The real estate sales statistics for the year have recently been posted and as always, we wanted to be the first to share them with you. While San Carlos remained strong for quite a long time during this downturn, in the end, it was not immune to it. The average sales price for a home in San Carlos in 2007 was $1,138,429; it dropped 6% in 2008 to $1,072,498. While this decline is not as drastic as many areas, it is still noteworthy. Inventory of homes was up significantly from 2007 to 2008, but the average days on market only went up slightly. Percent of list price received went from just over asking in 2007 to just below asking in 2008.
While this is not exactly positive news, in light of what is going on in the rest of our country, it’s also not too bad. If you sell your home now, you might get less for it, but you can also buy a new home for less – it’s all relative.
Please be aware that due to the downturn for the year in San Carlos, home equity lines are being reviewed by many banks. Banks may freeze the lines at the current value and request a review to reinstate them. If you have an equity line with credit available that you may need in the near future, you may want to withdraw it now to avoid any problems.
If you have specific questions about the value of your home or the activity in your specific area, we will be happy to provide you with it. Simply call or e-mail us with your request.
We are happy to help!
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