The late-season real estate rally continued in November, with impressive sales figures that easily beat the same month in 2008. In fact, for the third straight month, unit sales in San Carlos have exceeded the respective month in 2008. Note that the average and median prices were lower, though, which simply reflects the fact that starter homes in the sub-$1M segment continue to account for most of the sales.
From all indications, it looks like December ’09 will also exceed unit sales figures in 12/08. Will this rally continue? I’ll have more on that topic in an upcoming podcast…
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.
November 2009 Stats.
Here’s the summary from November ’09 compared to the same month in 2008:
|Key Trends||Nov ’09||Nov ’08||Difference from ’08
|No. of Sales||24||14||10 (71%)|
|Average Price||$871,628||$936,785||$66,157 (-7%)|
|Median Price||$862,000||$894,500||$32,500 (-4%)|
|Avg. Days on Market||48||53||5 (-9.4%)|
|% of List Price||98.66%||97.81%||0.85%|
YTD Sales Figures Through October ’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 November…
|Key Trends||YTD ’09||YTD ’08||Difference|
|No. of Sales||212||243||31 (-13%)|
|Average Price||$920,418||$1,074,162||$153,744 (-14%)|
|Median Price||$880,000||$998,000||$118,000 (-12%)|
|Avg. Days on Market||53||44||9 (+20%)|
December is not a critical month from the real estate perspective, as you start to see the effects of buyers and sellers shutting it down for the holidays — you’ll likely see the holiday lull carry over into the January sold numbers, too. In December ’08 15 homes closed escrow, and at the time of this post there were 6 that had closed so far in December ’09.
Where you’ll see the biggest impact in January will be in new activity — new listings and pending sales. With only 31 active homes for sale in ALL of San Carlos right now, there’s a huge demand for new inventory. Buyers who are already pre-approved, but have been shut out of the market so far, will be back with a vengeance in January. And those smart sellers who put their homes on the market in early January should be rewarded quite nicely.
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