The San Carlos Real Estate Week in Review: 9/16/24
September 16, 2024
The Recap:
This past week saw more new listings (7) hit the market than there were homes put into contract (4) in San Carlos. That increased the inventory of homes for sale up to 19, and there are at least seven other homes that are either being shown “off market” or that are coming soon. That means if the buying pace doesn't pick up, inventory is going to continue to inch upward, which is not necessarily a bad thing for home buyers but it certainly is bucking the trend of what we normally see in the fall real estate market here in San Carlos.
It's tough to pinpoint the cause of the obvious pull-back in the current market. Home mortgage interest rates are at their lowest point in over a year and likely to drop further, and there are plenty of homes to choose from in San Carlos and surrounding communities. Is it the upcoming election, or confusion that still exists surrounding home-buyer representation?
The smart money says it's a good time to buy a house, since there's more inventory than normal, and most experts predict that home prices will start to rise again when interest rates drop below 6%.
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 days ending Sunday 9/15/2024:| San Carlos SFR Data | 9/15/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 3 | 3 |
| Average Sold Price: | $2,483,333 | $2,286,296 |
| Median Sold Price: | $2,410,000 | $2,400,000 |
| Average % Sold vs Orig List Price: | 111% | 113% |
| Average Days Listed of Closed Sales | 7 | 7 |
| Average $/Sq Foot (Sold) | $1,402 | $1,692 |
| Listings Put Under Contract: | 4 | 2 |
| Total Homes Under Contract: | 13 | 12 |
| New Listings: | 7 | 6 |
| Total Active Listings: | 19 | 18 |
| Average Price of Active Listings: | $2,855,310 | $2,850,044 |
| Median Price of Active Listings: | $2,795,000 | $2,591,450 |
| Average Days of Active Listings: | 19 | 28 |
| Average $/Sq Foot (List) | $1,378 | $1,401 |
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 |
|---|---|---|---|---|---|
| 2860 Roland Avenue | $2,950,000 | $2,750,000 | +$200,000 (+7.3%) | $1,558 | 6 |
| 241 Exeter Avenue | $2,410,000 | $2,198,000 | +$212,000 (+9.6%) | $1,176 | 7 |
| 23 Bayport Court | $2,090,000 | $1,800,000 | +$290,000 (+16.1%) | $1,472 | 9 |
*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 Vine Street | $1,980,000 | 11 |
| 2072 Alma Street | $4,500,000 | 13 |
| 51 Bay View Drive | $2,689,900 | 117 |
| 1581 Walnut Street | $2,268,000 | 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 |
|---|---|---|---|---|---|
| 171 Coronado Boulevard | $4,495,000 | 4BR/6BA | 4,345/10,275 | $1,035 | Compass |
| 146 Belvedere Avenue | $3,699,000 | 4BR/3.5BA | 2,150/4,600 | $1,720 | Christies |
| 2148 Greenwood Avenue | $3,200,000 | 4BR/3BA | 2,718/4,340 | $1,177 | Coldwell Banker |
| 10 Granite Court | $2,795,000 | 3BR/2BA | 2,050/7,080 | $1,363 | Coldwell Banker |
| 113 Plymouth Avenue | $2,498,000 | 3BR/2.5BA | 2,280/6,800 | $1,096 | Compass |
| 1182 Walnut Street | $2,095,000 | 3BR/2BA | 1,700/4,800 | $1,232 | Sothebys |
| 324 Clifton Avenue | $1,700,000 | 4BR/2.5BA | 2,300/7,315 | $739 | Berkshire Hathaway |
- 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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