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Celebrating 20 years of San Carlos Real Estate!
As we share this month’s update, we are mindful of the milestones that shape our journey together. Tom and Diane have called San Carlos home for 25 years, and this August 14th marked our 20th anniversary as a RE/MAX franchise here in the community. Over that time, we have not only witnessed the market’s growth but have also been privileged to contribute to the many organizations that make San Carlos such a vibrant place to live. With many years of these monthly newsletters, we have built more than just a record of sales; we have built a shared story with all of you. Thank you for letting us be part of your San Carlos experience, and for trusting us to guide you in real estate.
San Carlos Market Update: January to August 2025
Through the first eight months of 2025, the San Carlos real estate market is demonstrating renewed strength following last year’s slowdown.
- Homes: Leading the recovery, Homes generated $17.7M in volume across 46 sales, with an average price of $384,000. This nearly matches the record-setting highs of 2023 and shows steady buyer confidence in the single-family segment.
- Condos: Condo activity has been selective, with 9 closings totaling $2.46M and an average of $273,000 per unit. While fewer in number, these sales reflect strong demand for well-located, move-in-ready properties.
- Lots: Land sales remain limited, with 8 transactions averaging $125,000 each. Although volumes are modest, the pricing trend underscores ongoing value for well-positioned land.
- Commercial: A notable addition this year, the commercial sector saw 3 transactions totalling $1.33M, adding diversity to San Carlos real estate activity.
📈 Overall: The market reached $22.5M YTD, up 46% from 2024. The rebound in Homes is driving this growth, signalling a more balanced market and reinforcing San Carlos as a resilient investment destination.
San Carlos market trends: January-August comparison (2019 - 2025)
We recently learned from Brian Buffini’s “Bold Predictions” for the real estate market. Brian Buffini's deep knowledge of the real estate market comes from over 30 years of hands-on experience as a successful real estate professional and coach. He has a unique understanding of both macro and micro trends in the industry, and his expertise extends to market cycles, buyer and seller behaviours, and effective strategies for navigating shifting markets.
Although his "Bold Predictions" were specific to the United States and Canada, we thought it would be valuable to go through the exercise to see if the trends he outlined, specifically for home sales, aligned with our own data for San Carlos. The basic premise, specifically regarding home sales volume, is that 2025 looks much like 2019.
Each year tells a story, but to make the numbers meaningful, this report compares the same period — January through August — from 2019 to 2025. By holding the time frame constant, we can see true year-over-year shifts in pricing, transaction volumes, and market composition. The highlights below break down how Homes, Condos, and Lots have evolved over these seven years, giving a clear picture of both cyclical changes and long-term structural trends in San Carlos real estate.
San Carlos Market Snapshot: January - August 2019 - 2025
Over the past seven years, the San Carlos real estate market has shown both rapid growth and cyclical adjustments. The data through August 2025 shows:
- Price resilience: Home prices have climbed from an average of ~$245K in 2019 to ~$384K in 2025, with a peak of ~$409K in 2023. Condos followed a similar path, now averaging ~$273K.
- Transaction cycles: Sales peaked in 2021 during the pandemic surge, cooled in 2024, and are now rebounding in 2025, tracking closely with pre-pandemic volumes.
- Property mix shifts: Homes consistently drive the bulk of activity, but condos and select lot transactions have gained relative share in certain years, signalling diverse buyer demand.
- Seasonal vs. structural: The August data illustrates that while some fluctuations reflect seasonality, broader shifts, such as rising home values and fewer but higher-value lot sales, highlight long-term structural changes.
👉 Click here to view the full trend report with graphs.
🏡 Homes
Homes remain the cornerstone of the San Carlos market. From 2019 through 2025, average prices climbed from ~$245K to ~$384K, with a peak above $400K in 2023. While transactions dipped in 2024, activity is rebounding strongly in 2025, nearly matching pre-pandemic volumes. As Brian suggested, 2025 is shaping up to be a “normal” market, similar to 2019. This resilience confirms buyer confidence in homes as the most stable investment in San Carlos.
🏢 Condos
Condos have seen the fastest price growth relative to 2019, with averages moving from ~$126K to ~$273K today. Sales surged in 2021, softened in 2024, and remain selective in 2025, with fewer but higher-value closings. This reflects a shift toward well-located, move-in-ready properties that appeal to second-home buyers and investors.
🌄 Lots
Lot sales reveal the most cyclical pattern: strong activity in 2021–2022, a slowdown in 2023–2024, and fewer but higher-value transactions in 2025. Average lot prices have nearly doubled since 2019, showing that despite fewer closings, prime land in San Carlos continues to appreciate and attract long-term builders.
Looking Ahead
The January–August 2019–2025 comparison shows that while sales volumes have cycled up and down, average prices for Homes, Condos, and Lots in San Carlos have maintained a strong upward trend.
We have proudly called San Carlos home for 25 years, celebrated 20 years as RE/MAX franchisees, and have shared this monthly newsletter for over 15 years. Our team is deeply invested in this community; in its real estate, its organizations, and its people. Thank you for letting us be part of your San Carlos story.