The San Carlos area, (zip code 92119), is an interesting area to watch – it’s a typical middle-class area, with home prices ranging from about $425,000 to $800,000. I think this area is holding up better than most. There is no new housing to compete with resales – the area is 100% built-up.
I did an appraisal last week there for a refi. The house is about 2400 sf, built in 1969, with a new roof and new windows added around 2000. The current value is $630,000. I did an appraisal on the same house in March of 2003, and the value then was $450,000. I was looking at sales from 2004 and 2005, and I don’t think the value on this house ever got as high as $650,000.
In the first 8 months of 2006, there have been 104 sales in the zip code, an average of 13 sales per month. The sales have been fairly consistent throughout the year – starting in Jan. the sales per month have been: 5-9-19-15-15-13-15-13. There are currently 16 pending sales, and there are 81 active listings, so a 6.25 month supply of homes on the market. The big difference between this year vs. 2004 and 2005 is the number of actives.
Stats on sales for the first 8 months of 2006 vs. the first 8 months of 2005 and 2004:
2006: 104 sales Median – $566,000 – Avg. – $573,000 – days on market – 55
2005: 139 sales – Median – $560,000 – Avg. $568,000 – days on market – 50
2004: 155 sales – Median $517,000 – Avg. $540,000 – days on market – only 16 days.
Even though the number of sales is off 33% from last year, prices in this area have held steady – so far.
