The San Carlos Real Estate Week in Review: 2/2/26

The Recap:

And just like that, January is in our rearview mirror. Pretty much every real estate prediction (including mine) was forecasting a slight market increase over 2025, as interest rates settled down and more sellers would decide to put their homes on the market.

But that's not happening…at least, not yet. This past month, there were actually fewer new listings, fewer closed sales, and less total revenue in San Carlos than what was recorded in January of 2025. In fact, you'd have to go back nine years to 2017 to find a January where the total sales revenue for single-family homes sold was lower than what just happened in 2026. So the year is not starting off as optimistically as many of us figured.

The primary reason for that drop in revenue is that there were only seven closed sales in San Carlos in January — the exact same number as in January of 2017.

Why? The one metric that shattered every previous January in history was, you guessed it…home prices. The median sales price of a home sold this past January was $2,780,000 — the highest ever recorded for a January in San Carlos. Is the lack of affordability finally starting to put a crimp on the performance of the market?

I can tell you this — it's certainly not for the lack of active buyers in the market looking for homes. Open houses are active, and there are still far more buyers in this market than there are homes to satisfy the demand. One month's performance should not be a cause for panic, and February's performance should tell us whether it's a blip or indeed a trend.

Last week, I highlighted a growing controversy that is increasingly affecting our real estate market: off-market listings. In the coming weeks, I'll post a follow-on article that dives deeper into the motivation behind selling a house off of the MLS… is it the seller's idea, or is the listing agent pushing that narrative?

Here are the numbers from last week's market:

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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 2/1/2026:

San Carlos SFR Data	2/1/26	Previous Week
Number of Closed Sales:	1	2
Average Sold Price:	$2,880,000	$2,852,500
Median Sold Price:	$2,880,000	$2,852,500
Average % Sold vs Orig List Price:	107%	102%
Average Days Listed of Closed Sales	7	4
Average $/Sq Foot (Sold)	$881	$1,462
Listings Put Under Contract:	3	6
Total Homes Under Contract:	10	8
New Listings:	5	3
Total Active Listings:	11	9
Average Price of Active Listings:	$3,754,727	$4,129,876
Median Price of Active Listings:	$2,798,000	$3,500,000
Average Days of Active Listings:	14	13
Average $/Sq Foot (List)	$1,240	$1,215

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San Carlos Single-Family Homes 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
418 Ridge Road	$2,880,000	$2,690,000	+$190,000 (+7.1%)	$881	7

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San Carlos Single-Family Homes Pending Sale

The following single-family homes were put under contract in San Carlos last week. Click on the address of each home to see more details and photos:

Address	List Price	Days Listed
3236 Brittan Avenue	$1,999,888	6
828 Cordilleras Avenue	$2,498,000	6
289 Kings Court	$5,788,000	18

*Designates that the home was either listed or sold off of the public-facing MLS.

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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
313 Clifton Avenue	$3,748,000	5BR/3.5BA	3,330/7,747	$1,126	Christies
915 Crestview Drive	$2,798,000	4BR/3BA	2,774/10,582	$1,009	Coldwell Banker
1316 Rosewood Avenue	$2,798,000	3BR/2BA	1,906/4,900	$1,468	Christies
2084 Saint Francis Way	$2,625,000	3BR/2.5BA	1,720/5,922	$1,526	Gateway
162 Coronado Avenue	$2,450,000	5BR/3BA	2,592/7,749	$945	Guide

• 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.