San Carlos CA Real Estate Stats - Lean Inventory & Rising Prices for Feb. 2023

San Carlos CA Real Estate Stats – Single Family Home Prices

So, February 2023 is behind us and the real estate stats for San Carlos CA are now available. Here is a summary of where home prices are today:

San Carlos CA homes are selling for $1,306/SqFt of living space. This is 10% below where they were in February 2022 which was $1,457/SqFt.
The current value of $1,306/SqFt is 15% below the market peak back in June 2022.
The biggest price drop occurred in September 2022 fell to 23% below its June 2022 highs. That’s a huge drop in just 3 months!
Today the average home in San Carlos CA is selling for $2.39M vs $2.71M a year ago.

This represents a bit of a recovery from the September 2022 lows, but we also saw further increases in interest rates in February, so let’s see how that plays out in terms of it impacting home prices? Currently homes are selling for 97% of their original list price vs 110% a year ago.

Inventory, Sales & New Listings for Single Family Homes

Inventory: Currently there are 12 single family homes actively for sale in San Carlos; this is lean. Over the last 5 years this value ranged from 10-25 homes for this time of year.
Sales: there were 11 homes sold in February 2023. Again, this is lean. Over the last 5 years this value ranged from 12-19 homes for this time of year.
New Listings: there were only 18 new single-family homes listed for sale in February 2023. Over the last 5 years this value ranged from 20-30 homes for this time of year.

Conclusion

So, while we have less buyers looking for homes due to higher interest rates plus concerns about retaining their jobs, inventories have not increased because the same applies to sellers. Fewer sellers are coming to market because some are not buying up since today’s rates are so high compared to their current mortgage plus they too are nervous about their jobs. Until rates drop a bit and people feel more secure about their jobs, our real estate market may remain a bit chaotic. Furthermore, local companies’ stocks also need to appreciate for those buyers’ company sotck options to be in the black, so these buyers have the extra cash needed for their downpayments.