The San Carlos Real Estate Week in Review: 4/1/24
April 1, 2024
The Recap:
Welcome to the second quarter or 2024! It's crazy to think that we are in April already, but here we are in the thick of the Spring real estate market in San Carlos.
The data in the tables below tell you everything that you need to know about what's happening right now in our market. You are starting to see the impact of chronically low inventory combined with a new surge of buyers entering the market: Exorbitantly high home prices. Five of the six homes that closed escrow last week fetched at least $200,000 over their respective asking prices, and you're just going to see more of that over the coming weeks because there's just not enough homes on the market to make even the slightest dent in the demand. We are starting this week with only 9 single-family homes for sale in a city whose population now exceeds 30,000.
Later this week I will post the recap for Q1 2024, and those numbers will tell the same story. It's widely recognized that 2023 was the slowest year in your local real estate market in nearly a decade, but contrary to what we thought was going to happen, 2024 is just barely keeping pace with last year.
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 3/31/2024:| San Carlos SFR Data | 3/31/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 6 | 2 |
| Average Sold Price: | $2,721,167 | $2,537,500 |
| Median Sold Price: | $2,358,500 | $2,537,500 |
| Average % Sold vs Orig List Price: | 113% | 102% |
| Average Days Listed of Closed Sales | 10 | 14 |
| Average $/Sq Foot (Sold) | $1,209 | $1,086 |
| Listings put into Contract: | 4 | 8 |
| Total Homes Pending Sale: | 16 | 19 |
| New Listings: | 2 | 3 |
| Total Active Listings: | 9 | 10 |
| Average Price of Active Listings: | $3,072,000 | $3,311,500 |
| Average Days of Active Listings: | 27 | 21 |
| Average $/Sq Foot (List) | $1,230 | $1,229 |
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 |
|---|---|---|---|---|---|
| 123 Wingate Avenue | $3,998,000 | $3,998,000 | $0 (0%) | $894 | 15 |
| 59 Northam Avenue | $3,650,000 | $3,288,000 | +$362,000 (+11.0%) | $1,466 | 7 |
| 580 Wellington Drive | $2,508,000 | $1,850,000 | +$658,000 (+35.6%) | $814 | 11 |
| 31 Oak Creek Lane | $2,209,000 | $1,948,000 | +$261,000 (+13.4%) | $1,145 | 14 |
| 2 Burnham Court | $2,200,000 | $1,888,000 | +$312,000 (+16.5%) | $1,575 | 5 |
| 135 Rockridge Road | $2,070,000 | $1,850,000 | +$220,000 (+11.9%) | $1,428 | 10 |
*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 |
|---|---|---|
| 365 Ridge Road | $1,898,000 | 11 |
| 144 Arundel Road | $2,458,000 | 11 |
| 101 Dundee Lane | $2,398,000 | 7 |
| 1632 Elm Street | $3,748,000 | 8 |
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 |
|---|---|---|---|---|---|
| 2330 Saint Francis Way | $2,148,000 | 3BR/2BA | 1,500/6,050 | $1,432 | Veritas |
| 1681 Brittan Avenue | $1,499,000 | 3BR/1BA | 1,150/5,800 | $1,303 | Gateway |
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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