San Carlos Real Estate Report Card: July ’09.

August 6, 2009



Great Expectations…

We went into July with  high expectations of it being a breakout month.  After all, nearly 30 homes went pending in the month of June and a high percentage of these were due to close in July.  However, it didn't quite pan out that way.  Not that it was a bad month — getting 23 home sales closed in July is a remarkable feat considering the time of year and everything else that's working against this market.   But the average sales price came in at one of the lowest levels in the past couple of years.  This reflects the fact that the hottest segment of the market today is the sub $1M price range.

Here's the story:


General Trends

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.

Monthly Through July


July 2009 Stats.

Here's the summary from July '09 compared to the same month in 2008:

Key Trends July '09 July '08 Difference from '08
No. of Sales 23 34 11 (-33%)
Average Price $842,009 $1,076,714 $252,705 (-23.5%)
Median Price $830,000 $1,040,000 $150,000 (-14.4%)
Avg. Days on Market 59 58 1 (+1.7%)
% of List Price 96% 98%


YTD Sales Figures Through June '09

Here's a snapshot of the unit sales to date in 2009, compared to previous years

Sales YTD July

And here's the same data in detail, through July…

Key Trends YTD '09 YTD '08 Difference
No. of Sales 119 159 40 (-25.2%)
Average Price $929,016 $1,121,845 $192,829 (-17.2%)
Median Price $890,000 $1,025,000 $135,000 (-13.2.3%)
Avg. Days on Market 55 46 9 (+19.6%)
% of List Price
97% 99% 3%


Looking Ahead…

Traditionally, the number of sold homes (closed escrows) drops off pretty dramatically in August and September; you can see that phenomenon very much on display in the monthly graph at the top.   This year has the potential to buck that trend, at least in the month of August.  Currently, there are 30 homes pending sale in San Carlos, 26 of which have close-of-escrow dates in August.  If a decent percentage of these do indeed close, we may actually not witness our normal summer slump.

Stay tuned…


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