The San Carlos Real Estate Week in Review: 9/25/23
September 25, 2023
The Recap:
The new listing activity continued on the same clip last week as it has been since the beginning of September. Nine more homes hit the market last week, marking the third week in a row with nine or more new listings. The big difference this past week is that the buying population did not respond in kind. Only two homes were put into contract, and that disparity caused the inventory to rise to 35 homes for sale in San Carlos – the highest level in weeks.
It's too early to tell if last week's lackluster buying rate was just a blip, or if the potential of yet another interest rate hike is scaring buyers out of the market. This coming week's performance should be telltale, as buyers have as large of an inventory of homes to choose from than they've had all year.
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 9/24/2023:| San Carlos SFR Data | 9/24/23 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 3 | 9 |
| Average Sold Price: | $3,600,013 | $2,220,667 |
| Median Sold Price: | $2,900,000 | $2,310,000 |
| Average % Sold vs Orig List Price: | 95% | 102% |
| Average DOM of Closed Sales | 16 | 32 |
| Average $/Sq Foot (Sold) | $1,218 | $1,294 |
| Listings put into Contract: | 2 | 10 |
| Total Homes Pending Sale: | 22 | 23 |
| New Listings: | 9 | 9 |
| Total Active Listings: | 35 | 29 |
| Average Price of Active Listings: | $2,433,730 | $2,409,368 |
| Average DOM of Active Listings: | 27 | 28 |
| Average $/Sq Foot (List) | $1,260 | $1,278 |
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) |
|---|---|---|---|---|---|
| 518 Canyon Vista Way | $5,000,038 | $5,295,000 | -$294,962 (-5.6%) | $1,445 | 29 |
| 226 Frances Lane | $2,900,000 | $2,950,000 | -$50,000 (-1.7%) | $1,032 | 20 |
| 73 Hilltop Drive | $2,900,000 | $3,097,989 | -$197,989 (-6.4%) | $1,176 | 0* |
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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