May has come and gone, and it was an interesting month for real estate in San Carlos. The danger in looking at an isolated month’s sales figures is that it can give you a false sense of where things truly are in a given market — one soft (or strong) month does not a year make. However, there are some trends that are interesting to see regardless of the timeframe. May had a few of these — first the specifics:
- Number of Homes Sold – May ’08: 24
- April ’08: 22 homes sold.
- May ’07: 27 homes sold.
- Average Sales Price – May ’08: $1,047,624
- April ’08: $1,042,775
- May ’07: $1,071,851
- Median Sales Price – May ’08: $939,500
- April ’08: $915,000
- May ’07: $1,090,000
- Average Days on Market – May ’08: 47 Days
- April ’08: 36 Days
- May ’07: 32 Days
Comparing the year-ago month, the difference in average price from a year ago is almost negligible, but the difference in median sales price is quite large. What does this tell us? More homes were sold in the $800k – $1.2M range in May ’08 than in May ’07. That’s no big deal, but the telltale statistic isn’t obvious from these numbers. If you take a close look at the 24 homes that sold in May (there’s a link below with all the details) here’s what you’ll see:
- 7 sold above the original list price
- 3 sold at original list price, and
- 14 sold below original list price
The telltale signs are this: Homes took longer to sell, and fewer went over asking price. In a community where we are used to hearing about homes commonly selling quickly, over list price, and with multiple offers, these numbers are downright “un-San Carlos-like”. But the message to sellers should be clear — a) the sluggish economy is indeed weighing down our market, and b) buyers have more leverage now than they’ve had in many years. Consequently sellers need to be realistic about what price their house will fetch…even if the truth hurts.
For detailed information on what sold in San Carlos in May ’08, click here —> San Carlos Sales Data – May ‘08
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