The San Carlos Real Estate Week in Review: 8/26/24
August 26, 2024
The Recap:
And just like that, the month of August is drawing to a close. This is the last full week of August, and unless there is a remarkable uptick in new listings and closed sales this coming week, August of 2024 in San Carlos will fall far short of those metrics for the same month last year. That in itself is remarkable, because we all believed that 2023 was going to be the “trough” of the market ever since interest rates were hiked in 2022, but it's not shaping up that way.
There is an article published in today's San Jose Mercury News that shows home sales surged by an average of 19% statewide in the month of July, compared to July of 2023. Closer to home, that figure was much higher for San Francisco and Santa Clara counties, where the number of homes sold in July jumped by over 30%. So it's odd to see that San Carlos has fallen below the 2023 totals in both number of homes sold and the total dollar volume for July.
This coming weekend is the Labor Day getaway, which also marks the unofficial beginning of the fall real estate market in San Carlos. Every major metric that I track – number of closed sales, number of new listings, and total revenue – is down significantly for the first seven full months of the year, and it's looking very likely that this trend will continue for the month of August when I tally up those numbers next week. If the San Carlos real estate market is going to finish 2024 on an upswing from 2023, then it needs to happen in a big way over the next 3 months.
The good news is that home mortgage interest rates have fallen to the lowest level in over a year and are currently hovering around 6.5%, and most experts predict they will continue to gradually drop over the final 4 months of 2024. Time will tell if that is enough of a catalyst to jump start our local real estate market which is currently stuck in neutral.
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 08/25/2024:| San Carlos SFR Data | 08/25/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 3 | 3 |
| Average Sold Price: | $2,458,333 | $1,753,667 |
| Median Sold Price: | $2,175,000 | $1,750,000 |
| Average % Sold vs Orig List Price: | 109% | 107% |
| Average Days Listed of Closed Sales | 8 | 4 |
| Average $/Sq Foot (Sold) | $1,175 | $1,315 |
| Listings Put Under Contract: | 3 | 4 |
| Total Homes Under Contract: | 13 | 13 |
| New Listings: | 3 | 4 |
| Total Active Listings: | 12 | 14 |
| Average Price of Active Listings: | $3,047,732 | $2,991,056 |
| Median Price of Active Listings: | $2,744,394 | $2,750,000 |
| Average Days of Active Listings: | 30 | 26 |
| Average $/Sq Foot (List) | $1,255 | $1,281 |
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 |
|---|---|---|---|---|---|
| 229 Stevens Court | $3,200,000 | $2,695,000 | +$505,000 (+18.7%) | $1,475 | 11 |
| 55 Winding Way | $2,175,000 | $2,250,000 | -$75,000 (-3.3%) | $690 | 12 |
| 1308 Elm Street | $2,000,000 | $1,780,000 | +$220,000 (+12.4%) | $1,361 | 2 |
*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 |
|---|---|---|
| 23 Bayport Court | $1,800,000 | 9 |
| 275 Edgehill Drive | $1,750,000 | 9 |
| 2860 Roland Avenue | $2,750,000 | 6 |
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 |
|---|---|---|---|---|---|
| 5 Hill Avenue | $4,388,000 | 4BR/5BA | 4,491/25,000 | $977 | Sothebys |
| 1100 Cordilleras Avenue | $2,498,888 | 3BR/2BA | 1,763/6,150 | $1,417 | Coldwell Banker |
| 141 Garnet Avenue | $1,798,000 | 3BR/2BA | 1,380/5,830 | $1,303 | 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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