The San Carlos Real Estate Week in Review: 8/05/24
August 5, 2024
The Recap:
Welcome to August! This is the month where the real estate market should start to emerge from the traditionally low summer months of June and July, and in 2024 those two months were indeed very slow.
The big challenge heading into this week is the incredible volatility that we are seeing in the stock market and the resulting downward pressure on stock prices. It's beyond my pay grade to predict whether this just a correction or if its a sign of the recession that many people have been predicting for months, but it has definitely grabbed everyone's attention.
If there's any silver lining from the pounding that the stock market is taking, it's that mortgage rates have dropped rapidly over the past two weeks because bond yields are doing the same thing. In fact, the current rate on a 30-year fixed mortgage is at the lowest level since May of last year. If rates continue to drop, this could inject enough life into the home purchase market to offset some of the bloodletting that's happening in the stock market. But we will just have to watch and wait while this all unfolds.
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 08/04/2024:| San Carlos SFR Data | 08/04/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 4 | 6 |
| Average Sold Price: | $1,665,417 | $2,717,167 |
| Median Sold Price: | $1,770,000 | $2,869,000 |
| Average % Sold vs Orig List Price: | 110% | 105% |
| Average Days Listed of Closed Sales | 12 | 11 |
| Average $/Sq Foot (Sold) | $1,544 | $1,286 |
| Listings Put Under Contract: | 2 | 3 |
| Total Homes Under Contract: | 11 | 13 |
| New Listings: | 3 | |
| Total Active Listings: | 12 | 11 |
| Average Price of Active Listings: | $3,194,066 | $3,091,435 |
| Median Price of Active Listings: | $3,266,944 | $2,750,000 |
| Average Days of Active Listings: | 26 | 22 |
| Average $/Sq Foot (List) | $1,221 | $1,273 |
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 |
|---|---|---|---|---|---|
| 1364 Walnut Street | $1,800,000 | $1,495,000 | +$305,000 (+20.4%) | $1,748 | 1 |
| 30 Cottage Lane | $1,875,000 | $1,898,000 | -$23,000 (-1.2%) | $1,248 | 17 |
| 273 Fir Street | $1,740,000 | $1,650,000 | +$90,000 (+5.5%) | $1,450 | 14 |
| 980 Cherry Street | $1,246,666 | $1,100,000 | +$146,666 (+13.3%) | $1,731 | 14 |
*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 |
|---|---|---|
| 1308 Elm Street | $1,780,000 | 2 |
| 35 Coronado Avenue | $2,178,000 | 7 |
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 |
|---|---|---|---|---|---|
| 939 Walnut Street | $3,965,000 | 4BR/4.5BA | 2,946/6,000 | $1,345 | Intero |
| 5 Spring Valley Way | $2,468,000 | 3BR/2BA | 1,890/7,000 | $1,305 | Realsmart |
| 241 Exeter Avenue | $2,198,000 | 4BR/3BA | 2,050/6,900 | $1,072 | Guide |
- 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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