Much time has been spent on this site documenting the incredible rise of single family home prices in San Carlos so far in 2013. In the Mid-Year Check In back in July, we documented how the average price of a single-family home rocketed upward by 15% from the previous year, and the gain in median pricing was even higher.
But what has been happening with the condo and townhouse market in San Carlos? Back when the real estate market tanked in 2008, this segment took an especially harsh beating. The precipitous drop in condo and townhouse values resulted in a much higher rate of short sales and foreclosures in the subsequent years than what we saw with single family residences. Large complexes such as Brittan Heights were especially hard hit, as values fell by 20% or more. For a period of time after ’08, it seemed like every other unit that hit the market was either a short sale or a bank-owned property.
Well, as you can see from the charts below, the gold rush of 2013 has been very good to the condo and townhouse market in San Carlos too. It’s pretty safe to deduce, just like we did with single family residences, that this segment of the market has fully recovered from depths of the recession.
This chart shows the average sales price for all condos and townhomes in San Carlos over the past 5 years. Not only has this metric rocketed upward by 32% from just last year, it’s evident that sales prices have more than fully recovered from the post-recession slide of those years after 2008.
Taking a look at the median sales price performance over the past 5 years shows a similar result: >>> Click Here to Read the Full Post
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