The San Carlos Real Estate Week in Review: 1/1/24

January 1, 2024


The Recap:

Happy New Year to everyone! 2023 was a challenging year for most real estate markets, with the exception of the ultra-luxury market, because that is generally an all-cash market that is not directly impacted by high interest rates. In fact, one could make the argument that in high-interest markets like these, cash buyers of high-end properties actually benefit from falling prices incurred by the rising interest rates but they're not subject to increased monthly payments — because there are no payments. In other words, cash is and always will be king.

Unfortunately, the San Carlos market is not a predominantly cash-buyer market and its performance, like most other Peninsula cities, suffered significantly in 2023. I'll post the year-end update later this week with the final numbers for 2023. With rates slowly dropping as we enter the new year, the hope is that we'll get a little bit of a resurgence in the market in 2024

Here's what happened last week:

At A Glance

This is a high-level view of the market performance for single-family residences (SFR's) in San Carlos. This data is for the 7-day period ending Sunday 12/31/2023:
San Carlos SFR Data12/31/23Previous Week
Number of Closed Sales:45
Average Sold Price:$3,100,000$2,445,588
Median Sold Price:$3,285,000$2,000,000
Average % Sold vs Orig List Price:98%110%
Average DOM of Closed Sales6316
Average $/Sq Foot (Sold)$1,161$1,490
Listings put into Contract:11
Total Homes Pending Sale:810
New Listings:00
Total Active Listings:99
Average Price of Active Listings:$2,637,778$2,637,888
Average DOM of Active Listings:7672
Average $/Sq Foot (List)$1,141$1,141

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)
916 Elm Street$4,180,000$4,255,000-$75,000 (-1.8%)$1,40038
204 Devonshire Boulevard$4,170,000$4,088,000+$82,000 (+2.0%)$91511
2726 Debbie Court$2,400,000$2,488,000-$88,000 (-3.5%)$1,171195
14 Cottage Lane$1,650,000$1,750,000-$100,000 (-5.7%)$1,1588

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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  1. Jake on January 4, 2024 at 10:09 am

    I see 2726 Debbie Ct originally listed for $2.6M, thus selling almost 300k under ask.

  2. Chuck Gillooley on January 4, 2024 at 2:27 pm

    Actually it’s worse than that. After the home was first flipped, it listed in June of 2023 for $2.995M, or $1,461 per square foot, which as time proved out was an absurdly high price for a neighborhood that barely averaged $1,200/sq foot. After a series of unsuccessful price reductions, there was a change in brokerage and it was relisted for $2.488M and after another lengthy run on the market, it sold for $2.4M. So from start to finish, the drop was $595K.

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