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San Carlos Real Estate September 9, 2009

San Carlos Real Estate Report Card: August ’09

by Chuck Gillooley

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A New Look…

The monthly San Carlos Real Estate Report Card has taken on a new look. From this month forward, the report card will feature graphical data compiled by TrendGraphix. They do a great job of collecting the most relevant home sales data and displaying them in easy to read graphs. I can slice and dice the statistics in a variety of ways, and each month I’ll experiment with some derivatives of these graphs. I hope you like the new look!

San Carlos in August.

Historically, August is not stellar month for home sales. Escrows that close in August are usually the end result of purchases that took place in July, and in some cases late June. And those months aren’t terribly strong for home purchases, since folks tend to vacation during this time. Add in a healthy dose of recessionary fever, and you see what happened: The 20 homes that closed in August were a whopping 33% down from the same month in 2008….

Prices

There was a nice little uptick in sales prices in August, while the average listing price dropped a bit, probably as a result of the increasing focus on the sub $1M segment:

Looking Ahead

If the past few weeks of buying activity are any indication, September ’09 should avoid the plunge we saw in the same month last year. If you recall, last year at this time was the very beginning of the credit collapse, and in October ’08 the ***** hit the fan. Fast forward to today, and multiple offers are almost the norm again, and home prices are stabilizing. In some cases homes are fetching more than asking price. While I don’t expect a spike in sales volume in September, I think we’ll avoid the pothole that was Sept 08. Tune in next month to find out.
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