The San Carlos Real Estate Week in Review: 2/5/24
February 5, 2024
The Recap:
For the second straight week, not one single-family home closed escrow in San Carlos. I've been tracking the stats on this blog for nearly 17 years and I can't recall the happening before! But like I said last week, don't take that single metric as an indication of the activity that's taking place right now.
Buyers were very active last week, putting 7 of the homes on the market into contract. Several of these listings drew multiple offers, and I know of at least two that got 10 or more offers before going under contract. This means in the coming weeks you'll see some listings that closed way above their asking prices — yet another indication that the market is building strength again.
One of the primary reasons that we're suddenly experiencing double-digit multiple offers again is that there's so few homes to choose from right now. Only three new listings replaced the seven that were put under contract, which took the total number of homes for sale in San Carlos down to nine. And the average days on the market for those 9 listings is 54 days, so only 1/3 of the listings are remotely new. In fact, if you strip out the three most recent listings, the average DOM of the rest of the inventory leaps to 80 days. That exacerbates the fact there are very few new listings to choose from in San Carlos.
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 2/4/2024:| San Carlos SFR Data | 2/4/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 0 | 0 |
| Average Sold Price: | $0 | $0 |
| Median Sold Price: | $0 | $0 |
| Average % Sold vs Orig List Price: | 0% | 0% |
| Average DOM of Closed Sales | 0 | 0 |
| Average $/Sq Foot (Sold) | $0 | $0 |
| Listings put into Contract: | 7 | 3 |
| Total Homes Pending Sale: | 12 | 5 |
| New Listings: | 3 | 4 |
| Total Active Listings: | 9 | 12 |
| Average Price of Active Listings: | $2,969,644 | $2,573,333 |
| Average DOM of Active Listings: | 54 | 46 |
| Average $/Sq Foot (List) | $1,203 | $1,190 |
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) |
Disclaimer: The “San Carlos Week in Review” series is a summary of 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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