The San Carlos Real Estate Week in Review: 5/20/24
May 20, 2024
The Recap:
The data below once again surrenders some good nuggets of information about what's happening right now in the San Carlos real estate market.
First, from the Sold table, you can see the insane results of the brief but super-heated buying frenzy that we experienced in late April. There were only three homes that closed escrow last week, but all three enjoyed huge premiums ranging from $200,000 to $750,000 over their respective asking prices, which is amazing even by San Carlos standards. And these aren't the only ones you're going to see. Other homes that went into contract during that stretch will be closing escrow in the coming weeks, and there a number of other sales that will post with premiums in excess of $500,000.
The second nugget pertains to the active inventory, and it paints somewhat of a different story. There were nine new listings to hit the market last week, but only four homes went pending. That difference boosted the inventory of homes for sale up to 22. Now, in a normal year, 22 homes is not a big number. This time of year we'd typically see almost twice that. But for a market that has rarely seen inventory get out of the low teens, this is a big jump and it's already had a noticeable impact on buyer behavior.
As I mentioned in last week's update we already expect the proverbial foot to come off the gas in May as we head into the slow summer months – it's just part of our real estate cycle. But when there's a sudden surge of new inventory to hit the market like it did last week, that tends to take even more heat out of the urgency for buyers to spend big. I noticed that very effect just last week in both the traffic through one of my prime White Oaks listings, and the resulting number of offers.
The amazing thing is the change happens so quickly — just the week before, an almost identical house just a block away got 7 offers while this listing only got two, and I'm hearing similar stories from other agents. So if you currently have your home on the market now, just know that it may take a little bit longer than the first week to get it sold (the average days listed right now for all active listings is still a fat 24 days).
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 5/19/2024:| San Carlos SFR Data | 5/19/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 3 | 6 |
| Average Sold Price: | $3,104,000 | $2,541,000 |
| Median Sold Price: | $3,352,000 | $2,217,500 |
| Average % Sold vs Orig List Price: | 120% | 114% |
| Average Days Listed of Closed Sales | 7 | 7 |
| Average $/Sq Foot (Sold) | $1,630 | $1,460 |
| Listings put into Contract: | 4 | 6 |
| Total Homes Pending Sale: | 19 | 18 |
| New Listings: | 9 | 5 |
| Total Active Listings: | 22 | 16 |
| Average Price of Active Listings: | $2,825,805 | $2,707,500 |
| Average Days of Active Listings: | 24 | 29 |
| Average $/Sq Foot (List) | $1,190 | $1,175 |
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 |
|---|---|---|---|---|---|
| 2816 Porto Rosa Way | $3,600,000 | $2,850,000 | +$750,000 (+26.3%) | $1,600 | 8 |
| 254 Alberta Avenue | $3,352,000 | $2,680,000 | +$672,000 (+25.1%) | $1,566 | 8 |
| 1436 Cordilleras Avenue | $2,360,000 | $2,149,000 | +$211,000 (+9.8%) | $1,723 | 7 |
*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 |
|---|---|---|
| 1411 Cordilleras Avenue1411 Cordilleras Avenue | $2,148,000 | 4 |
| 523 Exeter523 Exeter Way | $2,698,000 | 24 |
| 2821 Majorca Way | $3,175,000 | 7 |
| 2085 Greenwood Avenue | $1,688,000 | 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 |
|---|---|---|---|---|---|
| 48 Camborne Avenue | $4,650,000 | 3BR/3.5BA | 3,636/13,068 | $1,279 | Strombom |
| 17 Hillcrest Road | $3,988,800 | 4BR/3.5BA | 3,530/11,770 | $1,130 | KW |
| 3309 Melendy Drive | $3,250,0000 | 4BR/3.5BA | 2,520/10,250 | $1,289 | Coldwell Banker |
| 51 Bay View Drive | $2,899,000 | 4BR/3.5BA | 3,160/11,400 | $918 | Intero |
| 213 Park Avenue | $2,788,000 | 4BR/3BA | 1,947/6,105 | $1,432 | Rainmaker |
| 3 Graceland Lane | $2,499,000 | 3BR/2BA | 2,070/9,869 | $1,207 | Intero |
| 152 Wildwood Avenue | $2,488,000 | 3BR/2BA | 1,990/6,000 | $1,250 | Coldwell Banker |
| 232 Windsor Drive | $2,298,000 | 3BR/2BA | 2,131/5,750 | $1,078 | Christies |
| 204 Manor Drive | $2,068,000 | 3BR/2.5BA | 1,431/5,610 | $1,445 | Legend |
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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