San Carlos Has Country's Hottest Real-Estate Neighborhood: Redfin

Tim Ryan
December 24, 2019 - 10:07 am
This 840-square-foot home in San Carlos sold for more than $1 million in 2019. San Carlos has the country's hottest real-estate neighborhood, Redfin said in a December 2019 report.

Tim Ryan/KCBS Radio

A neighborhood on the Peninsula is the most competitive real estate market in the country, according to Redfin. 

It's the White Oaks neighborhood of San Carlos, where the majority of homes are selling for an average of 106% above asking in about 12 days, with median sale prices hitting at more than $1.8 million, Redfin's report said.

People who already live there understand why others want to move in.

Resident Ryan Connolly told KPIX-5 he and his family know they're among the lucky ones.

"[We're] incredibly fortunate," he said. "If we were trying to get this house or anywhere in this neighborhood now, it would be almost impossible."

Redfin based its findings on sales prices, days on the market, competing offers and how much properties typically sell for above asking to create its list of the country's hottest neighborhoods. 

Half of the desirable enclaves on that list are in the Bay Area. 

David Stark, with the Bay East Association of Realtors, offered some advice to would be buyers:

"It's still in many respects a seller's market. So is there a way for buyers to get around this? They need to have their home in order, no pun intended," he said. "They need to have their finances ready. They need to be flexible. They also need to be patient. They need to understand there's a high demand for home ownership, particularly in these neighborhoods."

But what makes some neighborhoods hot and some not? 

"It could be the quality of the housing stock," Stark said. "It could be neighborhood amenities, it could be something as simple as access to a freeway or mass transit that could be taking people to high paying jobs."

Other highly sought-after neighborhoods include San Francisco's Mission District, Piedmont in Oakland, and North Los Altos. They all have something in common, according to Stark.

"If there's one thing that ties all these markets together, it's the job creation, the job opportunities in each of these areas," he said. "You can see that technology influences the economy, in all these areas where these high demand neighborhoods are."