Podcast: 2008 in Review, Key Trends for 2009 in San Carlos…

For many people, the end of 2008 simply couldn't come soon enough.  It was a tough year in many respects, and the real estate market in San Carlos didn't escape lightly, either.  Below is a quick snapshot of the key sales figures in San Carlos for 2008 and how they fared versus 2007.  I included the 2006 results as well for comparison.  Also, I have outlined what I believe will be the key factors that will shape San Carlos Real Estate in 2009.  I cover both in more detail in the podcast at the bottom of the page.

San Carlos Real Estate in 2008:

Key Metrics	2008	2007	2006
Average Sales Price	$1,055,421 (-7.4%)	$1,139,530	$1,090,250
Median Sales Price	$966,000 (-10.6%)	$1,080,000	$964,000
Number of Sales	247 (-16.2%)	295	296
Average Days on Market	43 (+48.3%)	29	24

(Note that the percentage difference in parentheses refers to the difference  between the 2007 and 2008 figures.  2008 figures are were taken from MLS data as of 12/31 and should be considered approximate)

What's in store for 2009?

The state of our economy right now is such a complicated mess, that it would be foolish to predict what's going to happen in 2009.  However, I think there are 3 key trends that will have a definite impact on which direction the San Carlos real estate market heads in the new year:

1. Consumer Confidence.
2. Interest Rates.
3. San Carlos School Financial Crisis.

I discuss these three trends in more detail in the podcast below.

Podcast:

To hear the podcast, simply click on the player below and you can listen right from the blog.

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Here's to the market bouncing back in 2009!  Happy New Year to all…