UPDATE: San Carlos Continuing to Thrive Despite Mortgage Crunch

bobbredel Uncategorized Leave a Comment

UPDATE:

I wanted to provide an update on this category. Without a doubt, I get more questions regarding this category than on any of the others. Please click on “Suprising Numbers for San Carlos After Mortgage Crunch” above to review the last entry in this category which was September 10th.

The question on everyone’s mind is, Has San Carlos continued to buck the trend and still do well with its housing inventory. The short answer is a resounding “Yes”. I wanted to wait six weeks before supplementing this category so that we could get a good read on the new data. All of the numbers contained below were taken from sales which closed after September 10th (the date of the first post), through today, Monday, October 15th.

The Basics

Number of San Carlos homes to sell between September 11th and October 15th: 24

Number of Homes to sell over the asking price: 14

Number of Homes to sell at the asking price: 1

Number of Homes to sell under the list price:9

Dig a Little Deeper

In compiling the numbers below, we took out the high and low price for each category:

For the homes that sold over the asking price, what was the average amount of the over bid?: $57,875

For the homes that sold under the asking price, what was the average sales price compared to the list price?: Of the homes that sold under the list price the average sales price was 97.4% of the list price. In other words, of the homes which could not sell at the list price, the average sales price was within 2.6 percent of that particular list price.

Summary

Overall, extremely impressive numbers. Also, consider that our inventory has actually dropped down slightly to 53 active single family residences. When compiling the data for all 24 homes sold during the September 11th to October 15th time frame, the average selling price was 1.071% of the list price. In other words, when averaging all 24 home sales, the average home sold during this time period sold at about 7% over the list price.

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bobbredel