The San Carlos Real Estate Week in Review: 7/24/23
July 24, 2023
The Recap:
You know that you're in a market that is transitioning when you get sales results like we did this past week in San Carlos. One home closed at over $500,000 above the asking price while another sold for nearly $280,000 under the original list price. That's very fragmented behavior for a market that is normally as positive as the San Carlos real estate market. But it's indicative of what's happening right now. It was only a few months ago when just about every close sale that I posted on the site sold well below the asking price as we tried to react to a rapidly declining market.
But now, there are some homes that are once again fetching multiple offers and selling with 6-figure premiums, while a few of the homes that have been on the market for 3 months or longer are still closing, but not without taking a haircut to get there. That trend is increasing in the positive direction, which lends further evidence to the fact that we are slowly but surely emerging from the market correction.
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 7/23/2023:| San Carlos SFR Data | 7/23/23 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 6 | 5 |
| Average Sold Price: | $2,024,167 | $2,217,683 |
| Median Sold Price: | $1,790,000 | $2,021,416 |
| Average % Sold vs Orig List Price: | 102% | 101% |
| Average DOM of Closed Sales | 28 | 18 |
| Average $/Sq Foot (Sold) | $1,297 | $1,135 |
| Listings put into Contract: | 4 | 5 |
| Total Homes Pending Sale: | 13 | 14 |
| New Listings: | 6 | 3 |
| Total Active Listings: | 20 | 17 |
| Average Price of Active Listings: | $3,006,044 | $3,266,111 |
| Average DOM of Active Listings: | 39 | 46 |
| Average $/Sq Foot (List) | $1,190 | $1,230 |
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 home to see more details and photos:| Address | Sold Price | Orig. List | Over/Under List | $/sq foot | DOM (days) |
|---|---|---|---|---|---|
| 2527 1/2 Graceland Avenue | $3,200,000 | $3,200,000 | $0 (0%) | $811 | 0* |
| 3009 Brittan Avenue | $2,605,000 | $2,098,000 | +$507,000 (+24.2%) | $1,290 | 8 |
| 1127 Royal Lane | $1,900,000 | $2,179,500 | -$279,950 (-12.8%) | $760 | 102 |
| 2350 San Carlos Avenue | $1,680,000 | $1,695,000 | -$15,000 (-0.9%) | $1,663 | 35 |
| 400 Sycamore Street | $1,460,000 | $1,449,000 | +$11,000 (+0.8%) | $1,604 | 11 |
| 1376 Geneva Avenue | $1,300,000 | $1,298,000 | +$2,000 (+0.1%) | $1,368 | 9 |
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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1127 Royal Ln is an ‘attached single-family home’. It should be listed as a condo/townhome. I wouldn’t read much into it selling for 300k under asking.
Hi Steve,
Thanks for your comment. Yes, the homes on Royal Lane do look and feel like they are town homes. But that complex is actually a Planned Unit Development, or PUD, and PUD’s fall under the classification of a single-family home. There’s a similar complex in Belmont known as the Knolls of Belmont that is very similar. They are attached single-family homes since they have a common wall, and they pay an HOA, but they’re still considered to be SFR’s.