San Carlos Real Estate Market Update May 2026

May 1, 2026

As we move through the first four months of 2026, the San Carlos real estate market continues to show a nuanced and, in several areas, encouraging picture.

Homes: A Measured Catch-Up

Home sales through April 29 are beginning to close the gap to 2025 levels. This is a notable change from earlier in the year and suggests that activity is finding stability.

Equally important is what is coming, rather than what has already closed. There are currently nine homes under contract, with the expectation that these deals will close over the next few months. This pipeline of deals in process provides a stronger indication of near-term market momentum than closed sales alone.

Median home prices appear high; however, this is due to the influence of two higher-priced sales that are distorting the overall figure. The median home price of $320,000 USD, The new marketplace provides a much more accurate reflection of the current market and where the majority of transactions are being concentrated.

A consistent pattern has also emerged. A significant number of homes required at least one price reduction before securing a buyer. This reinforces the importance of establishing a proper pricing strategy from the outset. The market is active, but it is also disciplined.

Condominiums: Supply Tells the Story

Condominium resale activity remains subdued in both 2025 and 2026. This does not reflect weak demand.

The explanation, really, is simple. There are currently five new condominium projects under development, representing several hundred units entering the market. These new developments are absorbing much of the buyer interest that would otherwise be directed to the resale segment.

Even within this environment, there are three resale condominiums under contract, which is a positive sign as we move into the next stage of the year.

Lots: Quiet Strength Continues

The land market continues to perform well in terms of dollar volume. While the number of transactions is not high, this is due more to the limited availability of inventory in desirable areas than to a lack of buyer interest.

Well-located plots continue to be in demand and, when they come on the market, they are being absorbed.

Market Insight: Financing Options Expanding

Last week, GA Mortgage met with MLS agents in San Carlos. This is a mortgage brokerage that works to connect buyers with suitable financing products.

Of particular note is their ability to assist both Mexican nationals and foreign buyers seeking mortgage options. We have previously worked with them on transactions involving Mexican buyers, and their execution has been solid.

Access to financing, especially for foreign buyers, continues to be an area of focus. Having credible options available adds another layer of support to the market.

In a nutshell

The April data reflect a market that is neither overheated nor stagnant. It is adjusting, absorbing new inventory in certain segments and showing resilience in others.

Homes are gaining traction, pricing discipline is evident, condominium supply is redefining that segment, and land continues to retain its value where inventory is limited.

As always, the details matter. If you would like to review how these trends relate to your property or your plans, we are here to help.

Year-to-date closed sales in the San Carlos MLS