San Carlos Real Estate Report Card: May ’09.
June 15, 2009
Did May have its Day?
By 2009 standards, May was actually a busy month for homes sales in San Carlos , although you'd never know it from looking at the numbers below. But that's to be expected, because the activity in May won't reflect until the June or July reports.
While the number of closed escrows (aka sales) in May shown below is not terribly impressive, it was encouraging to see nearly 30 homes go pending last month. It appears that home buyers took advantage of the low interest rates and depressed prices and jumped into the market en masse. After the buying flurry of May, the San Carlos market entered the month of June with a paltry inventory of ~ 50 homes for sale (consider that at the beginning of May there were 70!)
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.
May '09 vs '08
Here's the data from May '09 compared to the same month in 2008:
|Key Trends||May '09||May '08||Difference from '08
|No. of Sales||17||24||7 (-29%)|
|Average Price||$870,088||$1,051,751||$181,663 (-17.3%)|
|Median Price||$750,000||$939,500||$189,500 (-20%)|
|Avg. Days on Market||48||43||5 (+12%)|
YTD Sales Figures Through May '09
Here's a snapshot of the unit sales to date in 2009, compared to previous years
And here's the same data as above relative to the first five months of the year…
|Key Trends||YTD '09||YTD '08||Difference|
|No. of Sales||70||96||26 (-27%)|
|Average Price||$939,129||$1,137,273||$198,144 (-17%)|
|Median Price||$912,000||$1,020,000||$108,000 (-11%)|
|Avg. Days on Market||52||44||8 (+18%)|
If the preliminary data is any indication, June '09 will give June '08 a run for the money, at least from the unit sales perspective. There are already 8 home sales recorded in June '09, with around another 21 or so pending sales that are scheduled to close escrow this month — by comparison, there was a total of 30 home sales in June of 2008. So June may be the first month of this entire year when the unit volume may actually match the prior year's total. We'll just have to see…
But don't expect a huge rebound in the average and median sales prices anytime soon. Of the 21 or so homes due to close escrow this month, only 8 have list prices above $1M. As in past months, the sub-$1M market still dominates the market in San Carlos.