The recent national mortgage crunch which began in early August has had very little immediate impact on the San Carlos market. At the bottom of this post is a list of homes in San Carlos selling and ultimately closing escrow after the national mortgage woes became public. First, consider the following for the homes selling in this time period:
(1) Average Days on the Market (DOM): 12.8 Days
(2) Median Days on the Market (DOM): 13 Days
(3) 75% of these homes sold an average of $141,000 over the asking price
(4) The remaining 25 % of these homes sold at or within 1% of their asking price
Address List Price Sales Price DOM
1365 Elm 1,695,000 1,800,000 9
586 Club 1,499,000 1,470,000 1
1050 Drake 1,289,000 1,270,000 39
250 Shelford 1,250,000 1,375,000 10
1025 Elm 1,125,000 1,125,000 13
451 De Anza 949,888 1,105,000 12
2740 Bromley 929,000 1,041,000 10
296 Arundel 899,950 1,050,000 9
824 Orange 899,000 1,102,000 13
I will update these with September’s numbers as soon as they are available.
7 Comments
Can you elaborate more on the number of homes available in San Carlos now, as compared with the number available in early August? Also, would you still classify the San Carlos market as “hot”?
Sure. In early August San Carlos had 54-57 homes available. Currently, there are only 52. Our inventory has gone down slightly, although some of this may be seasonal. However, it is important to note that we do not have significantly more homes currently available, as we did in early August. This is not the case with several other peninsula towns that have experienced a surge of homes coming onto the market. Our decrease in inventory after the much publicized mortgage woes is a good indicator of just how solid the San Carlos market has become.
I would still classify the San Carlos market as hot. Homes which are reasonably priced are still moving quickly and many times they will receive more than one bid. The information listed above on recent sales seems to support this conclusion.
Do you have sale numbers for 1439 Cedar? It seemed to sell quickly.
1439 Cedar was on the market for 11 days for $1,399,000. The home sold for $1,600,000. More proof that San Carlos is yet to feel the effects of the mortgage woes.
Thanks. I went to the open house, and the remodeling and staging were very nice. The agent did a good job with it.
Thank you for your previous answers. My husband and I have found your site extremely helpful with regard to the most current info about san Carlos. This category was added on September 10th. Has the market changed much? I know it has only been two weeks, but we are trying to make a decision on whether to sell before the holidays.
Hi Tiana,
Sorry that it took me all day to post your comment…normally I post them instantly!
The market certainly has not deteriorated at all since my last post in this category on September 10th. The San Carlos market continues to thrive. Just this past week I had clients decide against bidding on a home in San Carlos that had four confirmed offers. A property that is priced appropriately in the 800,000-1,300,000 range is going to move quickly and may very well receive more than one offer.
Additional factors which all point to a healthy market:
56 properties are considered “Active” in San Carlos. This is close to the average for the last 12 months. This is important because it shows that San Carlos did not experience a flood of homes coming onto the market with the mortgage news of early August.
13 properties in San Carlos are “Sale Pending”. Again, just about the average for the previous 12 months.
Again, price it correctly, realize that this is not the Spring of 2004, and your home should sell at a price, which is acceptable to you and your husband. Best of luck!
Bob Bredel