The San Carlos Real Estate Week in Review: 7/15/24
July 15, 2024
The Recap:
Buying activity picked up quite a bit last week in the San Carlos real estate market. Six homes were put under contract, which is surprisingly high for being right in the middle of the summer. But that surge in pending sales pulled the inventory of available homes in San Carlos down to nine — one of the lowest levels that we've seen this year.
There is potentially good news on the horizon, however. Experts who make a living reading between the lines are now predicting that we'll see not one but two Fed rate cuts in 2024. One will be in September and the other closer to the end of the year. If they are correct, this should help kick start what has been a very constrained market. Not only will it bring more buyers into the fold, but some of the sellers who were holding out for lower rates may now be able to justify listing their homes. Both are very much needed to get the market momentum back.
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 7/14/2024:| San Carlos SFR Data | 7/14/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 3 | 2 |
| Average Sold Price: | $3,190,903 | $3,575,000 |
| Median Sold Price: | $3,560,710 | 3,575,000 |
| Average % Sold vs Orig List Price: | 101% | 101% |
| Average Days Listed of Closed Sales | 32 | 11 |
| Average $/Sq Foot (Sold) | $1,121 | $1,250 |
| Listings Put Under Contract: | 6 | 2 |
| Total Homes Under Contract: | 14 | 11 |
| New Listings: | 5 | 0 |
| Total Active Listings: | 9 | 10 |
| Average Price of Active Listings: | $2,620,199 | $2,746,379 |
| Median Price of Active Listings: | $2,695,000 | $2,442,950 |
| Average Days of Active Listings: | 23 | 28 |
| Average $/Sq Foot (List) | $1,187 | $1,297 |
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 |
|---|---|---|---|---|---|
| 20 Malabar Court | $3,612,000 | $3,200,000 | +$412,000 (+12.9%) | $1,281 | 8 |
| 609 De Anza Avenue | $3,560,710 | $3,825,000 | -$264,290 (-6.9%) | $875 | 64 |
| 152 Wildwood Avenue | $2,400,000 | $2,488,000 | -$88,000 (-3.5%) | $1,206 | 23 |
*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 |
|---|---|---|
| 30 Cottage Lane | $1,898,000 | 17 |
| 304 Cedar Street | $1,788,000 | 12 |
| 1364 Walnut Street | $1,495,000 | 1 |
| 273 Fir Street | $1,650,000 | 14 |
| 980 Cherry Street | $1,100,000 | 14 |
| 61 Madrona Street | $4,500,000 | 21 |
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 |
|---|---|---|---|---|---|
| 1525 Chestnut Street | $2,860,000 | 3BR/2BA | 1,915/5,650 | $1,493 | Rossetti Realty |
| 229 Stevens Court | $2,695,000 | 4BR/2.5BA | 2,170/18,700 | $1,242 | Compass |
| 55 Winding Way | $2,250,000 | 3BR/4BA | 3,150/5,280 | $1,712 | Coldwell Banker |
| 950 Tamarack Avenue | $1,695,000 | 2BR/1BA | 990/5,060 | $1,712 | Sothebys |
| 1364 Walnut Street | $1,495,000 | 2BR/1BA | 1,030/5,280 | $1,451 | Intero |
- 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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