The San Carlos Real Estate Week in Review: 2/26/24
February 26, 2024
The Recap:
What a difference just a few months makes in our local real estate market. Just last quarter, home buyers had all but disappeared, mostly due to discouragingly high home mortgage interest rates. But as soon as 2024 started and the market started to experience some rate relief, the buyers came out in droves, only to be met by a scarcity of homes to buy.
The result? Multiple offers are back, and prices are rising rapidly again. Two cases in point – my two listings at 889 Cordilleras Avenue and 113 Alberta Avenue are both in contract after receiving 10 and 17 offers, respectively. And there have been numerous other listings that received double-digit offers during the same span.
This simply reinforces what I have been saying every year on this blog, and will be saying again as we get toward the end of this year: One of the best times of the year to list your home is between mid-January and March 1.
It's simply the one time of the year where the disparity between the number of ready and willing buyers and the number of homes for sale is at it's most extreme. The results above just validate that.
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 2/25/2024:| San Carlos SFR Data | 2/25/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 6 | 2 |
| Average Sold Price: | $2,592,980 | $2,075,000 |
| Median Sold Price: | $2,564,000 | $2,075,000 |
| Average % Sold vs Orig List Price: | 103% | 109% |
| Average Days Listed of Closed Sales | 19 | 8 |
| Average $/Sq Foot (Sold) | $1,215 | $1,244 |
| Listings put into Contract: | 3 | 3 |
| Total Homes Pending Sale: | 15 | 18 |
| New Listings: | 4 | 8 |
| Total Active Listings: | 16 | 15 |
| Average Price of Active Listings: | $2,730,938 | $2,638,320 |
| Average Days of Active Listings: | 28 | 24 |
| Average $/Sq Foot (List) | $1,132 | $1,219 |
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 | Days Listed |
|---|---|---|---|---|---|
| 1011 Crestview Drive | $3,088,880 | $3,170,000 | -$81,120 (-2.6%) | $964 | 16 |
| 265 Highland Avenue | $2,800,000 | $2,350,000 | +$450,000 (+19.1%) | $1,687 | 6 |
| 424 Hillcrest Road | $2,600,000 | $2,650,000 | -$50,000 (-1.9%) | $1,353 | 9 |
| 142 Coronado Avenue | $2,528,000 | $2,900,000 | -$372,000 (-12.8%) | $634 | 72 |
| 1047 Northwood Drive | $2,411,000 | $2,125,000 | +$286,000 (+13.5%) | $1,143 | 6 |
| 2133 Greenwood Avenue | $2,210,000 | $2,098,000 | +$112,000 (+5.3%) | $1,511 | 6 |
San Carlos Single-Family Homes Pending Sale
The following single-family homes were put into contract in San Carlos last week. Click on the address of each home to see more details and photos:| Address | List Price | Days Listed |
|---|---|---|
| $1,495,0002077 Brittan Avenue | $1,495,000 | 0 |
| 113 Alberta Avenue | $2,188,000 | 6 |
| 188 Hillcrest Road | $1,898,800 | 7 |
San Carlos New Single-Family Home Listings
Below are the new listings that hit the MLS this past week in San Carlos. Click on the address of each home to see more details and photos:| Address | List Price | BR/BA | Sq Ft (home/lot) | $/Square Foot | Listed By |
|---|---|---|---|---|---|
| 59 Northam Avenue | $3,298,000 | 5BR/3.5BA | 2,490/8,000 | $1,320 | Compass |
| 248 Club Drive | $2,750,000 | 4BR/3BA | 2,450/5,950 | $1,122 | Intero |
| 31 Oak Creek Lane | $1,948,000 | 3BR/2BA | 1,930/23,958 | $1,009 | NuTerra |
| 580 Wellington Drive | $1,850,000 | 4BR/3BA | 3,080/6,400 | $601 | Coldwell Banker |
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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