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Is San Carlos, CA a Buyer’s or Seller’s Market?

As of May 2024, San Carlos continues to be a robust seller's market. The high demand and swift sales highlight the competitive nature of the housing landscape, making it an opportune time for sellers to maximize their returns.

Key Takeaway

San Carlos remains a seller's market, characterized by higher prices and faster home sales. This dynamic environment favors sellers, enabling them to achieve strong sale prices and swift transactions.

Housing Prices in San Carlos, CA

How Much Do Homes in San Carlos, CA Cost?

  • Median Sold Price: $2,106,250
  • Median Price per Square Foot: $1,166

Over the past year, the median home sold price in San Carlos has increased by 2.1%, reaching $2,106,250 in May 2024. Similarly, the median price per square foot has risen to $1,166.

Year-Over-Year Change:

  • Median Sold Price: +$43,500 (+2.1%)

Housing Prices by Bedroom Count

  • 1 Bedroom: $905K (+14.6%)
  • 2 Bedrooms: $1.4M (+4.9%)
  • 3 Bedrooms: $2.0M (-0.2%)
  • 4 Bedrooms: $2.6M (-3.6%)
  • 5+ Bedrooms: $3.4M (+9.5%)

The breakdown shows significant price increases for one-bedroom and five-plus-bedroom homes, while three-bedroom and four-bedroom homes experienced slight decreases.

Median Sold Price Compared to Nearby Cities

  • Belmont: $2.1M (+5.8%)
  • Redwood City: $1.8M (+4.7%)
  • San Carlos: $2.1M (+2.1%)

San Carlos' price growth remains competitive relative to nearby cities, maintaining steady appreciation.

Housing Supply in San Carlos, CA

How Many Homes Are Available in San Carlos, CA?

  • Homes for Sale: 86 (up 28.4% from April 2024)

The inventory of homes for sale in San Carlos increased by 28.4% from the previous month, indicating a slight easing of previously tight market conditions.

Homes for Sale by Bedroom Count

  • 1 Bedroom: 3 (+50.0%)
  • 2 Bedrooms: 17 (+21.4%)
  • 3 Bedrooms: 35 (+16.7%)
  • 4 Bedrooms: 24 (+41.2%)
  • 5+ Bedrooms: 7 (+75.0%)

While the inventory increased across most bedroom types, there was a particularly notable increase in five-plus-bedroom homes.

Number of Homes Sold

  • Homes Sold: 33 (up 32.0% from April 2024)

The number of homes sold in May 2024 saw a significant increase of 32.0% compared to April, reflecting strong buyer activity despite rising prices.

Asking Price vs. Sold Price

  • Under Asking: 5 homes
  • At Asking: 2 homes
  • Over Asking: 25 homes

Percentage Breakdown:

  • Sold Under Asking: 16%
  • Sold At Asking: 6%
  • Sold Over Asking: 78%

With 78% of homes selling over the asking price, buyers must be prepared to offer competitively.

Days on Market for San Carlos, CA

Average Sale Time

  • May 2023: 12 Days
  • May 2024: 13 Days (+7.2%)

Homes in San Carlos are selling quickly, with an average of 13 days on the market in May 2024, a slight increase of 7.2% from the previous year.

Breakdown of Home Sale Times

  • Under 30 Days: 27 homes (84%)
  • 30 - 90 Days: 5 homes (15%)
  • Over 90 Days: 0 homes (0%)

The majority of homes in San Carlos are selling swiftly, with 84% of homes sold within 30 days.

Conclusion

San Carlos' real estate market in May 2024 continues to favor sellers with high demand and competitive pricing. Prices are on the rise, inventory is gradually increasing, and homes continue to sell swiftly. Buyers should be prepared for competitive bidding and act quickly to secure properties.

If you have any questions about the San Carlos market or need guidance on buying or selling a home, please feel free to reach out.

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