The San Carlos Real Estate Week in Review: 4/15/24

The Recap:

At the risk of repeating myself, if you ever want to know what's happening in the local real estate market, just look at the data. There's always a story to be told.

This week's data tells a story about what happens when you have too many buyers and not enough homes for sale. First, looking at the sold data, every home sale that closed last week in San Carlos enjoyed a six-figure boost over their respective asking price. Those premiums ranged from $100,000 to over $700,000. None of these four listings lasted a full week on the market.

Second, speaking of short stays on the market, all four homes that were put into contract last week were on the market for a week or less, so nice homes that are priced well are still turning over very quickly.

And finally, only three new listings hit the market last week, so we are starting the week off with only 13 homes for sale in all of San Carlos. This means there's still not nearly enough new inventory coming online to satisfy the demand. Yes, that makes it a very good time to sell in case you were wondering.

Is there any relief in sight? Yes, but not nearly enough to ease the pressure on the market. A few prime listings will be unveiled in the coming weeks, including a very nice home in the Carlmont High School district that I will be listing later this week, so stay tuned to the blog for more details.

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 4/14/2024:

San Carlos SFR Data	4/14/24	Previous Week
Number of Closed Sales:	4	2
Average Sold Price:	$2,643,625	$1,974,000
Median Sold Price:	$2,770,000	$1,974,000
Average % Sold vs Orig List Price:	117%	115%
Average Days Listed of Closed Sales	6	17
Average $/Sq Foot (Sold)	$1,500	$1,294
Listings put into Contract:	4	2
Total Homes Pending Sale:	17	17
New Listings:	3	8
Total Active Listings:	13	14
Average Price of Active Listings:	$2,930,538	$2,874,629
Average Days of Active Listings:	28	22
Average $/Sq Foot (List)	$1,173	$1,194

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
101 Dundee Lane	$3,100,000	$2,398,000	+$702,000 (+29.3%)	$1,676	7
900 Crestview Drive	$3,000,000	$2,588,000	+$412,000 (+15.9%)	$1,333	6
2331 Brittan Avenue	$2,540,000	$2,420,000	+$120,000 (+5.0%)	$1,468	6
309 Laurel Street	$1,934,500	$1,625,000	+$309,500 (+19.0%)	$1,523	6

*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
2711 Victoria Manor	$1,899,000	6
3024 Melendy Drive	$2,498,800	6
264 Highland Avenue	$1,998,000	7
163 Normandy Court	$3,988,000	1

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
163 Normandy Court	$3,988,000	4BR/3BA	2,800/15,682	$1,424	Christies
2816 Porto Rosa Way	$2,850,000	4BR/3.5BA	2,250/10,575	$1,267	Christies
27 Winding Way	$1,498,000	3BR/2BA	1,710/10,000	$876	Veritas

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.