The San Carlos Real Estate Week in Review: 3/11/24
March 11, 2024
The Recap:
Low inventory continues to be the story in the San Carlos residential real estate market. There are simply not enough new listings to keep up with the demand, and that is driving inventory to unprecedented low levels for this time of year, and conversely keeping prices high. The houses that are closing are reaping huge premiums over their respective list prices and selling at near-record high levels.
As of this morning, there are only nine single family-homes for sale in San Carlos, which is about a third of where we should be in a normal March market. To make matters worse, the majority of those nine are “stale” listings, having been on the market for three weeks or longer. That further amplifies the fact that there just aren't many new listings for buyers to choose from, which you can see from the tables below. In the past two weeks, there have only been five new listings.
It's no wonder that buyers are getting discouraged again.
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 3/10/2024:| San Carlos SFR Data | 3/10/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 5 | 3 |
| Average Sold Price: | $2,460,440 | $2,440,000 |
| Median Sold Price: | $2,166,700 | $2,450,000 |
| Average % Sold vs Orig List Price: | 108% | 106% |
| Average Days Listed of Closed Sales | 5 | 7 |
| Average $/Sq Foot (Sold) | $1,380 | $1,474 |
| Listings put into Contract: | 6 | 6 |
| Total Homes Pending Sale: | 19 | 17 |
| New Listings: | 3 | 2 |
| Total Active Listings: | 9 | 11 |
| Average Price of Active Listings: | $3,478,200 | $2,821,891 |
| Average Days of Active Listings: | 29 | 26 |
| Average $/Sq Foot (List) | $1,111 | $1,155 |
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 |
|---|---|---|---|---|---|
| 120 Glasgow Lane | $3,600,000 | $3,600,000 | $0 (0%) | $1,572 | 0* |
| 2908 Franciscan Court | $2,701,000 | $2,375,000 | +$326,000 (+13.7%) | $972 | 6 |
| 311 Elm Street | $2,166,700 | $2,150,000 | +$16,700 (+0.8%) | $1,884 | 4* |
| 57 Madera Avenue | $1,923,000 | $1,748,000 | +$175,000 (+10.0%) | $1,300 | 6 |
| 2704 Brittan Avenue | $1,911,000 | $1,798,000 | +$113,000 (+6.3%) | $1,172 | 9 |
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 |
|---|---|---|
| 2085 Greenwood Avenue | $1,629,000 | 16 |
| 580 Wellington Drive | $1,850,000 | 11 |
| 146 Northam Avenue | $1,998,000 | 22 |
| 31 Oak Creek Lane | $1,948,000 | 14 |
| 2 Burnham Court | $1,888,000 | 5 |
| 2331 Brittan Avenue | $2,420,000 | 6 |
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:| Address | List Price | BR/BA | Sq Ft (home/lot) | $/Square Foot | Listed By |
|---|---|---|---|---|---|
| 19 Anchor Lane | $3,998,000 | 6BR/4.5BA | 3,809/11,900 | $1,049 | Christies |
| 127 Wildwood Avenue | $3,900,000 | 4BR/4.5BA | 3,011/6,681 | $1,295 | Coldwell Banker |
| 338 Ridge Road | $2,698,000 | 4BR/2.5BA | 2,735/11,009 | $986 | Guide |
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.
Posted in: