The San Carlos Real Estate Week In Review: 6/13/09.
San Carlos Inventory Analysis
How hot is the sub-$1M mark in San Carlos? There are now more homes pending sale in this range than there are active listings. That’s never happened since I’ve been keeping these stats. This past week the total inventory dropped below 50 (albeit briefly) for the first time since the beginning of the year, and it’s clear from the numbers below where all of the buying is taking place. Overall, the Active/Pending ratio is at the lowest point of the year.
Here’s a snapshot of the San Carlos market, as of 6/13. The previous week’s stats are in parentheses:
| Price Range | Active | Pending | Ratio |
|---|---|---|---|
| Homes < $1M | 26 (33) | 27 (21) | 0.97 : 1 (1.6 : 1) |
| Homes $1M –$1.5M | 17(12) | 10 (11) | 1.7 : 1 (1.1 : 1) |
| Homes >$1.5M | 11 (10) | 2(2) | 5.5 : 1 (5.0 : 1) |
| Total | 54 (55) | 39 (35) | 1.4 : 1 (1.6 : 1) |
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San Carlos Home Sales
Below are homes that sold this past week in San Carlos. Click on the respective addresses to get all the details.
260 Windsor Drive, San Carlos
260 Windsor Drive
- Pictured Above — Sale Price: $1,224,950. Original List Price: $1,224,950. Difference: $0 (0%) from original list. DOM: 51 Days under current MLS # 80915846. Listed by Donna Colangelo of Intero Real Estate Services.
36 Vista Del Grande
- Sale Price: $1,025,000. Original List Price: $995,000. Difference: $30,000 (2.9%) above original list. DOM: 7 Days under current MLS # 80924710. Listed by Marc Romer of RE/MAX Today.
140 Devonshire Boulevard
- Sale Price: $875,000. Original List Price: $943,000. Difference: $68,000 (7.2%) below original list. DOM: 14 Days under current MLS # 80925256. Listed by David Macdonald of David J. Macdonald Real Estate.
29 Plymouth Avenue
- Sale Price: $705,000. Original List Price: $749,000. Difference: $44,000 (5.9%) below original list. DOM: 48 Days under current MLS # 80915730. Listed by Peggy Ledoux of Cashin Company.
<== Click this button to see all of the homes that have sold in San Carlos in the past 3 months.
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Homes Pending Sale in San Carlos
Here are some noteworthy pending sales from this week.
- 2024 Greenwood Ave went pending after only 1 day on the market
- 11 Gaylord Court went pending after only 2 days,
- 2025 Greenwood went pending after only 11 days,
- 112 Park went pending contract after 17 days,
- 1337 Cedar went pending after 25 days on the market.
<== Click this button to see all the homes that are Pending Sale in San Carlos.
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New Listings in San Carlos
Below are the new listings that hit the market this past week in San Carlos. Click on the respective addresses to get all the details. (Note: If a generic map comes up instead of a property profile, it likely means that particular home is already Pending Sale. Click the link in the “Homes Pending Sale” section to check.)
138 Queens Court, San Carlos
138 Queens Court
- $2,950,000– 3BR/3.5BA, 4,199 sq ft on a 24,135 square foot lot. MLS# 80928436, listed by Wendi Selig of Coldwell Banker.
417 Hillcrest Road
- $1,449,000– 3BR/2BA, 2,160 sq ft on a 7,440 square foot lot. MLS# 80928392, listed by Greg Booth of NetEquity.
2801 Eaton Avenue
- $1,295,000– 3BR/2.5BA, 1,910 sq ft on a 6,300 square foot lot. MLS# 80927703, listed by John Shroyer of RE/MAX Today.
15 Madera Avenue
- $1,198,000– 4BR/3.5BA, 2,861 sq ft on a 9,000 square foot lot. MLS# 80928565, listed by Terry Rice of Alain Pinel Realtors.
1813 Chestnut Street
- $1,100,000– 4BR/2.5BA, 1,813 sq ft on a 4,400 square foot lot. MLS# 80928736, listed by Maxine Dumas of Dumas & Company.
565 Emerald Avenue
- $1,095,000– 5BR/3BA, 2,090 sq ft on a 5,500 square foot lot. MLS# 80928536, listed by Melanie Smith of Coldwell Banker.
2024 Greenwood Avenue
- $929,000– 2BR/1.5BA, 1,220 sq ft on a 4,560 square foot lot. MLS# 80928603, listed by David Young of Coldwell Banker. This one is already pending sale.
11 Gaylord Court
- $849,000– 3BR/2BA, 1,240 sq ft on a 5,398 square foot lot. MLS# 80928125, listed by Jeff Lamont of Coldwell Banker. This one is already pending sale.
<== Click this button to see ALL of the homes currently for sale in San Carlos.
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(The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week, and an occasional podcast mixed in to keep things lively. Between the two, you should get a great idea of what happened last week in San Carlos real estate.)
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What is your take on the opinion that longer closes are driving the pending sales counts up? Now with tougher lending standards, more thorough appraising, etc. People claim that closing takes longer. Do you agree?
If the average close time goes from 30 days to 60 days the pending count should also double.
You have been reporting a decent number of properties going pending in just a few days but are they closing these deals in a timely manner?
JJ,
That’s an excellent question. First of all, I haven’t seen escrow periods extend out very much at all lately. Others may disagree. But my recent transactions have all hit the 30 day close as planned, and I haven’t heard of any other agents having difficulties making their close dates. So I don’t believe that is playing a factor on driving the pending sales count up. A far bigger factor in the rise in pending sales is simply a huge surge in activity in May. Interest rates are starting to creep up, and multiple offers on homes under $1M are starting to become commonplace. I think many buyers take that as an indication that the bottom of the market is close, so they’re buying en masse. San Carlos alone had 30 homes go into contract in May — that was unheard of just a few months ago.
But you bring up a very good point about challenges we’re facing with the banks. Appraisals are indeed taking longer, and they’re sometimes coming in below the list price, which can derail a transaction. Also, up until the last week or so, banks were inundated with re-finance applications. While new purchases always get priority, there’s no denying that banks are very busy, and it takes some pushing to get your deal done on time. (Ironically, that may change again now that rates have shot up.) Consequently, I have heard a few isolated incidents where the lender would only sign up to a 45 day close of escrow. But I’ve never heard a 60 day figure being tossed about.
I hope that helps. Thanks for your comments.
CG