San Carlos Continuing to Thrive Despite Mortgage Crunch

bobbredel Uncategorized Leave a Comment

The recent national mortgage crunch which began in early August has had very little immediate impact on the San Carlos market. At the bottom of this post is a list of homes in San Carlos selling and ultimately closing escrow after the national mortgage woes became public. First, consider the following for the homes selling in this time period:

(1) Average Days on the Market (DOM): 12.8 Days

(2) Median Days on the Market (DOM): 13 Days

(3) 75% of these homes sold an average of $141,000 over the asking price

(4) The remaining 25 % of these homes sold at or within 1% of their asking price

Address                 List Price                 Sales Price                 DOM

1365 Elm               1,695,000                 1,800,000                 9

586 Club                1,499,000                 1,470,000                 1

1050 Drake          1,289,000                  1,270,000                 39

250 Shelford        1,250,000                  1,375,000                 10

1025 Elm              1,125,000                  1,125,000                 13

451 De Anza         949,888                      1,105,000                 12

2740 Bromley      929,000                     1,041,000                 10

296 Arundel         899,950                     1,050,000                 9

824 Orange          899,000                     1,102,000                 13

I will update these with September’s numbers as soon as they are available.

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bobbredel