I am knocking on wood as I write this, but the tide has turned slightly in San Carlos. Inventory is being snatched up quickly and certain neighborhoods are aching for more homes to come on the market. Currently, 55 homes are active in San Carlos. San Carlos has 32 homes with a pending status.
Let’s take a quick look at the statistics regarding the 55 active homes. Remarkably, 5 of the 55 are priced above $2,250,000. Additionally, 14 homes are priced at $1,499,000 and higher. Of the remaining 41 homes on the market only 10 have been on the market less than 30 days. Of those 10, 5 are less than $800,000. Reading between the lines it’s not hard to see that the $800,000-$1,499,000 price range has very little inventory and is a source of frustration for many buyers.
Here is the most startling statistic: Interested in moving to the Howard Park Area of San Carlos? Amazingly, there is one house that is active in all of Howard Park that is priced under 1.475 M. I have never seen that happen before, and would be willing to bet that it is a first.
The statistics are becoming alarming for other neighborhoods as well. Interested in a three bedroom home in White Oaks? A single home fits this description.
The bottom line is that the two most desireable neighborhoods in San Carlos have next to nothing to offer prospective buyers. The frustration is mounting because there is a growing belief among buyers that the market has, or is close to bottoming and interest rates may be on the rise.