The San Carlos Real Estate Week in Review: 3/4/24

March 4, 2024


The Recap:

There is an article in this morning's Mercury News that stated that the local real estate market is starting to “thaw” with sales increasing 6.2% across the nine county Bay Area in the month of January, compared to same month in 2023. You may recall that 2023 produced the lowest sales figures in San Carlos in over 7 years, so that bar is already pretty low.

But what's interesting is that the San Carlos real estate market is still extremely constrained and is not feeling the benefit of the aforementioned thaw — at least not yet. As we head into the third month of the year, 2024 is actually lagging behind 2023 in several key areas. Although the number of new single-family home listings rose from 30 to 38 during the first two months, I believe that number is artificially inflated by homes that didn't sell in the latter months of 2023 and were “re-listed” in early 2024 – there were a number or those.

In contrast, the number of closed sales actually dropped to 20 for the first two months, which is the lowest level in San Carlos since 2011. The total revenue for all units sold (homes, townhouses) is also slightly lower than the same period in 2023.

Has anything increased during the first two months of 2024? Prices certainly have, which is to be expected in a highly constrained market. The average price of a single-family home in San Carlos registered at $2,552,469 — which is 12% higher than last year and the second-highest Jan-Feb period on record, only trailing 2022 which as we all know was the absolute pinnacle of the market before rates started to rise. Unless a lot more inventory hits the market this Spring, look for home prices in San Carlos to stay elevated as a substantially larger number of buyers compete for a dreadfully small number of homes. The fact that only two new listings hit the market last week is not helping the cause, nor is the fact that there are still only 12 single-family homes for sale in the entire city of 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 3/3/2024:
San Carlos SFR Data3/3/24Previous Week
Number of Closed Sales:36
Average Sold Price:$2,440,000$2,592,980
Median Sold Price:$2,450,000$2,564,000
Average % Sold vs Orig List Price:106%103%
Average Days Listed of Closed Sales719
Average $/Sq Foot (Sold)$1,474$1,215
Listings put into Contract:64
Total Homes Pending Sale:1716
New Listings:24
Total Active Listings:1116
Average Price of Active Listings:$2,821,891$2,730,938
Average Days of Active Listings:2628
Average $/Sq Foot (List)$1,155$1,132

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
895 Regent Court$2,700,000$2,699,000+$1,000 (+0.0%)$1,0528
889 Cordilleras Avenue$2,450,000$2,248,000+$202,000 (+19.1%)$1,7386
1161 Woodland Avenue$2,170,000$1,985,000+$185,000 (+9.3%)$1,6328
889 Cordilleras Avenue

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
939 Walnut Street$1,495,00011
135 Rockridge Road$1,850,00010
59 Northam Avenue$3,288,0007
123 Wingate Avenue$3,998,00015
1081 Sunset Drive$2,198,00046
248 Club Drive$2,750,0008

New San Carlos 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
2331 Brittan Avenue$2,420,0004BR/3BA1,730/6,480$1,399Keller Williams
2 Burnham Court$1,888,0003BR/2BA1,397/4,900$1,351Sothebys
239 Windsor Drive$1,699,9993BR/2BA1,460/9,000$1,164Intero

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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