The San Carlos Real Estate Week in Review: 6/10/24
June 10, 2024
The Recap:
The effects of the tight real estate market in San Carlos continue to be felt even as we head into the slower summer months. All six homes that closed escrow last week enjoyed 6-figure premiums over their respective asking prices, with one nearly topping $500K over.
You can attest these high prices to the continued lack of inventory. As of this morning, there are only 11 single-family homes for sale in all of San Carlos. A significant percentage of these homes have been on the market for at least 3 weeks, so that further amplifies the lack of new inventory to choose from in San Carlos.
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 6/9/2024:| San Carlos SFR Data | 6/9/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 6 | 7 |
| Average Sold Price: | $2,565,000 | $2,847,143 |
| Median Sold Price: | $2,443,500 | $2,780,000 |
| Average % Sold vs Orig List Price: | 113% | 100% |
| Average Days Listed of Closed Sales | 6 | 22 |
| Average $/Sq Foot (Sold) | $1,496 | $1,133 |
| Listings put into Contract: | 5 | 3 |
| Total Homes Pending Sale: | 18 | 17 |
| New Listings: | 2 | 6 |
| Total Active Listings: | 11 | 18 |
| Average Price of Active Listings: | $2,819,144 | $3,066,033 |
| Median Price of Active Listings: | $2,899,900 | $3,096,500 |
| Average Days of Active Listings: | 16 | 34 |
| Average $/Sq Foot (List) | $1,204 | $1,135 |
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 |
|---|---|---|---|---|---|
| 2821 Majorca Way | $3,345,000 | $3,175,000 | +$170,000 (+5.4%) | $1,187 | 7 |
| 4 Camborne Avenue | $3,125,000 | $2,799,000 | +$326,000 (+11.6%) | $1,206 | 7 |
| 1411 Cordilleras Avenue | $2,635,000 | $2,148,000 | +$487,000 (+22.7%) | $1,909 | 4 |
| 136 Colton Avenue | $2,250,000 | $1,898,000 | +$352,000 (+18.5%) | $1,654 | 2 |
| 663 Dartmouth Avenue | $2,210,000 | $1,995,000 | +$215,000 (+10.8%) | $1,249 | 10 |
| 2085 Greenwood Avenue | $1,825,000 | $1,688,000 | +$137,000 (+8.1%) | $1,772 | 4 |
*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 |
|---|---|---|
| 124 Chestnut Street | $2,998,000 | 8 |
| 20 Malabar Court | $3,200,000 | 8 |
| 1374 Alameda de las Pulgas | $1,988,000 | 43 |
| 228 Windsor Drive | $1,988,000 | 50 |
| 609 De Anza Avenue | $3,648,000 | 64 |
| 2130 Belmont Avenue | $1,725,000 | 6 |
| 55 Northam Avenue | $1,849,000 | 10 |
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 |
|---|---|---|---|---|---|
| 55 Northam Avenue | $1,849,00 | 3BR/2BA | 1,480/4,650 | $1,249 | Gateway |
| 2130 Belmont Avenue | $1,725,00 | 2BR/1.5BA | 1,230/5,500 | $1,402 | 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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These prices just further reiterate why there is so little inventory. While I’d love to sell my home and buy something bigger and better, the only way I could do that would be to leave the bay area/state. All I could buy locally would be, at most, a similar house if not worse, and then I would lose my sub-3% mortgage rate and triple my property taxes. No thanks
You hit the nail square on the head. Many other homeowners are in exactly the same position. Now add to that capital gains tax liability for selling and moving, and you see why so few houses are coming up for sale – which keeps prices obscenely high.