September 12, 2014
July 17, 2014
July 2, 2014
June 4, 2014
August 27, 2013
Clearly, the trend for the San Carlos real estate market has been up for the past few years, but where are we going from here? You can see from this graph that March and May of this year gave us the highest sales prices in the past 24 months. Sales prices in June and July decreased from their previous month. So what will become of August? My sense from what I’ve been experiencing in the market is that August is likely to be back up. Interestingly, interest rates in June and July were climbing. While that was happening, we definitely felt a hiccup in the real estate market.
As interest rates have stabilized over the past few weeks, we have continued to experience multiple offers and properties selling over the asking price. On average, they have been selling 8% above the asking price and selling in 11 days on average. The preliminary numbers for August show an average sales price in San Carlos of $1,297,000, which would be just slightly higher than March and May of this year. This data shows us that the San Carlos market is headed back up for August. Certainly buyers in the area have a lot of enthusiasm for San Carlos and are looking to buy in our community! We continue to experience limited inventory, which is working to the seller’s favor.
January 14, 2013
It is like a Tale of Two Cities when comparing the 2011 sales prices versus the 2012 sales prices in San Carlos. In the final quarter of 2011, at times it felt like it was a challenge to give away a property. At that time, buyers appeared to be still concerned about the health of the economy, were being cautious, and really weighing any decision to make a home purchase at that time. In the final quarter of 2012, it was 180 degrees different! With low inventory (that plagued us for the entire year) and high buyer demand, properties were selling so quickly and with such high demand that there were multiple, preemptive offers. Homes were often selling in less than 7 days on the market.
July 15, 2012
I was half expecting an explosion of listings after we got through the 4th of July, but I guess I shouldn’t be surprised that didn’t happen considering the inventory levels in San Carlos have been disappointing for most of 2012. We are at 34 single family homes on the market in San Carlos. It is up a little from before the 4th, but it is down from a year ago at this time when we were hovering just under 60.
In the past week, 9 single family homes came on the market in San Carlos. One of those essentially sold off market and got put into the MLS after it was sold, so really 8 homes came on the market. The one at 1007 Sylvan sold in the same week that it came on. Besides the one that sold off market and Sylvan, there were another 4 that got into contract. That actually makes for a kind of “rainy” week. If we could only get a few more of those, then we might actually have some inventory for buyers to look at.
The average days on market (DOM) for the 5 homes that sold was 10 days. With the most being 14 days and the least being 2 days. Now that is a fast-paced market!
That’s all for now from Val, the San Carlos data gal!
June 30, 2012
|Address||Baths – Full||Baths – Partial||Beds Total||Building SqFt||Current Price|
|248 CHESHAM AV||2||0||4||2420||1650000|
|181 GLASGOW LN||3||0||4||2800||1575000|
|41 WILLIAMS LN||2||0||3||1820||1097000|
There were 9 properties that went pending in the last week. They are:
|Address||Baths – Full||Baths – Partial||Beds Total||Building SqFt||Current Price||Days On Market|
|111 BEVERLY DR||4||0||4||2850||1895000||55|
|1364 ROSEWOOD AV||3||0||5||2955||1595000||16|
|124 NORMANDY CT||2||1||3||2240||1498000||44|
|165 EXETER AV||3||1||4||3482||1449950||21|
|140 MOLTON AV||3||0||5||2340||1249950||10|
|197 COVENTRY CT||2||1||3||2240||1239000||6|
|118 OAKVIEW DR||2||0||3||1460||879000||9|
|2063 ARROYO AV||2||0||3||1380||800000||10|
|315 OLD COUNTY RD||1||0||2||1020||599000||74|
With only 4 new listings and 9 sales, no wonder our inventory of single family homes in San Carlos has dropped below 30 (we are currently at 29). It doesn’t help that the 4th of July is this upcoming week. For all of you stats people, the average Days On Market (DOM) for the homes that went pending this week is 27. One wouldn’t expect that to be the number since it feels like everything is flying off the shelf. Goes to show that there are some negotiating opportunities for buyers even in this market.
May 19, 2012
Finally some relief to our inventory shortage in San Carlos. In the past week we’ve had 17 new single family homes come on the market in San Carlos. Our inventory is at 37. Less than 2 weeks ago, it was at 24. There were 5 homes that went pending this week. I know some of my buyers are feeling like there are actually a few options this week. That is a welcomed change!