Archive for the 'San Carlos Real Estate' Category
November San Carlos home sales are at their lowest levels in 11 years.
In November 2008, 14 San Carlos home sales closed escrow.
Compared to November San Carlos Home Sales as follows:
2007 – 24 closed San Carlos home sales
2006 – 22 closed San Carlos home sales
2005 – 28 closed San Carlos home sales
2004 – 32 closed San Carlos home sales
2003 – 28 closed San Carlos home sales
2002 – 33 closed San Carlos home sales
2001 – 26 closed San Carlos home sales
2000 – 26 closed San Carlos home sales
1999 – 40 closed San Carlos home sales
1998 – 16 closed San Carlos home sales
14 closed sales in November 2008 for San Carlos is about 50% of the 11 year average of approximately 27 San Carlos home sales in the month of November.
I will compare to Palo Alto and Menlo Park in posts to follow.
Is any price range of the San Carlos real estate market selling more quickly or more slowly than other price ranges?
Breaking the City of San Carlos market down into 4 quartiles or prices ranges as follows:
First quartile – top 25% priced homes in San Carlos – median price – $1,624,000
Second quartile – next 25% priced homes in San Carlos – median price – $1,272,000
Third quartile – the next 25% priced homes in San Carlos – median price – $1,048,975
Forth quartile – the lowest 25% priced homes in San Carlos – median price – $709,000
Take a look at the chart below:
We can see at the start of 2008, the highest priced homes taking about 40 more days on the market to sell then the rest of the San Carlos market.
As the year went on, the days on market for the most expensive homes dropped down into a similar range as the rest of San Carlos.
For the balance of the year, all four quartiles moved roughly together – with a low of 50 days on market around July 1 and since that time a slowly increasing days on market time – to currently about 60 days for the 3 lowest quartiles and about 80 for the most expensive homes in San Carlos.
There are some excellent buys in San Carlos right now with a newly remodeled and updated home in White Oaks just reduced to $729,000. This home will not last long at this price. White Oaks is wonderful and this home is ready to move into.
How does the current 2008 real estate market in San Carlos compare to the market in 2007?
Below you will find median prices for both single family homes and condominiums/townhouses in San Carlos for the both 2 years.
In both cases, the median price in 2008 is below the corresponding median price in 2007.
It is interesting to note that for both single family homes and condominium/townhouses in San Carlos, the median price has increased since May 2008.
Altos Research has developed a method (the Market Action Index) to quickly evaluate how strong or weak a current market is. The Market Action Index (MAI) illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory. An MAI value greater than 30 typically indicates a “Seller’s Market” (a.k.a. “Hot Market”) because demand is high enough to quickly gobble up available supply. A hot market will typically cause prices to rise. MAI values below 30 indicate a “Buyer’s Market” (a.k.a. “Cold Market”) where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. A cold market will typically cause prices to fall. Residential house prices are a function of supply and demand, and market MARKET ACTION INDEX conditions can be characterized by analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer’s Market zone for a long period, prices are likely in for a downward correction.
The MAI forSan Carlos and Menlo Park has been between 18 and 25 all year – indicating a buyers’ market for 2008.
The MAI for Palo Alto started above 30 – indicating a sellers’ market – but then dropped below 30 on its way to 20 indicating a buyers’ market even in Palo Alto.
Please let me know if you would like weekly or monthly market reports emailed to you.
It is informative to look at the median price per square foot as well as the more commonly reported median and average price statistics.
Below you will find chart indicating median price per square foot for single family homes in San Carlos Menlo Park and Palo Alto:
In general, the median price per square foot declined in 2008 for all three cities – San Carlos, Menlo Park, and Palo Alto.
San Carlos median price per sqaure foot dropped from about $640/sf to $580/sf.
Menlo Park median price per sqaure foot dropped ever so slighyly from $680/sf to $675/sf.
(Please note Menlo Park data includes Belle Haven neighborhood east of Highway 101 where property values are much lower than in the Menlo park areas west of Highway 101)
Palo Alto median price per square foot dropped from about $925/sf to $860/sf.
What have been the average days on market for single family detached homes in San Carlos, Menlo Park, and Palo Alto during 2008?
Have the average days on market in each of the three cities – San Carlos or Menlo Park or Palo Alto – behaved similarily during the year or have these three cities experienced differences?
Below you will see chart showing average days on market during 2008:
Averages days on market for single family homes in Menlo Park has remained relatively constant during 2008 at around 70 days.
In San Carlos and Palo Alto during 2008, we see a more seasonal pattern.
