Arn Cenedella

Archive for the 'San Carlos Real Estate' Category

New San Carlos listings offer good value

The San Carlos real estate market is very hot right now.
70% of the single family homes in San Carlos that closed escrow in April 2010 sold at or above list price.
Buyers are taking this opportunity to buy into a great community at very good prices.
It is unusual to have 3 new listings located west of El Camino come on the market with list prices below $800,000.
Given recent market activity, I expect all three to sell quickly and with multiple offers.

Here they are:

212 Park Avenue, San Carlos    2/1 $769,000

We're sorry, but we couldn't find MLS # 81022256 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

We're sorry, but we couldn't find MLS # 81022667 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

If you would like to see these properties or others in San Carlos, just let me know.

How common are sales prices above list prices? Part 2

On April 10, 2010, I wrote a post “How common are sales prices above list prices?”

My analysis of sales data in Menlo Park, Palo Alto, and San Carlos indicated that in the first three months of 2010:

38.3% of the homes sold and closed in Menlo Park sold at or above list price.

46.5% of the homes sold and closed in Palo Alto sold at or above list price.

51.3% of the homes sold and closed in San Carlos sold at or above list price.

What happened in the month of April 2010?

36.6% of the homes sold and closed in Menlo Park sold at or above list price.

56.2% of the homes sold and closed in Palo Alto sold at or above list price.

70.0% of the homes sold and closed in San Carlos sold at or above list price.

The number of home sales above list price increased in Palo Alto and San Carlos during April 2010 above the first three months of the year. Clearly, the market in those two cities is heating up.

The number of homes sales above list price in Menlo Park remained unchanged at about 36%.

To view historical sales data by city or by neighborhood on a monthly, quarterly, or annual basis, click below:

Menlo Park Sales Data

Palo Alto Sales Data

San Carlos Sales Data

 

Average Price per square foot: Menlo Park Palo Alto and San Carlos

Below you will find chart showing average price per square foot for single family homes in Menlo Park, Palo Alto, and San Carlos:

Palo Alto shows the highest average price per square foot at approx. $850.

Menlo Park’s average price per square foot is approx. $675.

San Carlos’ average price per square foot is approx. $550.

Super new listing in White Oaks has 3 offers!

I toured a new listing in White Oaks a few blocks from my home yesterday at 1340 Orange Avenue.

While I was viewing the property, listing agent Sandy Rostad said she already had three offers.

This is a recently expanded and updated home featuring a wonderful “great” room that opens to an inviting peaceful rear yard.

We're sorry, but we couldn't find MLS # 81018075 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

New and Improved Homescopes Site Has Been Launched!

About 3 years ago, a group of nine Northern California real estate agents created Homescopes, a group blog specifically addressing the needs of Northern California home buyers and sellers.

All of the agents within the Homescopes group are experienced and very knowledgeable about their local market areas.

So whether you are looking to buy on the San Francisco Peninsula, or in Silicon Valley, or the East Bay or in Marin, Napa, and Sonoma Counties or even up in Lake Tahoe/Truckee area, we can help.

Each agent blog is devoted to a specific area in Northern California.

From each agent’s blog, one can search for homes in that particular location.

Homesscopes can be your one-stop shop for information about Northern California communities and the real estate found within those communties.

Weekly Market Watch – SF Peninsula April 17, 2010

SF Peninsula— In Burlingame, multiple offers are happening every day in the $600,000 to $1 million range, as entry level buyer are scrambling to meet first-time buyer deadlines. When the price is attractive enough, open homes are drawing big crowds. We had one Millbrae home open in pouring rain with over 60 attendees. Consistent activity at all price ranges was reported in Redwood City. Open houses have been well attended there regardless of Easter and pouring down rain. The market in Menlo Park is mixed. Spring break combined with Easter weekend caused the market to slow slightly. However, good new inventory is still flying off the shelf. There were a few multiple offer sales the last couple of weeks. Buyers are out there, dipping their toes in the water. Sales and inventory are also steady in Half Moon Bay. In Palo Alto, the market has mirrored the spring school breaks – the last week or so has been relatively slow for sales and inventory. But our local offices expect the north side of Palo Alto to have more sales activity in the near future. The south side is waiting for more inventory to hit the market.

For complete San Francisco Bay Area report, click here.

Explosion of new listings in White Oaks San Carlos

Today was a good day for new listings in White Oaks.

Six new listings came on the market priced between $999,950 and $1,850,000.

If you would like additional information on any of these listings, please let me know.

We're sorry, but we couldn't find MLS # 81016622 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

We're sorry, but we couldn't find MLS # 81016894 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

2033 White Oak Way went pending on tour day – didn’t take long! Great house!

We're sorry, but we couldn't find MLS # 81017126 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

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San Carlos Single Family versus Condo comparision

The charts below track San Carlos real estate over the past 12 months with the data broken down by quartile price range – highest price, middle high, middle low, and lowest price.

This data indicates prices in all four quartiles have declined slightly for single family houses.

Prices for condominiums and townhouses have been flat at the higher price ranges and have declined slightly in the lower price ranges over the past 12 months.

 

How common are sale prices above list prices?

Everyone is aware that the local real estate market has slowed over the past few years.

That being said, multiple offers are still very prevalent as the following data will indicate.

During the first three months of this year 2010:

38.3% of the homes sold and closed in Menlo Park sold at or above list price.

46.5% of the homes sold and closed in Palo Alto sold at or above list price.

51.3% of the homes sold and closed in San Carlos sold at or above list price.

This data indciates that buyers are out looking for property in strong numbers and that they are willing to bid over list price to obtain properties that are well-priced and offer good value.

So, buyers when you see a good value be preapred to go after the property with a strong offer.

I have written 4 offers for buyers in Menlo Park the past two weeks at price ranges from $249,000 to $2,098,000 and in all 4 cases, there were multiple offers on each property.  All of my clients’ offers were strong clean offers from well-qualified buyers. 2 were accepted. 2 were not.

This data should also indicate to sellers that pricing at attractive levels will often lead to buyer competition that will drive sales prices upward.

The number of homes for sale in San Carlos, Menlo Park, and Palo Alto is down from 2009.

Spring is typically the time of year when the number of homes for sale increases.

The number of homes for sale in San Carlos, Menlo Park, and Palo Alto has increased from the first of the year but it is interesting to note that in all three cities, the number of homes for sale in March 2010 is less than the number for sale in March 2009.

It is my opinion that the market is in kind of a log jam where only sellers who need to sell are putting their homes on the market. These sellers might be owners who need to sell for financial reasons or for job transfers or change in life events – birth of a child, marriage, divorce, illness, etc.

The typical seller is our market area often sells their existing residence in order to “move up” to a larger residence or perhaps to a better neighborhood. Many of these sellers seem to be sitting the market out this spring. Perhaps they still have job security concerns where they are reluctant to take on a larger mortgage or perhaps the value of their house has fallen the past few years so that the equity in the current house is not large enough for the needed 20% on a larger home.

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