The San Carlos Real Estate Week in Review: 8/28/23

The Recap:

Let the Fall real estate market begin! Last week was indeed a busy one in the San Carlos real estate market. As I have predicted in numerous articles on this site, the traditional Fall market now starts a week or two before Labor Day weekend, not afterward as it has in the past. School seems to start in mid-August for most students, so vacations are ending sooner and buyers are back in the market sooner.

Nine new listings entered the market last week, and eight of the existing inventory were put into contract. I had two different listings open this past weekend and the traffic was solid both days. Buyers are definitely out in numbers, and while we are not yet back to the crazy market of a year ago, the pace of the buying activity is definitely picking up. And this is despite mortgage interest rates which are stubbornly stuck in the mid 7% range.

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 8/27/2023:

San Carlos SFR Data	8/27/23	Previous Week
Number of Closed Sales:	2	3
Average Sold Price:	$4,225,001	$2,206,667
Median Sold Price:	$4,225,001	$2,195,000
Average % Sold vs Orig List Price:	109%	103%
Average DOM of Closed Sales	20	9
Average $/Sq Foot (Sold)	$1,396	$1,224
Listings put into Contract:	8	6
Total Homes Pending Sale:	20	14
New Listings:	9	8
Total Active Listings:	22	22
Average Price of Active Listings:	$2,695,864	$2,622,438
Average DOM of Active Listings:	24	23
Average $/Sq Foot (List)	$1,171	$1.152

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)
1955 Carmelita Drive	$5,450,000	$5,600,000	-$150,000 (-2.7%)	$1,548	34
793 Cedar Street	$3,000,002	$2,500,000	+$500,002 (+20.0%)	$1,245	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.