3 Changes to the San Carlos Market in 2014.
As we wind down what has been one of the most remarkable years in local real estate in recent memory, everyone who is even remotely connected to the real estate market — buyers and sellers alike — are taking a brief pause and looking ahead to the coming year. One of the biggest questions that everyone is trying to answer is:
What’s going to happen the San Carlos real estate market in 2014?
Yesterday in part 2 of this series, I predicted that the San Carlos real estate market in 2014 will kick into high gear much more quickly than in typical years, as sellers look to get a jump-start on their competition. If 2013 was any indication, home sellers fared remarkably well when they sold their homes during those windows of time when there was very little competition (like right now.) So rather than wait until the Spring to list their homes when everyone else will be doing the same, savvy sellers will buck that conventional wisdom and test the market early in 2014. Really early.
Today, in the third and final post of this series, we will dive into the third key factor that will impact the real estate market in 2014: Home Prices.
#3. Growth Rate in Home Prices Will Slow.
As is the risk with any prediction, this one is a golden opportunity for me to look back at this post a year from now and eat my words. But I’m going to stick my neck out and predict the following: The growth rate in home prices in San Carlos is going to taper in 2014. Now before there’s a wide-spread panic amongst home sellers, read carefully into what I’m saying (and what I’m not saying) — the growth rate of home prices will taper. This doesn’t mean that there will be no increase in home prices in 2014 (sorry, home buyers), nor does it mean that prices will flatten or drop in 2014 (ditto.)
But it’s hard to fathom that the astonishing run-up in home values over the past two years in San Carlos can sustain at anywhere near the current rate. Consider the following: The average sales price of a single-family home in San Carlos increased 17% since just last year, and a whopping 31% since 2011. The average price-per-square-foot of those same homes jumped by 17% in just a year, and 27% since 2011. See the graphs below. >>> Click Here to Read the Full Post
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