Is the San Carlos Housing Market Finally Back To 2008 Prices?

bobbredel 2012 San Carlos Real Estate , Featured , San Carlos Real Estate Leave a Comment

2008

After Four Long Years, It’s Finally A Fair Question

Exactly four years ago, in September of 2008, the San Carlos housing market was hitting on all cylinders.  While there were grumblings from some parts of the country on the start of a housing downturn, the San Carlos housing market was moving forward like a tank on a battlefield, crushing everything in its path. That all changed on Monday, October 6, 2008, when the stock market managed to lose 18.1% of its value in just six days, and thus began what was to be the largest housing downturn since the Great Depression.  San Carlos was suddenly not immune. To say that the following year, 2009, was a dreadful year for San Carlos real estate, is a massive understatement.  Prices dropped significantly.  While we were not in a free-fall like some other peninsula cities, the drops were hard to watch. Toward the end of 2009, San Carlos found a bottom to its housing market and it started to stabilize in 2010.  By 2011, things were looking up and there was an end in sight.  And now, almost exactly four years away from the stock market tumble, San Carlos has regained nearly all of its losses.  2012 was and still is a year of historic recovery for San Carlos.  Take a look at the numbers below.  You will see the numbers during the high-water mark era are now mirroring the numbers of the last four months for our market.

High-Water Mark

The high-water mark for San Carlos for pricing is generally considered to be October 2007-October 2008.  Here is a snapshot of the market during these twelve months:

Total Closed Sales:  271

Average Home Sales Price:  $1,120,093

Average Price Per Square Foot:  $628

Total Sales Volume:  $301,769,212

Low-Water Mark

The low-water mark for San Carlos properties is generally considered to be January 2009 – January 2010.  Below is a snapshot of the market during these twelve months:

Total Closed Sales:  236

Average Home Sales Price:  $928,560

Average Price Per Square Foot:  $529

Total Sales Volume:  $219,140,212

The Last 365 Days

Below are the numbers for the San Carlos housing market for the last 365 days:

Total Closed Transactions:  304

Average Sales Price:  $1,011,490

Average Price Per Square Foot:  $553

Total Sales Volume:  $309,067,527

The Last Four Months

Total Closed Sales:  112

Average Sales Price:  $1,130,415

Average Price Per Square Foot:  $585

Total Sales Volume:  $126,606,045

Moving Forward

In fairness, the last section above details only four months, not an entire twelve month period.  However, I believe it is an accurate portrayal of our market.  We have many properties with a pending status that will finish well in advance of the average numbers detailed for the Last Four Months, above.  Additionally, some of these pending properties may set the new pricing standard for 2/1s and 3/2s in San Carlos.

 

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bobbredel