San Carlos Market Report for July 30, 2008

Last week there were 65 homes for sale in San Carlos ranging in price from a low of $569,900 to a high of $2,449,000.  Obviously, there’s a big difference between those homes not only because of price but size and amenities.  The number of days it’s taking to sell has remained fairly flat at 59.  The homes in San Carlos vary by age, the older ones are found in the flatlands near El Camino and San Carlos’s downtown – one of my favorite downtowns, if I must say so myself.  As you climb the hills you find newer and larger homes featuring some fabulous views, too.

The median sized home is 3 bedrooms and 2 baths sitting on lot between 6500 and 8000 square feet.  This is a bigger lot than most of our local cities, too.  The typical house has about 1800 square feet but a lot of that square footage might have been added on from the original house.

Altos Research says the Market Action for San Carlos sits at 22, making it a Cool Buyer’s Market.  The market has been at bottom for some time kind of bouncing along moving up a little and down a little week by week.  Yet prices haven’t dropped but are moving upward once again.  Why you ask?  Too few for sale and those on the market are likely bigger and better, that’s why.  Altos Research did an algorithm change back in October of 2007 and that caused a shift in the Market Action Index, which is why you see the big drop there. Altos REsearch says a Buyer’s Market shifts into a Seller’s Market at the number 30.  San Carlos isn’t too deeply into a Buyer’s Market.

The chart for Median Price hit bottom in January so you’re too late if you are trying to time the bottom.  Prices rise typically this time of the year and this chart is jumping all over the place but not much has changed over the past two weeks.  The orange line is the 90 day trend and the black is for 7 days.

The final chart here shows the Inventory of homes currently for sale and they have climbed significantly over the past two years but really, there are onloy 65 houses for sale in the entire city.  That’s why prices stay up, folks.  Until we see more houses come on the market around here, prices will command high prices.

San Carlos has great weather, great schools, one of my favorite downtowns with free parking, and is an easy commute to the Silicon Valley or San Francisco.  What more could you want?  If you want more data on San Carlos just ask.  We’ll get it to you.

Moving? Know the value of your home …