San Carlos Real Estate Absorption Rate for September 2010

Posted on 18 October 2010 by vvandervort

Although the market is feeling soft, the San Carlos real estate absorption rate for September 2010 was pretty good.  For single family homes in San Carlos, there were 39 that listed during the month of September 2010.  During that same period, there were 26 homes that went pending in San Carlos.  So that is an absorption rate of 66.7%.  For the month of August, the absorption rate for San Carlos was considerably higher at 88.9%. But still that 66.7% is not bad.

If you are thinking of buying, oh my, is it a good time.  There is a lot of competition in the market and buyers are not pulling the trigger.  It can’t be interest rates that are keeping them on the sidelines because they are killer.  And the stock market is cooking right now! All of the buyers I’m working with and talking to are not expressing concern about their jobs.  I’m thinking that the feeling is that the real estate market may worsen, so no need to do anything now because it might get even better for buyers.

This is an interesting tidbit that came in yesterday from Rick Turley, the president for Coldwell Banker for the San Francisco Bay Area…
“In Woodside, the local market is alive and has had a clear renaissance. Four homes have sold in Woodside in the last 10 days all over $6 million – and three of them had multiple offers.  This is a stunning development since we have had just four sales over $6 mil in the last 12 months. Big money is getting confident, our local manager says.”

So if big money is getting confident, what is happening to just normal money?  Will it become more confident too?  I remember saying in the Spring of 2009 that if I didn’t already own a house in San Carlos, I would buy one and that ended up being the time when our market bottomed out.  I again, have that feeling.  I keep hearing buy, buy, buy in the back of my mind.  This time period may also develop into being a bottom and those who ended up pulling the trigger will look back and smile with pride that they took the brave leap when no one else was doing it!

That’s it for now from Val, the San Carlos real estate data gal!

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