The San Carlos real estate market was on a tear for the first half of the year. Buyers were competing against 5, 10, and sometimes 17 offers for a home, the most desirable homes being those in the flats that are within walking distance to downtown Laurel Street. Then summer arrived and the pulse slowed down just a bit, a common seasonal occurrence for real estate, as sellers and buyers left town on vacation and put real estate on the back burner. Many of us expected the market to return to its frenzied pace after Labor Day but that didn’t happen at the rate we anticipated.
While there is still a multitude of buyers looking to buy a home in San Carlos, the market is beginning to show signs of a price point bifurcation. Homes priced under $1.5 million in the flats with a traditional 3 bedroom, 2 bathroom floor plan are still selling within 2 weeks on the market with many offers. About 75% of the homes sold in San Carlos over the past 3 months fell into the sub-$1.5 million bucket. However, larger homes priced over $1.5 million can take two weeks to two months to sell depending on:
1) Location – is property in the flats or the hills?
2) Topography of the yard – it is flat with grass or steep terrain with decks?
3) Floor plan – are the majority of the bedrooms located near each other or are they spread out over different floors?
4) The immediate neighborhood – are nearby houses well maintained or run down?
In conclusion, the San Carlos housing market is still one that requires patience and perseverance on behalf of buyers but opportunities are beginning to appear especially if a buyer is open to a house in the hills where the views can be phenomenal. For instance, there have been a few cases when a seller overpriced a home at the beginning that, in turn, caused a backlash with buyers since they feared the house would sell for “$100,000s over” and no one showed up with an offer. This is an example of how important it is to work with an agent who knows the local market well and can advise you on whether a home is overpriced from the start so you can take a “wait and see” approach versus diving in with an offer that is too high.