The San Carlos Real Estate Week in Review: 8/21/23
August 21, 2023
The Recap:
Last week certainly felt like the beginning of the Fall real estate market in San Carlos. Eight new listings tested the market and the open houses were bustling with serious home buyers. That is good news for a market where the mortgage interest rates hit a 21-year high during the same stretch.
Hopefully this is just a temporary spike, since most experts have been predicting a gradual decrease in rates, not an increase. For the local market, this slight uptick should have very little impact. Most buyers in the $2M-$3M range (the average for San Carlos) are paying a significant amount of their home purchase in cash – usually 30%-50%, and in many cases higher. That group of buyers is simply not impacted by a 0.1% increase in mortgage rates the same way a first-time buyer that is scraping together the 15%-20% down payment would be.
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 8/20/2023:| San Carlos SFR Data | 8/20/23 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 3 | 2 |
| Average Sold Price: | $2,206,667 | $4,310,000 |
| Median Sold Price: | $2,195,000 | $4,310,000 |
| Average % Sold vs Orig List Price: | 103% | 97% |
| Average DOM of Closed Sales | 9 | 61 |
| Average $/Sq Foot (Sold) | $1,224 | $1,405 |
| Listings put into Contract: | 6 | 4 |
| Total Homes Pending Sale: | 14 | 10 |
| New Listings: | 8 | 9 |
| Total Active Listings: | 22 | 19 |
| Average Price of Active Listings: | $2,622,438 | $2,721,826 |
| Average DOM of Active Listings: | 23 | 23 |
| Average $/Sq Foot (List) | $1.152 | $1,143 |
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) |
|---|---|---|---|---|---|
| 3 Whitman Court | $2,910,000 | $2,998,000 | -$88,000 (-2.9%) | $890 | 15 |
| 1116 Dayton Avenue | $2,195,000 | $2,195,000 | $0 (0%) | $1,785 | 0* |
| 140 Northam Avenue | $1,515,000 | $1,350,000 | +$165,000 (+12.2%) | $997 | 12 |
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.
Posted in: