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 Data | 8/6/23 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 6 | 4 |
| 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 Sales | 13 | 35 |
| Average $/Sq Foot (Sold) | $1,217 | $1,222 |
| Listings put into Contract: | 3 | 2 |
| Total Homes Pending Sale: | 8 | 11 |
| New Listings: | 3 | 2 |
| Total Active Listings: | 16 | 18 |
| Average Price of Active Listings: | $3,042,868 | $2,971,716 |
| Average DOM of Active Listings: | 45 | 43 |
| 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:| Address | Sold Price | Orig. List | Over/Under List | $/sq foot | DOM (days) |
|---|---|---|---|---|---|
| 33 Oak Creek Lane | $3,000,000 | $3,800,000 | -$800,000 (-21.1%) | $939 | 43 |
| 1941 Greenwood Avenue | $2,995,000 | $2,995,000 | $0 (0%) | $1,269 | 11 |
| 123 Lyndhurst Avenue | $2,905,000 | $2,498,000 | +$407,000 (+16.3%) | $1,097 | 7 |
| 355 Oakview Drive | $2,460,000 | $2,298,000 | +$162,000 (+7.0%) | $1,306 | 7 |
| 120 Northam Avenue | $2,250,000 | $1,788,000 | +$462,000 (+25.8%) | $1,114 | 6 |
| 1357 Walnut Street | $1,625,000 | $1,568,000 | +$57,000 (+3.6%) | $1,578 | 6 |
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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