A Market Overview and Analysis of San Carlos and its Second Quarter, 2014

We invite you to take a look at the residential market overview for San Carlos. These tables provide the sales data for single family homes in the 2nd quarter of 2014 compared to the 2nd quarter of 2013. 

Single family home prices show new record highs in the 2nd Quarter of 2014 compared to 2013. And the average list price increased 15% from $1,183,092 to $1,362,897. The average list price per sq ft increased 17% rising from $633 per sq ft to $739 per sq ft. Overall, the average sales price, median sales price, and average sold price per sq ft in San Carlos increase by 18 to 19%.

The average sales price in the 2nd quarter of 2014 is $1,515,011 versus $1,281,713 in the 2nd quarter of 2013. The median sales price in the 2nd quarter of 2014 is $1,505,000 versus $1,270,000 in the 2nd quarter in 2013. The average sold price per square feet in the 2nd quarter of 2014 is $824 versus $691 in the 2nd quarter of 2013. It’s safe to say it’s a seller’s market with homes sold in an average of 13 days on the market and the average sales price over list price being 112%.

In terms of the number of sales transactions, this decreased by 9% from 92 sales transactions in the 2nd quarter of 2013 to 84 in the 2nd quarter of 2014. Although there was a decrease in number of sales transactions, the total sales volume for the 2nd quarter of 2014 increased 8% to $127,266,888 versus the $117,917,566 in the 2nd quarter of 2013. This is due to the overall increase of the sales price.

The highest price home sold in the 2nd quarter of 2014 is $2,850,000 whereas the highest price home sold in the 2nd quarter of 2013 was $3,200,000. The lowest price home sold in the 2nd quarter of 2014 is $800,000 and the lowest price home sold in the 2nd quarter of 2013 was $620,000.

For those of you who are not familiar with the MLS area, San Carlos consists of 6 MLS areas:

White Oaks (El Sereno Corte) – area 352
Cordes – area 355
Alder Manor – area 350
Clearfield Park – area 354
Howard Park – area 353
Beverly Terrace – area 351

Here’s a map of the San Carlos neighborhood:

TOP PERCENTAGE GAIN IN AVERAGE SALES PRICE

In the 2nd quarter of 2014 compared to the 2nd quarter of 2013,White oaks (area 352) has the top percentage gain in average sales price with an increase of 27% ($1,482,039 versus $1,168,443).

Beverly terrace (area 351) has the second percentage gain in average sales price with an increase of 20% ( $1,654,995 versus $1,375,167). Clearfield Park (area 354) has the third percentage gain with an increase of 19% ($891,300 versus $746,992).

TOP PERCENTAGE GAIN IN AVERAGE SOLD PRICE PER SQUARE FEET

In the 2nd quarter of 2014 versus the 2nd quarter of 2013, White Oaks has the top percentage gain on the average price per square feet with an increase of 24% ($896 per sq ft in 2014 versus $721 per sq ft in 2013). Cordes has the second top percentage gain on the average price per square feet with an increase of 22% ($761 per sq ft in 2014 versus $625 per sq ft in 2013).

Beverly Terrace and Alder Manor have the third and fourth percentage gains on the average price per sq ft with an increase of 21% ($781 per sq ft in 2014 versus $646 in 2013) and 20% ($797 per sq ft in 2014 versus $666 in 2013).

THE MOST EXPENSIVE VALUATION PER SQUARE FEET

In the 2nd quarter of 2014, Beverly Terrace has the highest price sold per sq ft -$1,555 per sq ft (294 Devonshire Blvd). This home has 2 bedrooms, 1.5 baths, and a 1,190 sq ft interior on a 16,320 sq ft lot. With a construction plan for a 4 bedroom and 3.5 bath home, it was sold for $1,850,000.

White Oaks has the second highest price sold per square ft – $1,135 per sq ft (119 Brook Street). This remodeled one story home has 4 bedrooms, 2 baths, and a 1,410 sq ft interior on a 7,540 sq ft lot. It sold for $1,600,000. Going back to Beverly terrace, this neighborhood also has the third highest sold price per square feet- $1,128 per sq ft (124 Normandy Court). It is a new construction one story home with 4 bedrooms, 3.5 baths, and a 2,527 interior sq ft on a 10,030 sq ft lot. With panoramic view of the city and the bay, it sold for $2,850,000.

THE TOP NUMBER OF SALES TRANSACTIONS

In the 2nd quarter of 2014, White oaks has 23 sales transactions, Beverly Terrace has 20, and Howard Park (area 353) has 18. In actuality, the majority of the San Carlos neighborhoods have fewer sales transactions in the 2nd quarter of 2014 versus the 2nd quarter of 2013. However, Howard Park decided to move against the majority and has a 125% increase in the number of sales transactions with 18 sales transactions in the 2nd quarter of 2014 compared to the 8 in 2nd quarter of 2013.

Thanks for visiting Beautiful Bay Homes! If you have any questions about the market data or anything else relating to real estate, please feel free to contact us for more information.