Many in San Carlos thought the San Carlos spring market would be better than it has been in the last few years, but I don’t think anyone expected it to heat up so quickly. Since January 26th, thirteen homes in San Carlos have gone into escrow, including a 12-offer bonanza on 3154 La Mesa Drive earlier this week. Looking ahead to the next few weeks, there will be at least five properties, all just under a million dollars coming on in the flats of San Carlos. Two of these homes in particular will attract a lot of interest and should continue to drive the market toward a pace that we have not seen since 2007. Nothing happening in the market this spring will approach the craziness of 2002-2005, but it should be a noticeable difference from what we have seen over the last three years.
There will also be more than a few buyers who will lose out on homes because they have been lulled into thinking they have more time than they actually do to react to certain properties. It’s an understandable pitfall based on the much slower pace of the market over the last 30 months. However, the number of buyers who are trying to beat rising interest rates, combined with those who have been patiently waiting for quality inventory, are about to push our market to a level that many buyers may not be entirely familiar with.
Below is a list of the 13 homes in San Carlos to go Sale Pending since January 26th.[table id=9 /]