As mentioned in previous posts on the San Carlos Blog, the 1.2 -1.7 million dollar market in San Carlos seems to be the buyers’ version of the Bermuda Triangle for homes…..leaving buyers dazed and confused. One of the most common concerns I get from sellers in San Carlos who are selling in the red-hot $900,000 – $1,200,000 market is, “I’m glad I did well on my sale, but what in the heck are my supposed to move in to?” Recently, this has been a very fair question. Consider the fact that the current inventory of homes in this price range have been on the market for an average of 191 days. Compare that figure against the average days on the market for all properties in San Carlos for the last six months which has been 30 days, and you begin to understand the frustration. The 1.2 – 1.7 market has suffered from a severe lack of inventory as well as some homes which are clearly are not selling due to price, location etc.
For the first time, in a long time, help is on the way. In the next few weeks you will see homes come on to the market in this price range, giving some relief to those looking to move out of the $900,000 – $1,200,000 range. There are some that will push the 1.6 mark which will most likely gain multiple offers. Two in particular that I know of will attract tons of attention. Given the amount of pent up demand in this price range, you should expect some serious competition for those homes that are able separate themselves from the rest of the pack.
For those interested in making a move into the 1.2 – 1.7 market, you will need to have all of your ducks in a row if you want to make a run at some of the best options that we have seen in a long time.