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 Data | 3/17/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 2 | 7 |
| 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 Sales | 14 | 46 |
| Average $/Sq Foot (Sold) | $1,086 | $1,316 |
| Listings put into Contract: | 8 | 1 |
| Total Homes Pending Sale: | 19 | 13 |
| New Listings: | 3 | 8 |
| Total Active Listings: | 10 | 15 |
| Average Price of Active Listings: | $3,311,500 | $2,742,533 |
| Average Days of Active Listings: | 21 | 12 |
| 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:| Address | Sold Price | Orig. List | Over/Under List | $/sq foot | Days Listed |
|---|---|---|---|---|---|
| 248 Club Drive | $3,000,000 | $2,750,000 | +$250,000 (+8.3%) | $1,224 | 8 |
| 2848 Roland Avenue | $2,075,000 | $2,200,000 | -$125,000 (-5.7%) | $947 | 20* |
*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:| Address | List Price | Days Listed |
|---|---|---|
| 338 Ridge Road | $2,698,000 | 11 |
| 1223 Alameda de las Pulgas | $1,388,000 | 6 |
| 984 Springfield Drive | $1,698,000 | 6 |
| 239 Windsor Drive | $1,699,999 | 13 |
| 1914 San Carlos Avenue | $2,298,000 | 7 |
| 900 Crestview Drive | $2,588,000 | 6 |
| 309 Laurel Street | $1,625,000 | 6 |
| 785 Cedar Street | $1,999,000 | 4 |
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 |
|---|---|---|---|---|---|
| 1632 Elm Street | $3,748,000 | 4BR/3.5BA | 2,643/8,100 | $1,418 | Compass |
| 101 Dundee Lane | $2,398,000 | 3BR/2BA | 1,850/7,123 | $1,296 | Christies |
| 785 Cedar Street | $1,999,000 | 4BR/2BA | 1,510/5,796 | $1,324 | Berkshire 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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