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

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 Data	12/31/23	Previous Week
Number of Closed Sales:	4	5
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 Sales	63	16
Average $/Sq Foot (Sold)	$1,161	$1,490
Listings put into Contract:	1	1
Total Homes Pending Sale:	8	10
New Listings:	0	0
Total Active Listings:	9	9
Average Price of Active Listings:	$2,637,778	$2,637,888
Average DOM of Active Listings:	76	72
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:

Address	Sold Price	Orig. List	Over/Under List	$/sq foot	DOM (days)
916 Elm Street	$4,180,000	$4,255,000	-$75,000 (-1.8%)	$1,400	38
204 Devonshire Boulevard	$4,170,000	$4,088,000	+$82,000 (+2.0%)	$915	11
2726 Debbie Court	$2,400,000	$2,488,000	-$88,000 (-3.5%)	$1,171	195
14 Cottage Lane	$1,650,000	$1,750,000	-$100,000 (-5.7%)	$1,158	8

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.