The San Carlos Real Estate Week in Review: 12/11/23

December 11, 2023


The Recap:

According to this article in Yahoo Finance, home mortgage interest rates have now dropped for six consecutive weeks, which is the first time this has happened since rates were catapulted upward over a year ago. While these reductions have been minuscule relative to the overall rate, it's yet another strong indication that lending institutions and the economic market as a whole believe the Fed will not be increasing rates again any time soon.

This slight change in the trajectory of rates has definitely encouraged home buyers to get back out and start looking again, but unfortunately for them inventory is dropping quickly as we head into the final months of the year. As of this post, there are only 19 single-family homes for sale in all of San Carlos, and that number will certainly drop again this week.

Here's what happened 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 12/10/2023:
San Carlos SFR Data12/10/23Previous Week
Number of Closed Sales:22
Average Sold Price:$2,220,000$2,575,000
Median Sold Price:$2,220,000$2,575,000
Average % Sold vs Orig List Price:92%103%
Average DOM of Closed Sales493
Average $/Sq Foot (Sold)$1,109$1,158
Listings put into Contract:22
Total Homes Pending Sale:1515
New Listings:14
Total Active Listings:1921
Average Price of Active Listings:$2,792,526$2,823,664
Average DOM of Active Listings:6052
Average $/Sq Foot (List)$1,191$1,204

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)
253 Edgehill Drive$2,440,000$2,559,000-$119,000 (-4.7%)$1,23946
414 Winding Way$2,000,000$2,149,000-$149.000 (-6.9%)$98052

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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