Review of San Carlos Sales Prices for 2011 and 2012

Posted on 14 January 2013 by vvandervort

It is like a Tale of Two Cities when comparing the 2011 sales prices versus the 2012 sales prices in San Carlos.  In the final quarter of 2011, at times it felt like it was a challenge to give away a property.  At that time, buyers appeared to be still concerned about the health of the economy, were being cautious, and really weighing any decision to make a home purchase at that time.  In the final quarter of 2012, it was 180 degrees different!  With low inventory (that plagued us for the entire year) and high buyer demand, properties were selling so quickly and with such high demand that there were multiple, preemptive offers.  Homes were often selling in less than 7 days on the market.

From January of 2012 to December of 2012, San Carlos had an appreciation of 17.6% if you look at the median sales price and an appreciation of 21.6% if you look at the average sales price.  For comparison’s sake, this is an interesting article that the San Francisco Chronicle ran on January 2, 2013 that shows 15% appreciation from December 2011 to 2012 for San Mateo county.
What will 2013 bring?  If more sellers do not decide to take advantage of the increased value of their home and sell it, and we continue with the historically low inventory, then I think we will experience a frustrating year for buyers.  Based on open house attendance over the weekend, demand certainly seems as high as it was at the end of 2012 and we typically see more buyers enter the market when the calendar flips, seemingly as though it is a new year’s resolution to buy a new home.  If home owners in San Carlos decide now is the time for them to sell, then we will see a more balanced market.  However, I think we may be experiencing a protracted appreciation that could span a few years, almost like back in 2003 to 2007.  Arghhh… once again, we all wish we had that crystal ball!

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