Only 20% of San Carlos Home Owners Had to Reduce their Price
October, 2009, was an interesting month for San Carlos home sales. Of the 25 single family homes that sold in San Carlos, 5 home owners (20%) had to reduce their asking price to affect a sale. Closed sales for the month climbed to 25, well above the number of closed sales (14) in October, 2008. Current inventory levels remain relatively high when compared to 2007-2008 levels.
28% of Home Sellers Received More than their Original List Price in Less than 30 Days
The most interesting part of the aspect of the price data lies in the fact that 7 of 25 San Carlos home owners received more than their Original List Price within 30 days of the listing date. 16 (64%) of the 25 homes sold in less than 30 days, and no home on the market for 31 days or more received more than their Original List Price or even their Original List Price.
Market Demand Holding Fairly Steady
Days on Market are probably the best indicator of San Carlos real estate activity level. As Days on Market lengthens, activity stalls and as Days on Market shorten, activity increases. Considering the closed sales, it took sellers 45 days to secure a buyer under contract as compared to 43 days for the pending sales that have not yet closed escrow. This indicates that the market demand holds fairly steady as San Carlos homes sold take about as much time to market as the newest pending sales.
The San Carlos Real Estate Price Report measures how many homes sold for less, equal to, or more than the Original Listed Price. This relationship to the Original List Price is the most telling reflection of how realistic sellers are in setting their asking prices.
Median Price Displays Signs of Volatility
The most costly home in San Carlos sold for $1,900,000 – substantially more than the highest price home in its neighboring city Belmont. San Carlos’ upper tier market is overall higher than Belmont. San Carlos’ median list price ($907,000) – the highest since May, 2009 – continues to displays signs of volatility primarily because of the wide gap between the most expensive ($1,900,000) and least expensive ($380,000) home sold.
All Indicators Point a Market Trending Toward Balance
While the data is interesting, it’s important to note that there are significant differences between individual homes in the more expensive and most desirable neighborhoods of San Carlos. Every property is unique from another. Trends are enlightening but should not be the determining factor on a specific property’s value. The convergence of the number of closed sales and the number of new listings almost always indicates a market trending toward balance.
San Carlos Real Estate Expected to Remain Strong
The San Carlos home resale market remains highly desirable and resilient. There are no indications that San Carlos is about to experience any precipitous price declines. We expect, barring any untoward national or regional economic catastrophes, the San Carlos real estate market to remain strong.
Download a Complete Copy of the San Mateo County Real Estate Price Report
To download a complete copy of the San Mateo County Real Estate Price Report for October, 2009 click on the Adobe PDF logo below. The complete report also contains the real estate price reports for San Mateo, Belmont, Foster City, San Carlos and Redwood City.
Download San Mateo County Price Report in PDF
Want a More Detailed Report?
Click on the “Your Home’s Value” button below for a detailed report of what is going on in your neighborhood. All we need is a zip code and an email address and the report is on its way to you. View a sample market report.
Enjoyed this Post? Why Not Subscribe?
If you have enjoyed LivingWellinSanMateo – san mateo county real estate, please subscribe to our RSS feed.
Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.
Tags: san carlos ca
Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
