The San Carlos Real Estate Week in Review: 9/23/24
September 23, 2024
The Recap:
Both buying and selling activity picked up significantly last week in the San Carlos residential real estate market. There were nine new listings, which marks the biggest surge in new listings that we've seen in months, although it's important to note that three of them are back on the market after failing to sell the first time around. Six homes were put under contract, which is also a number that's higher than what we've seen lately, but certainly normal for this time of year.
The Federal Reserve opted for the larger of the two anticipated rate drops last week, signalling that inflation is heading the proper direction. Hopefully, this is also an acknowledgement that the Fed is serious about getting in front of the market, which is in stark contrast to their history of waiting far too long to raise rates to stave off inflation, and then waiting too long to lower the rates back down to prevent an economic nosedive.
Buyers should see a little relief in loan rates, but it's important to remember that the Fed rate and the mortgage interest rates are not directly connected, and that the banks had already been anticipating a rate drop by Fed, which is why you've noticed a gradual slide in mortgage interest rates leading up to the most recent meeting. The only potential surprise is that banks were likely expecting a 1/4 point drop, and the Fed surprised everyone with a 1/2 point drop, so perhaps rates will continue to gradually ease back under 6% soon. That would be very welcome news to the real estate market everywhere.
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 9/22/2024:| San Carlos SFR Data | 9/22/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 4 | 3 |
| Average Sold Price: | $2,500,000 | $2,483,333 |
| Median Sold Price: | $2,387,500 | $2,410,000 |
| Average % Sold vs Orig List Price: | 104% | 111% |
| Average Days Listed of Closed Sales | 24 | 7 |
| Average $/Sq Foot (Sold) | $1,482 | $1,402 |
| Listings Put Under Contract: | 6 | 4 |
| Total Homes Under Contract: | 16 | 13 |
| New Listings: | 9 | 7 |
| Total Active Listings: | 22 | 19 |
| Average Price of Active Listings: | $3,081,035 | $2,855,310 |
| Median Price of Active Listings: | $2,879,444 | $2,795,000 |
| Average Days of Active Listings: | 18 | 19 |
| Average $/Sq Foot (List) | $1,278 | $1,378 |
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 |
|---|---|---|---|---|---|
| 116 Leslie Drive | $3,425,000 | $3,888,888 | -$463,888 (-11.9%) | $951 | 79 |
| 1100 Cordilleras Avenue | $2,900,000 | $2,498,888 | +$401,112 (+16.1%) | $1,293 | 0* |
| 275 Edgehill Drive | $1,875,000 | $1,750,000 | +$125,000 (+7.1%) | $1,512 | 9 |
| 950 Tamarack Avenue | $1,800,000 | $1,695,000 | +$105,000 (+6.2%) | $1,818 | 6 |
*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 |
|---|---|---|
| 2148 Greenwood Avenue | $3,200,000 | 1 |
| 127 Wildwood Avenue | $4,150,000 | 56 |
| 1737 Greenwood Avenue | $1,398,000 | 14 |
| 113 Plymouth Avenue | $2,498,000 | 7 |
| 324 Clifton Avenue | $1,700,000 | 9 |
| 1182 Walnut Street | $2,095,000 | 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 |
|---|---|---|---|---|---|
| 121 Dolton Avenue | $4,488,000 | 5BR/4.5BA | 3,093/16,940 | $1,451 | Sothebys |
| 19 Anchor Lane | $3,898,000 | 6BR/3.5BA | 3,809/11,900 | $1,023 | Christies |
| 17 Hillcrest Road | $3,888,000 | 4BR/3.5BA | 3,530/11,770 | $1,101 | Sothebys |
| 25 Highland Avenue | $3,688,000 | 4BR/4.5BA | 3,183/5,137 | $1,159 | Compass |
| 2545 Eaton Avenue | $2,960,000 | 4BR/3BA | 2,190/10,296 | $1,352 | Christies |
| 180 Shelford Avenue | $2,599,888 | 3BR/2BA | 2,470/8,595 | $1,053 | Asset |
| 1525 Gover Lane | $2,498,000 | 4BR/3BA | 2,360/5,650 | $1,058 | Christies |
| 1981 Eucalyptus Avenue | $2,478,000 | 3BR/2BA | 1,560/5,000 | $1,588 | Realsmart |
| 2316 San Carlos Avenue | $1,948,000 | 3BR/2BA | 1,820/6,500 | $1,070 | Veritas |
- 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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