The San Carlos Real Estate Week in Review: 8/19/24
August 19, 2024
The Recap:
Summer vacations are drawing to a close and everyone with school-aged kids are returning home only to jump right into the back-to-school ritual that seems to be happening earlier every year. This time of year typically brings more buyers back into the market, too, as they look to take advantage of the seasonal bump in inventory to find their new home before the holidays set in.
That uptick in activity was very noticeable last weekend, as the foot traffic at my open house at 252 Edgehill Drive was steady all weekend. While we expect that there will be a boost in inventory after the Labor Day weekend, it's not here just yet. There are only 14 homes for sale in San Carlos as of this morning, and half of those homes have been sitting on the market for 3 weeks or longer. This means that only half of that inventory is rotating out with any frequency, which continues to throttle the market and keep prices high.
Everyone will be keeping a close eye on mortgage interest rates in the weeks ahead. If rates continue to drop as they have in the past few weeks, this should not only bring more buyers back in the market but it will also entice more sellers to list their properties now that the interest rate gap is more palatable.
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 08/18/2024:| San Carlos SFR Data | 08/18/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 3 | 2 |
| Average Sold Price: | $1,753,667 | $2,400,000 |
| Median Sold Price: | $1,750,000 | $2,400,000 |
| Average % Sold vs Orig List Price: | 107% | 96% |
| Average Days Listed of Closed Sales | 4 | 34 |
| Average $/Sq Foot (Sold) | $1,315 | $1,414 |
| Listings Put Under Contract: | 4 | 2 |
| Total Homes Under Contract: | 13 | 12 |
| New Listings: | 4 | 3 |
| Total Active Listings: | 14 | 13 |
| Average Price of Active Listings: | $2,991,056 | $3,190,667 |
| Median Price of Active Listings: | $2,750,000 | $2,798,888 |
| Average Days of Active Listings: | 26 | 28 |
| Average $/Sq Foot (List) | $1,281 | $1,242 |
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 |
|---|---|---|---|---|---|
| 1339 Woodland Avenue | $1,750,000 | $1,548,880 | +$201,120 (+13.0%) | $1,606 | 3 |
| 35 Roslyn Avenue | $1,716,000 | $1,600,000 | +$116,000 (+7.3%) | $938 | 9 |
| 2647 Thornhill Drive | $1,795,000 | $1,795,000 | $0 (0%) | $1,402 | 0* |
*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 |
|---|---|---|
| 2647 Thornhill Drive | $1,795,000 | 0* |
| 5 Spring Valley Way | $2,468,000 | 13 |
| 616 Wellington Drive | $1,499,000 | 1 |
| 116 Leslie Drive | $3,783,888 | 79 |
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 |
|---|---|---|---|---|---|
| 2860 Roland Avenue | $2,750,000 | 4BR/3BA | 1,894/6,000 | $1,452 | Christies |
| 252 Edgehill Drive | $2,148,000 | 4BR/2BA | 1,680/4,000 | $1,278 | Ektra |
| 275 Edgehill Drive | $1,750,000 | 2BR/2BA | 1,240/5,250 | $1,240 | Intero |
| 616 Wellington Drive | $1,499,000 | 2BR/1BA | 9600/7,250 | $1,561 | eXp |
- 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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