Not exactly, but pretty darn close. I was ready to write a post about our sudden jump in inventory. While I was working on that post our inventory dropped dramatically over a seven day period. Readers of the San Carlos Blog will recall that our inventory has been uncharacteristically low all year. For most of the spring market we have had difficulty breaching the 50 mark with regard to Active single family residences. Two weeks ago we shot up to 67 Active homes, which was a sudden 34% increase over the amount of homes available in early May. As fast it is went up, it came right back down. This is the perfect example of our minor two and three week market swings, and a further indication of a relatively healthy San Carlos real estate market.
The San Carlos housing market has been remarkably stable, showing little, if any, effects of the national housing crisis which started last summer. San Carlos still has buyers who are trying everything possible to get into our city. Buyers are not approaching nearby cities with that same fervor. Consequently, list prices hold better, we still have some multiple offers and we still move our inventory. Take a look at the following:
The major cracks in the national housing market began last July. Now lets take a look at how San Carlos has performed since July 0f 2007:
In Q3 of 2007, San Carlos homes received 100.49% of their final list price
In Q4 of 2007, San Carlos homes received 100.51% of their final list price
In Q1 of 2008, San Carlos homes received 99.79% of their final list price
So far, in Q2 of 2008, San Carlos homes have received 99.13% of their final list price
Some may be quick to say that in Q2, some home owners may have lowered their final list price from their initial market price. This is fair, but I could only find 5 sold (we have inserted the word “sold” to correct this sentence) homes in Q2 that fell into this category. Certainly, in the other quarters mentioned above there were some homes which lowered their initial list price as well. However, the point remains that there was not a significant drop between Q3 of 2007 and Q2 of 2008. In fact, there was only a 1.36% drop in percentage of list price received in San Carlos since the national housing market started to decline last summer.
The national housing crisis is far from over. However, San Carlos seems to have weathered the storm, so far. The fact that San Carlos has produced such consistent numbers through the past year is impressive. We’re not out of the woods yet, but you have to like our chances.