Well, it’s no secret, the real estate market in San Carlos CA and surrounding communities has slowed down. We basically lost a full year of home appreciation. November 2022 closed with the average single-family home (SFH) price being $1,312/SqFt of living space in San Carlos CA; pretty much the same value as in November 2021. The real estate market in San Carlos CA peaked in June 2022 with values of $1,545/Sqft which means they have dropped 15% in less than 6 months. Prices had dropped to $1,186/SqFt in Sept. 2022, so it then bounced back a bit which is not unexpected since the stock market has also bounced back. Home prices in our region tend to follow the stock market.

San Carlos CA Nov 2022 Home Prices

San Carlos CA Single Family Home Prices per SqFt of Living Space

We currently have 24 SFH for sale in San Carlos which is only about 5 homes higher than normal, but in Nov. 2022 only 20 SFH closed escrow; we’d normally have around 27 closings this time of year. What is helping keep inventories down is the fact that fewer new listings are coming to market. In Nov. 2022 there were 17 new SFH listing in San Carlos CA while we’d normally have 21.

Stock Market Rebound

So, while inflation seems to be cooling, interest rates are still high, but the stock market has been rebounding which is normally a good thing. However, we are experiencing lots of layoffs in local tech companies. We believe that few people are looking to buy a home or looking to sell and then buy up if they don’t feel secure in their jobs.  So we do expect a bit more chaos throughout 2023 in San Carlos real estate you might still be better off buying now than waiting for rates to come down. Read our “Good Time to Buy” Article.

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