Average days on market peaked around March 1 (about 90 for San Carlos and 60 for Palo Alto), decreased to a low around July 1 (about 55 in San Carlos and about 40 days in Palo Alto), and since that time have increased through the balance of the year.
What have been the inventory levels for single family detached homes in San Carlos, Menlo Park, and Palo Alto during 2008?
Have the inventory levels in each of the three cities – San Carlos or Menlo Park or Palo Alto – behaved similarily during the year or have these three cities experienced differences?
Below you will see chart showing inventory levels during 2008:
The average chart indicates that inventory levels in all three cities – San Carlos Menlo Park and Palo Alto behaved in a similar fashion throughout the year.
Inventory levels in all three cities increased through the spring and summer – remained relatively flat through the fall and have now started to increase again towards the end of the year.
What is happening in the San Carlos real estate market during the month of October 2008?
The average list price of the 38 new listings of San Carlos homes in the month of October 1, 2008 is $1,094,154.
All of the 8 homes from this group of San Carlos homes that have sold since being listed October 1, 2008 were priced below the average list price for the month.
2 sales of homes listed in the $700,000 range.
3 sales of homes listed in the $800,000 range.
1 sale of a house in the $900,000 range and 1 sale of a house listed over $1,000,000.
My analysis of this would be that buyers are taking advantage of the current buyers’ market to get into the City of San Carlos at a verty good price. So in San Carlos, it appears the entry level is moving well while the more expensive homes are taking longer to sell.
The data above is for San Carlos homes listed AFTE October 1, 2008.
Overall, 17 homes in San Carlos went into contract during the month of October 2008.
There is a super new listing on Eucalyptus Lane in San Carlos. This in the well-known Holiday Lights Lane where every house on the block goes over the top decorating their homes for the Holidays. Eucalyptus rivals Fulton Street in Palo Alto which is known as Christmas Tree Lane.
This home has just been expanded and fully updated with top-of-the-line materials and workmanship. This
Ravella built home is listed with John Shroyer of ReMax at a list price of $1,550,000. This home contains 4 bedrooms 2.5 baths – chef’s kitchen and large family room – 2,855sf of living area.
This 2 story home is an excellent value and has a great San Carlos location.
If you would like to get a sneak preview of this home, just let me know.
Two weeks ago, the owner of one of my listings located 42 Williams Lane, San Carlos was fortunate enough to receive three offers on the family home. 42 Williams was listed at $1,195,000 and sold a little above asking price.
This 4 bedroom 2 bath home has been owned by the same family for nearly 45 years. The home had been well-cared. That being said, the home needed some pre-sale fix-up to increase the marketability and appeal of the home. My painter removed the wallpaper found in every room, painted the interior complete, and painted the exterior complete. This gave the home a neat fresh appealing appearance. The owner’s sons installed a new redwood deck under a covered patio next to the pool. I then had my stager decorate the living areas along with the master bedroom. We were ready to go to market.
Check out the virtual tour and see for yourself.
So why did this house receive 3 offers during a relatively slow market and during scary economic times?
#1 The property was priced realistically based on current comparables and taking into the current market.
#2 The property was well prepared for market. It was clean, neat, and fresh. Staging helped.
#3 The property was in a very nice area of San Carlos and was located on a cul-de-sac.
All 3 prospective buyers were current residents of San Carlos.
One was a family of 4 with 2 children enrolled at Brittan Acres. This family owned a tri-level house in San Carlos already and with two children, they wanted a one level home on a level lot.
The second prospective buyer was currently renting a single house in San Carlos with a baby on the way in January.
The third prospective buyer was renting a home in San Carlos also and had 1 child in San Carlos schools.
All 3 buyers were current San Carlos residents – all love living in San Carlos and wanted to buy a home there – all had children or would soon to have children and wanted those kids in San Carlos schools.
After 30 years in the real estate business – helping people buy homes – there are always reasons to buy – a larger family – a smaller family – different family needs, etc.
42 Williams was priced right, was well prepared for sale, showed well and offered what many buyers in the market are looking for – a nice home to raise their family in - a good area that was safe and had good schools – not to mention a great listing agent and so 3 different buyers determined this property fit their needs and was within their budget. Hence 3 offers !
We hear so much about foreign investors buying real estate and while they do make up a portion of our market, the truth is probably like 90% to 95% of buyers live within about 10 miles of where they buy. San Carlos is a fabulous family-oriented town. The schools are good, the neighborhoods very safe, and the downtown lively.