The San Carlos Real Estate Week in Review: 6/5/23

June 5, 2023


The Recap:

As I predicted last week, the real estate activity in San Carlos started to drop into summer mode, as there were only 3 new listings to hit the market, and 3 buyers who locked up properties over the course of the past 7 days. Consequently, the inventory of new homes for sale stayed constant at 37.

The housing market in San Carlos and across San Mateo County is down considerably this year compared to just last year on just about every metric that we measure, and that's a topic I'll address later this week in a separate post. The news coverage of nationwide real estate trends would have you believe the numbers are down because of a critical shortage of inventory, which is also pushing prices upward despite the higher interest rates.

But that's not what is happening in San Carlos. Having 37 homes on the market is just about normal for this time of year, and the average days on market of 31 days tells me that there's not a critical shortage of inventory in San Carlos – more likely, the numbers are down because of the crippling impact of home mortgage interest rates that are once again flirting with 7%.

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 6/4/2023:
San Carlos SFR Data6/4/23Previous Week
Number of Closed Sales:74
Average Sold Price:$2,2715,714$2,492,500
Median Sold Price:$2,275,000$2,300,000
Average % Sold vs Orig List Price:103%104%
Average DOM of Closed Sales1311
Average $/Sq Foot (Sold)$1,353$1,373
Listings put into Contract:36
Total Homes Pending Sale:2023
New Listings:35
Total Active Listings:3736
Average Price of Active Listings:$2,821,613$2,794,188
Average DOM of Active Listings:3126
Average $/Sq Foot (List)$1,280$1,308

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.
AddressSold PriceOrig. ListOver/Under List$/sq footDOM (days)
521 Vista Avenue$3,085,000$2,598,000+$487,000 (+18.7%)$1,2357
1022 Rosewood Avenue$2,775,000$2,495,000+$280,000 (+11.2%)$1,2857
2932 Sherwood Drive$2,695,000$2,895,000-$200,000 (-6.9%)$1,15119
1463 Greenwood Avenue$2,275,000$2,230,000+$45,000 (+2.0%)$1,5585
909 Tamarack Avenue$2,075,000$1,950,000+$125,000 (+6.4%)$1,6218
749 Tamarack Avenue$1,750,000$1,750,000$0 (0%)$1,2060*
333 Old County Road$1,275,000$1,395,000-$120,000 (-8.6%)$96645

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.

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