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 Data2/25/24Previous Week
Number of Closed Sales:62
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 Sales198
Average $/Sq Foot (Sold)$1,215$1,244
Listings put into Contract:33
Total Homes Pending Sale:1518
New Listings:48
Total Active Listings:1615
Average Price of Active Listings:$2,730,938$2,638,320
Average Days of Active Listings:2824
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:
AddressSold PriceOrig. ListOver/Under List$/sq footDays Listed
1011 Crestview Drive$3,088,880$3,170,000-$81,120 (-2.6%)$96416
265 Highland Avenue$2,800,000$2,350,000+$450,000 (+19.1%)$1,6876
424 Hillcrest Road$2,600,000$2,650,000-$50,000 (-1.9%)$1,3539
142 Coronado Avenue$2,528,000$2,900,000-$372,000 (-12.8%)$63472
1047 Northwood Drive$2,411,000$2,125,000+$286,000 (+13.5%)$1,1436
2133 Greenwood Avenue$2,210,000$2,098,000+$112,000 (+5.3%)$1,5116

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:
AddressList PriceDays Listed
$1,495,0002077 Brittan Avenue$1,495,0000
113 Alberta Avenue$2,188,0006
188 Hillcrest Road$1,898,8007

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:
AddressList PriceBR/BASq Ft (home/lot) $/Square FootListed By
59 Northam Avenue$3,298,0005BR/3.5BA2,490/8,000$1,320Compass
248 Club Drive$2,750,0004BR/3BA2,450/5,950$1,122Intero
31 Oak Creek Lane$1,948,0003BR/2BA1,930/23,958$1,009NuTerra
580 Wellington Drive$1,850,0004BR/3BA3,080/6,400$601Coldwell 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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