The San Carlos Real Estate Week in Review: 5/22/23

The Recap:

Home buyers finally got the windfall of new listings that they've been waiting for. 17 new single-family listings hit the market last week in San Carlos, which was easily the highest single-week total that we've seen all year. After only 9 homes were put into contract last week, this pushed the inventory of homes for sale up to a yearly high of 37. Much of this sudden surge can be attributed to the fact that this coming weekend is the Memorial Day holiday which also marks the beginning of summer vacation season, so I think sellers realized this and rushed their homes to market in an attempt to lock up a buyers before the summer slowdown hits.

This inventory level is particularly interesting because there's still an active dialog both in the press and from listing agents about how lean the inventory is right now (I overheard that exact sentiment at an open house yesterday). Well, that all changed last week in San Carlos. 37 active listings is pretty close to the average for this time of year, and it will put increasing pressure on those listings that are still sitting on the market to make some dramatic price reductions to compete in a suddenly crowded Spring market.

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 5/21/2023:

San Carlos SFR Data	5/21/23	Previous Week
Number of Closed Sales:	5	6
Average Sold Price:	$2,202,200	$2,807,500
Median Sold Price:	$2,025,000	$2,837,500
Average % Sold vs Orig List Price:	96%	109%
Average DOM of Closed Sales	13	9
Average $/Sq Foot (Sold)	$1,050	$1,295
Listings put into Contract:	9	5
Total Homes Pending Sale:	21	16
New Listings:	17	6
Total Active Listings:	37	26
Average Price of Active Listings:	$2,699,315	$2,858,333
Average DOM of Active Listings:	23	27
Average $/Sq Foot (List)	$1,309	$1,306

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)
978 Crestview Drive	$3,140,000	$3,140,000	$0 (+0%)	$853	0*
43 Northam Avenue	$2,626,000	$2,372,000	+$254,000 (+10.7%)	$1,167	6
104 Winding Way	$1,670,000	$1,648,000	+$22,000 (+1.3%)	$1,057	17
2316 Howard Avenue	$2,025,000	$2,200,000	-$175,000 (-8.0%)	$1,164	14
1098 Sunset Drive	$1,550,000	$1,898,000	-$348,000 (-18.3%)	$1,006	29

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.