We went into July with high expectations of it being a breakout month. After all, nearly 30 homes went pending in the month of June and a high percentage of these were due to close in July. However, it didn’t quite pan out that way. Not that it was a bad month — getting 23 home sales closed in July is a remarkable feat considering the time of year and everything else that’s working against this market. But the average sales price came in at one of the lowest levels in the past couple of years. This reflects the fact that the hottest segment of the market today is the sub $1M price range.
Here’s the story:
Here’s a graphical look at the monthly sales performance in San Carlos, dating back to last year. See below for a more in-depth analysis.
July 2009 Stats.
Here’s the summary from July ’09 compared to the same month in 2008:
|Key Trends||July ’09||July ’08||Difference from ’08
|No. of Sales||23||34||11 (-33%)|
|Average Price||$842,009||$1,076,714||$252,705 (-23.5%)|
|Median Price||$830,000||$1,040,000||$150,000 (-14.4%)|
|Avg. Days on Market||59||58||1 (+1.7%)|
|% of List Price||96%||98%||—|
YTD Sales Figures Through June ’09
Here’s a snapshot of the unit sales to date in 2009, compared to previous years
And here’s the same data in detail, through July…
|Key Trends||YTD ’09||YTD ’08||Difference|
|No. of Sales||119||159||40 (-25.2%)|
|Average Price||$929,016||$1,121,845||$192,829 (-17.2%)|
|Median Price||$890,000||$1,025,000||$135,000 (-13.2.3%)|
|Avg. Days on Market||55||46||9 (+19.6%)|
|% of List Price
Traditionally, the number of sold homes (closed escrows) drops off pretty dramatically in August and September; you can see that phenomenon very much on display in the monthly graph at the top. This year has the potential to buck that trend, at least in the month of August. Currently, there are 30 homes pending sale in San Carlos, 26 of which have close-of-escrow dates in August. If a decent percentage of these do indeed close, we may actually not witness our normal summer slump.
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