold)	$1,154	$1,145
Listings put into Contract:	6	4
Total Homes Pending Sale:	16	15
New Listings:	8	9
Total Active Listings:	27	26
Average Price of Active Listings:	$2,761,290	$2,545,109
Average DOM of Active Listings:	14	14
Average $/Sq Foot (List)	$1,293	$1,333

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)
88 Fay Avenue	$2,650,000	$2,499,000	+$151,000 (+6.0%)	$869	7
13 Maple Way	$2,300,000	$1,998,888	+$301,112 (+15.1%)	$1,211	6
7 El Sereno	$2,200,000	$2,600,000	-$400,000 (-15.4%)	$1,028	87
1272 Howard Avenue	$2,185,000	$2,150,000	+$35,000 (+1.6%)	$1,601	0
76 Madera Avenue	$1,950,000	$1,898,000	+$52,000 (+2.7%)	$1,060	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.