Market Updates

November 10, 2014

San Carlos Real Estate Market Update: November 2014

Check out this month’s market update – we can now see a notable split in the market. Learn how you can get your property on the up side of this divide in the San Carlos market!

Val Vandervort San Carlos Market Update November 2014Val Vandervort San Carlos Market Update November 2014

September 12, 2014

San Carlos Real Estate Market Update: September 2014

This month’s market update is a great example of the predicted changes to the mid-Peninsula real estate market after a number of years of incredible growth. Check out the numbers and see where San Carlos real estate is headed!

Val Vandervort Market Update September 2014
Val Vandervort Market Update September 2014

July 17, 2014

San Carlos Real Estate Market Update: July 2014

Read this month’s update on the San Carlos real estate market. Despite the beginnings of moderation, we still saw gains in median sale price, with a record high. Changes in appreciation growth and increases in days on market are contributing to a predicted leveling-out. Read on for more details!

Val Vandervort | San Carlos Real Estate | July 2014 Market UpdateVal Vandervort | San Carlos Real Estate | July 2014 Market Update

July 2, 2014

San Carlos Real Estate Market Update: June 2014

Check out the latest update on the San Carlos real estate market this month. The incredible growth we have seen over the past few years is starting to level out, changing the tone of the market.

June 4, 2014

San Carlos Real Estate Market Update: May 2014

The San Carlos real estate market had another strong spring season with positive growth through May 2014. Check out these interesting statistics, especially the low number of days on market and high list-to-sale-price ratio.

Val Vandervort | San Carlos Real Estate | Market Update May 2014Val Vandervort | San Carlos Real Estate | Market Update May 2014

August 27, 2013

San Carlos Real Estate Recap & Forecast: August 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

Review of San Carlos Sales Prices for 2011 and 2012

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.

From January of 2012 to December of 2012, San Carlos had an appreciation of 17.6% if you look at the median sales price and an appreciation of 21.6% if you look at the average sales price.  For comparison’s sake, this is an interesting article that the San Francisco Chronicle ran on January 2, 2013 that shows 15% appreciation from December 2011 to 2012 for San Mateo county.
What will 2013 bring?  If more sellers do not decide to take advantage of the increased value of their home and sell it, and we continue with the historically low inventory, then I think we will experience a frustrating year for buyers.  Based on open house attendance over the weekend, demand certainly seems as high as it was at the end of 2012 and we typically see more buyers enter the market when the calendar flips, seemingly as though it is a new year’s resolution to buy a new home.  If home owners in San Carlos decide now is the time for them to sell, then we will see a more balanced market.  However, I think we may be experiencing a protracted appreciation that could span a few years, almost like back in 2003 to 2007.  Arghhh… once again, we all wish we had that crystal ball!
July 15, 2012

San Carlos Real Estate Activity for Week Ending 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

Real Estate Activity in San Carlos for Week Ending June 30, 2012

We had four homes get listed in San Carlos in the last week. Here they are:

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
965 ALAMEDA 1 0 3 1150 675000

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.

Happy 4th!

May 19, 2012

San Carlos Listings & Sales for Week Ending 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!