The San Carlos Real Estate Week in Review: 3/25/24

March 25, 2024


The Recap:

Two weeks ago we had a bit of a listings burst in San Carlos. Eight new single-family home listings hit that market that week which boosted the inventory up into the high teens. That's still very low from a historical perspective, but at least the number was going in the right direction for home buyers.

Well last week, home buyers had their own answer by taking eight of those listings into contract, which dropped the inventory back down to 10 — right where we were two weeks ago.

The bigger issue that's starting to become evident is that the San Carlos real estate market is clearly lagging behind 2023, which nobody figured was going to happen with interest rates on the decline and the stock market setting records just about every other day. But heading into the last week of the first quarter, 2024 is lagging behind 2023 in every meaningful metric — the number of new listings, the number of closed sales, and total sales revenue. The only thing that is higher from last year is the average sales price, which is being driven higher by the aforementioned lack of inventory.

We all assumed that 2023 was going to be the trough of the latest market slide but 2024 is already giving that title a run for the money.

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 3/24/2024:
San Carlos SFR Data3/17/24Previous Week
Number of Closed Sales:27
Average Sold Price:$2,537,500$2,267,571
Median Sold Price:$2,537,500$2,450,000
Average % Sold vs Orig List Price:102%102%
Average Days Listed of Closed Sales1446
Average $/Sq Foot (Sold)$1,086$1,316
Listings put into Contract:81
Total Homes Pending Sale:1913
New Listings:38
Total Active Listings:1015
Average Price of Active Listings:$3,311,500$2,742,533
Average Days of Active Listings:2112
Average $/Sq Foot (List)$1,229$1,221

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
248 Club Drive$3,000,000$2,750,000+$250,000 (+8.3%)$1,2248
2848 Roland Avenue$2,075,000$2,200,000-$125,000 (-5.7%)$94720*

*Designates the home was sold off of the public-facing MLS.

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
338 Ridge Road$2,698,00011
1223 Alameda de las Pulgas$1,388,0006
984 Springfield Drive$1,698,0006
239 Windsor Drive$1,699,99913
1914 San Carlos Avenue$2,298,0007
900 Crestview Drive$2,588,0006
309 Laurel Street$1,625,0006
785 Cedar Street$1,999,0004

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
1632 Elm Street$3,748,0004BR/3.5BA2,643/8,100$1,418Compass
101 Dundee Lane$2,398,0003BR/2BA1,850/7,123$1,296Christies
785 Cedar Street$1,999,0004BR/2BA1,510/5,796$1,324Berkshire Hathaway

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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