How is White Oaks doing so far this year?
July 14, 2008
The first half of 2008 is complete, so I thought it would be interesting to see how the White Oaks real estate market performed during this period. In a nutshell, the number of homes that sold in Q2'08 rebounded strongly from a weak Q1, but the average and median sales prices were far lower. Overall, we're still behind the 2007 sales pace at the mid-year point. Here area a few different looks at the numbers:
WHITE OAKS: 2nd Quarter 2008
| Trends At a Glance | Apr-Jun 2008 | Q1 2008 |
Q2 2007 |
|---|---|---|---|
| Median Price | $915,000 | $1,075,000 (-14.9%) | $1,050,000 (-12.9%) |
| Average Price | $990,357 | $1,129,930 (-12.4%) | $1,073,140 (-7.7%) |
| No. of Sales | 24 | 15 (+60.0%) | 28 (-14.3%) |
| Active | 11 | 9 (+22.2%) | 12 (-8.3%) |
| Sale vs. List Price | 101.2% | 100.7% (+0.6%) | 102.7% (-1.4%) |
| Days on Market | 26 | 17 (+55.7%) | 22 (+19.0%) |
WHITE OAKS: Quarterly Comparison
The following chart shows both the unit volume, median sales price, and average sales price by quarter for the past several years. (The key at the bottom can be read as follows: Using 2007 as an example: 07=Jan-Mar, A= Apr-June, J=July-Sept, O=Oct-Dec.)
WHITE OAKS: Year-to-Date Unit Sales
Clearly, the weight of the economy is having an impact on the White Oaks real estate market. Compared to the nationwide and statewide averages though, the San Carlos real estate market is holding its own pretty well. With homes still selling under a month on average, and prices staying within 15%, this clearly shows that the demand for homes in San Carlos remains strong.
We'll see what the next quarter brings..
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I am amazed at the prices in your area. Most of my sales these days are in the 200k range. I always wonder how people can afford to live in these areas. I know that over 50% of people in New Orleans could not begin to afford a home of any kind. And yet we live in the same country.