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 Data | 6/4/23 | Previous Week |
| Number of Closed Sales: | 7 | 4 |
| 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 Sales | 13 | 11 |
| Average $/Sq Foot (Sold) | $1,353 | $1,373 |
| Listings put into Contract: | 3 | 6 |
| Total Homes Pending Sale: | 20 | 23 |
| New Listings: | 3 | 5 |
| Total Active Listings: | 37 | 36 |
| Average Price of Active Listings: | $2,821,613 | $2,794,188 |
| Average DOM of Active Listings: | 31 | 26 |
| 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.| Address | Sold Price | Orig. List | Over/Under List | $/sq foot | DOM (days) |
| 521 Vista Avenue | $3,085,000 | $2,598,000 | +$487,000 (+18.7%) | $1,235 | 7 |
| 1022 Rosewood Avenue | $2,775,000 | $2,495,000 | +$280,000 (+11.2%) | $1,285 | 7 |
| 2932 Sherwood Drive | $2,695,000 | $2,895,000 | -$200,000 (-6.9%) | $1,151 | 19 |
| 1463 Greenwood Avenue | $2,275,000 | $2,230,000 | +$45,000 (+2.0%) | $1,558 | 5 |
| 909 Tamarack Avenue | $2,075,000 | $1,950,000 | +$125,000 (+6.4%) | $1,621 | 8 |
| 749 Tamarack Avenue | $1,750,000 | $1,750,000 | $0 (0%) | $1,206 | 0* |
| 333 Old County Road | $1,275,000 | $1,395,000 | -$120,000 (-8.6%) | $966 | 45 |
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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