The San Carlos Real Estate Week in Review: 8/7/23

August 7, 2023


The Recap:

There were certainly some uncharacteristically wild swings in the final prices of a few of the homes that closed escrow last week. Two homes enjoyed premiums of over $400,000 above their asking prices while one took a haircut of $800,000. The majority of the rest of the homes sold at a healthy premium above the asking price, which should be good news for sellers looking to enter the market this Fall. This type of buying behavior – multiple offers and aggressive bidding above the asking price – is much more in line with the San Carlos real estate market that we've been accustomed to over the past decade.

But not everything is flying off the shelf. Over half of the remaining 16 homes that are currently for sale have been on the market for 45 days or longer, with the average stay on the market for all current listings sitting at 53 days. That's not the normal San Carlos market that we've been accustomed to, and it underscores the difference in today's buyer's mentality — if they perceive that a home is priced above its value, they're letting it sit.

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 8/6/2023:
San Carlos SFR Data8/6/23Previous Week
Number of Closed Sales:64
Average Sold Price:$2,539,167$2,917,000
Median Sold Price:$2,682,500$2,535,000
Average % Sold vs Orig List Price:105%97%
Average DOM of Closed Sales1335
Average $/Sq Foot (Sold)$1,217$1,222
Listings put into Contract:32
Total Homes Pending Sale:811
New Listings:32
Total Active Listings:1618
Average Price of Active Listings:$3,042,868$2,971,716
Average DOM of Active Listings:4543
Average $/Sq Foot (List)$1,197$1,231

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:
AddressSold PriceOrig. ListOver/Under List$/sq footDOM (days)
33 Oak Creek Lane$3,000,000$3,800,000-$800,000 (-21.1%)$93943
1941 Greenwood Avenue$2,995,000$2,995,000$0 (0%)$1,26911
123 Lyndhurst Avenue$2,905,000$2,498,000+$407,000 (+16.3%)$1,0977
355 Oakview Drive$2,460,000$2,298,000+$162,000 (+7.0%)$1,3067
120 Northam Avenue$2,250,000$1,788,000+$462,000 (+25.8%)$1,1146
1357 Walnut Street$1,625,000$1,568,000+$57,000 (+3.6%)$1,5786

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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