Well, the month of August 2008 is finally in the books, vacations are mostly over, and the kids are back in school. Time to get back to the ole’ regimented schedule. When you consider that August is customarily one of the slower months in real estate, it turned out to be a pretty decent month for real estate transactions in San Carlos. Here’s a quick summary of what happened:
|Trends||Aug 2008||vs. July 2008||Year-over Year|
|Median Price||$1,075,000||$1,060,000 (+1.4%)||$1,120,000 (-4.0%)|
|Average Price||$1,077,480||$1,078,460 (-0.1%)||$1,237,130 (-12.9%)|
|No. of Sales||29||33 (-12.1%)||23 (+26.1%)|
|Active||46||53 (-13.2%)||64 (-28.1%)|
|Sale vs. List Price||97.9%||99.5% (-1.5%)||104.5% (-6.3%)|
|Days on Market||34||35 (-1.6%)||25 (+38.0%)|
The relatively high number of closed sales was a result of that surge of new listings that we experienced back in the June time-frame. If you remember, at we had around 70 active listings for a brief time during that period. Many of them went into contract and closed during the month of August.
If you take a look at the 3-month rolling average, we seem to be on a trend upward….
Like I discussed last month when we reviewed the numbers for July 2008, this graph is missing one key element that is a key indicator of future growth: Listings. While we had 29 closed sales in August, we only had 22 new listings….this is not the formula for growth! The good news, though, is that September is shaping up to be a fairly active month. There are a handful of new listings slated to hit the market in both White Oaks and Howard Park in the next couple of weeks.
Our final look at August is from the highest level. In a nutshell, while some other regions are seeing a drop of 25% or more in the number of homes sold this year, San Carlos is only about 10% behind last year’s pace. This is yet another indicator of the strength of the San Carlos real estate market.
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