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 Data | 6/2/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 7 | 7 |
| 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 Sales | 22 | 11 |
| Average $/Sq Foot (Sold) | $1,133 | $1,452 |
| Listings put into Contract: | 3 | 8 |
| Total Homes Pending Sale: | 17 | 20 |
| New Listings: | 6 | 1 |
| Total Active Listings: | 18 | 15 |
| 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: | 34 | 35 |
| 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:| Address | Sold Price | Orig. List | Over/Under List | $/sq foot | Days Listed |
|---|---|---|---|---|---|
| 521 Canyon Vista Way | $4,715,000 | $5,295,000 | -$580,000 (-11.0%) | $1,244 | 84 |
| 3413 Brittan Avenue | $3,375,000 | $2,850,000 | +$525,000 (+18.4%) | $1,361 | 2 |
| 1545 Gover Lane | $3,100,000 | $2,868,000 | +$232,000 (+8.1%) | $1,361 | 7 |
| 124 Exeter Avenue | $2,780,000 | $2,888,000 | -$108,000 (-3.7%) | $827 | 8 |
| 523 Exeter Way | $2,650,000 | $2,798,000 | -$148,000 (-5.6%) | $858 | 32 |
| 5 Spring Valley Way | $2,000,000 | $2,000,000 | $0 (0%) | $1,058 | 0* |
| 982 Holly Street | $1,310,000 | $1,398,000 | -$88,000 (-6.3%) | $1,110 | 32 |
*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 |
|---|---|---|
| 3 Graceland Lane | $2,499,000 | 9 |
| 48 Camborne Avenue | $4,650,000 | 13 |
| 136 Colton Avenue | $1,898,000 | 2 |
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 |
|---|---|---|---|---|---|
| 116 Leslie Drive | $3,888,888 | 5BR/3.5BA | 3,600/11,928 | $1,080 | American Lighthouse Estates |
| 20 Malabar Court | $3,200,000 | 4BR/2BA | 2,820/10,920 | $1,135 | Sequoia Realty |
| 6 Del Rey Court | $3,195,000 | 4BR/2.5BA | 2,941/8,500 | $1,086 | Coldwell Banker |
| 124 Chestnut Street | $2,998,000 | 3BR/2BA | 2,445/5,500 | $1,226 | Keller Williams |
| 124 Chestnut Street | $2,998,000 | 3BR/2BA | 2,445/5,500 | $1,226 | Keller Williams |
| 136 Colton Avenue | $1,898,000 | 3BR/2BA | 2,445/5,500 | $1,226 | Christies |
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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