The San Carlos Real Estate Week in Review: 9/2/24
September 2, 2024
The Recap:
Happy Labor Day to everyone! Here's to one last hurrah for the summer of 2024, and everyone is looking forward to what will hopefully be a robust fall real estate market — especially considering how flat the market was in August. The San Carlos real estate market is still lagging behind the equivalent period from last year, which is puzzling considering the trajectory of the coming market.
In September, two things will likely happen that should impact the market positively. First, the Federal Reserve will likely vote in their September meeting to lower their base interest rate and this should result in lower home mortgage rates. Second, there should also be sizable increase in the number of homes listed this month. I'm gathering from conversations with other agents that they've been waiting until after Labor Day to launch their fall inventory.
If both of these events do come to pass, it will be good news for buyers and sellers. As we enter the month of September, there are only 14 single-family residences listed for sale in San Carlos so an injection of new inventory combined with more competitive rates should get more buyers into the market will be good news for all.
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 9/1/2024:| San Carlos SFR Data | 9/1/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 2 | 3 |
| Average Sold Price: | $2,377,500 | $2,458,333 |
| Median Sold Price: | $2,377,500 | $2,175,000 |
| Average % Sold vs Orig List Price: | 106% | 109% |
| Average Days Listed of Closed Sales | 6 | 8 |
| Average $/Sq Foot (Sold) | $1,648 | $1,175 |
| Listings Put Under Contract: | 3 | 3 |
| Total Homes Under Contract: | 13 | 13 |
| New Listings: | 4 | 3 |
| Total Active Listings: | 14 | 12 |
| Average Price of Active Listings: | $2,848,485 | $3,047,732 |
| Median Price of Active Listings: | $2,591,450 | $2,744,394 |
| Average Days of Active Listings: | 28 | 30 |
| Average $/Sq Foot (List) | $1,280 | $1,255 |
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 |
|---|---|---|---|---|---|
| 2125 Howard Avenue | $2,605,000 | $2,498,000 | +$107,000 (+4.3%) | $1,703 | 3 |
| 264 Arundel Avenue | $2,150,000 | $1,998,000 | +$152,000 (+7.6%) | $1,593 | 8 |
*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 |
|---|---|---|
| 5 Hill Avenue | $4,388,000 | 8 |
| 61 Madrona Street | $4,500,000 | 21 |
| 141 Garnet Avenue | $1,798,000 | 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 |
|---|---|---|---|---|---|
| 2072 Alma Street | $4,500,000 | 4BR/3BA | 3,313/7,800 | $1,358 | Berkshire Hathaway |
| 1659 Walnut Street | $1,998,000 | 3BR/1.5BA | 1,470/4,400 | $1,359 | Sothebys |
| 5 Vine Street | $1,980,000 | 2BR/2BA | 1,560/8,905 | $1,269 | Keller Williams |
| 1020 Holly Street | $1,395,000 | 2BR/1BA | 920/6,700 | $1,516 | 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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