The 2009 San Carlos residential real estate market is officially upon us. So, what will 2009 hold for San Carlos properties? My advice: fasten your seat belt. Before looking at 2009, let’s take a look at 2008. By clicking on this icon 2008-sales-san-carlos.pdf you will be able to see the vital statistics for every sold property in San Carlos in 2008.
Here is a brief summary:
All of San Carlos 2008:
Total Homes Sold: 247
Average Sales Price: $1,057,751
Average Price Per Square Foot: $620.63
Below are the six designated Areas of San Carlos. For a color coded map of the six different areas, please click here.
Area 350 Alder Manor
2008 Homes Sold: 32
Average Sales Price: $1,159,565
Average Price Per Square Foot: $590.44
Area 351 Beverly Terrace
2008 Homes Sold: 63
Average Sales Price: $1,185,257
Average Price Per Square Foot: $585.17
Area 352 White Oaks/El Cereno
2008 Homes Sold: 73
Average Sales Price: $1,028,625
Average Price Per Square Foot: $657.73
Area 353 Howard Park
2008 Home Sold: 24
Average Sales Price: $1,117,995
Average Price Per Square Foot: $694.36
Area 354 Clearfield Park
2008 Homes Sold: 15
Average Sales Price: $644,733
Average Price Per Square Foot: $591.42
Area 355 Cordes
2008 Homes Sold: 40
Average Sales Price: $947,000
Average Price Per Square Foot: $601.39
As of January 1, 2009, there are currently 45 Active homes available in San Carlos. 21 of them have had some type of price reduction. Additionally, San Carlos also has 15 properties which are Sale Pending. Therefore, the Active/Pending ratio is 3:1….which is not half bad.
What to Expect in 2009
I was fortunate enough to act as either the listing or selling agent for 20 properties in San Carlos in 2008. Additionally, through this site I concentrate heavily on the San Carlos real estate market and the events which make San Carlos move. While I do not have a crystal ball, I feel that I am qualified to offer the following thoughts on the 2009 San Carlos market:
(1) Sellers Realistic on Pricing. Starting in September of 2008, I thought there was an acknowledgment by many San Carlos sellers that they were going to need to be flexible on the price and terms. Look for this theme to be the prevailing theme in 2009. Obviously, this is good news for buyers.
(2) Demand for San Carlos is Still Strong. While many buyers backed away from the market in November and December due to stock market volatility, expect them to be back and in greater numbers…..looking for a deal. San Carlos still has an outstanding reputation. There are many folks trying desperately to get into our market.
(3) Interest Rate Cuts. San Carlos inventory locked up in November and most of December. However, the interest rate cut in late December made a difference. It was not a coincidence that San Carlos inventory suddenly fell after the last cut. Mortgage rates are at all time lows for those who can qualify. This will help spur on many buyers who have been on the sidelines.