The San Carlos Real Estate Week in Review: 6/3/24

June 3, 2024


The Recap:

Welcome to June and the beginning of summer vacation! This past week I took a look at some of the statistics for the previous 5 months of 2024 and some clear trends are emerging for remainder of the year. First, prices are near historic highs for single-family homes in San Carlos. During the period of January through May of this year, the median price for a single-family home in San Carlos was $2,450,000 — the second highest total for this period on record. It was only surpassed by the spike in the first half of 2022 just before rates started to climb.

This shouldn't come as much of a surprise if you've been keeping an eye on prices in the San Carlos market. It wasn't that long ago that a nicely updated 3BR home (still the most common configuration) would run you just about $2M. Now, that same house is over $3M as you've seen from numerous home sales over the past few weeks. What's causing this, even though rates remain stubbornly high?

Listings, or lack thereof. During the the previous 5 months, only 114 homes were put on the market in San Carlos, or an average of less than 23 each month. This is the lowest total for a January through May period on record in San Carlos. There were even more listings during that stretch in 2020 when we were locked down at the beginning of the pandemic! So the shortage of new listings is clearly the catalyst for the steady climb in home prices in San Carlos. It's just basic supply versus demand, and there's no balance in that arena right now.

Don't look for that to change over the next two months of summer since it's our typical slow season./Some experts are forecasting a strong rebound in the fall, but I don't see that happening in our market unless rates come down significantly. Oh yeah, and we have that election coming up…

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 6/2/2024:
San Carlos SFR Data6/2/24Previous Week
Number of Closed Sales:77
Average Sold Price:$2,847,143$2,517,429
Median Sold Price:$2,780,000$2,730,000
Average % Sold vs Orig List Price:100%111%
Average Days Listed of Closed Sales2211
Average $/Sq Foot (Sold)$1,133$1,452
Listings put into Contract:38
Total Homes Pending Sale:1720
New Listings:61
Total Active Listings:1815
Average Price of Active Listings:$3,066,033$3,070,513
Median Price of Active Listings:$3,096,500$2,899,900
Average Days of Active Listings:3435
Average $/Sq Foot (List)$1,135$1,171

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
521 Canyon Vista Way$4,715,000$5,295,000-$580,000 (-11.0%)$1,24484
3413 Brittan Avenue$3,375,000$2,850,000+$525,000 (+18.4%)$1,3612
1545 Gover Lane$3,100,000$2,868,000+$232,000 (+8.1%)$1,3617
124 Exeter Avenue$2,780,000$2,888,000-$108,000 (-3.7%)$8278
523 Exeter Way$2,650,000$2,798,000-$148,000 (-5.6%)$85832
5 Spring Valley Way$2,000,000$2,000,000$0 (0%)$1,0580*
982 Holly Street$1,310,000$1,398,000-$88,000 (-6.3%)$1,11032

*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
3 Graceland Lane$2,499,0009
48 Camborne Avenue$4,650,00013
136 Colton Avenue$1,898,0002

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
116 Leslie Drive$3,888,8885BR/3.5BA3,600/11,928$1,080American Lighthouse Estates
20 Malabar Court$3,200,0004BR/2BA2,820/10,920$1,135Sequoia Realty
6 Del Rey Court$3,195,0004BR/2.5BA2,941/8,500$1,086Coldwell Banker
124 Chestnut Street$2,998,0003BR/2BA2,445/5,500$1,226Keller Williams
124 Chestnut Street$2,998,0003BR/2BA2,445/5,500$1,226Keller Williams
136 Colton Avenue$1,898,0003BR/2BA2,445/5,500$1,226Christies

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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