Expect an increase of 1% in the national median home price next year instead.
THE CURRENT MARKET
While elevated rates, sluggish sales, and high inflation have taken a toll, it’s unlikely home prices will drop next year. In fact, we may see a further uptick; home prices are holding steady for most parts of the country since inventory is extremely low.
MORTGAGE RATES
Housing inventory is about a quarter of what it was in 2008 at just 2% and nowhere near the 30% mark seen during the crash. There are signs that mortgage rates have topped out at 7%. One example is the October consumer price index, which shows inflation is rising less than expected.
PREDICTIONS
Home sales are expected to decline by 7% in 2023. However, 2024 is expected to result in a strong rebound, with a projected increase of 10% in home sales and a 5% increase in the national median home price. Prices should hold firm or marginally grow.
Plenty of potential buyers are still patiently waiting to enter the market. Talking with your neighborhood expert to develop a plan to stay ahead of the curve will result in the best sale possible. Call me today at 650.504.4016 to get the conversation started.
Carlos Hills PRESENTED BY TERI SHAUGHNESSY YOUR SAN CARLOS HILLS REAL ESTATE SPECIALIST 662 Laurel Street | Suite A San Carlos, CA 94070 TERI SHAUGHNESSY REALTOR® DRE# 01789302 650.504.4016 Teri@Sereno.com www.TeriShaughnessyHomes.com www.LiveInSanCarlos.com Published by REAL Marketing (RM) | www.REALMarketing4You.com | 858.952.4280 | © 2023 Get Current Listings, Market Activity, Home Assessments, and More Instantly At: www.LiveInSanCarlos.com Prepared Especially for REAL ESTATE MARKET REPORT | JANUARY 2023
San
Source: NAR’s Lawrence Yun DON’T EXPECT A PRICE DROP IN HOME PRICES IN 2023
and Angelica,
and Angelica
Leonardo
Leonardo
Washington
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Leonardo and Angelica, This statistical analysis represents the average comparisons of 2022 over 2021 for San Carlos Hills. For an in-depth analysis of your home’s value, call me today at 650.504.4016 for a complimentary evaluation.
Leonardo and Angelica,
If you are thinking of selling, call me today at 650.504.4016, or visit
website
your free
Active
value assessment! www.LiveInSanCarlos.com There are currently no homes available in San Carlos Hills.
TERI SHAUGHNESSY San Carlos Hills Real Estate Market Report Teri Shaughnessy and Sereno are not in any way affiliated with San Carlos Hills Owners Association, nor is this in any way an official advertisement or publication of San Carlos Hills. © 2023 All rights reserved. This representation is based on sales and data reported by multiple brokers/agents to the PRO MLS between June 24th and December 20th, 2022. Listings and sales may not be those of Sereno. The PRO MLS does not guarantee the accuracy of this data, which may not reflect all the real estate activity in the area. E&OE covered. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of an existing agency relationship.*Estimated square feet rounded to the nearest hundred. Street Name Bedrooms Total Bathrooms Estimated Square Feet* List Price Timothy Drive 3 3 2,100 $2,795,000 Eaton Villa Place 4 3 1,900 $3,495,000 San Carlos Hills Homes Currently Pending San Carlos Hills Homes Sold in the Past 6 Months Bedrooms Total Bathrooms Estimated Square Feet* List Price Sold Price Sold Date 3 1 1,700 $1,499,888 $1,400,000 12/09/22 3 4 2,900 $2,998,000 $3,100,000 12/07/22 3 2 2,100 $2,189,000 $2,100,000 11/29/22 4 3 2,600 $2,695,000 $2,730,000 11/18/22 3 2 2,000 $2,299,888 $2,100,000 10/21/22 3 2 1,600 $2,197,500 $1,995,000 10/17/22 4 3 2,900 $2,879,900 $2,515,000 09/07/22 15 Belle Roche Avenue 5 5 4,000 $3,785,000 $3,600,000 08/29/22 2403 Howard Avenue 3 2 1,700 $2,495,000 $2,625,000 08/26/22 2540 Howard Avenue 2 1 1,000 $1,589,000 $1,750,000 08/17/22 4 3 2,700 $2,995,000 $3,000,000 07/15/22 4 5 3,400 $3,450,000 $3,360,000 07/07/22 5 4 2,500 $2,895,000 $2,900,000 06/24/22
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San Carlos Hills Homes Currently
SAN CARLOS HILLS 2022 YEAR-END REAL ESTATE
Data based on listings from PRO MLS from January 1st to December 20th, 2021 and 2022. Information deemed accurate but not guaranteed.
TOTAL SALES - 15.6% from 2021
AVG. SL / LP - 2.2% from 2021
AVG. DAYS ON MARKET + 88.9% over 2021 SOLD PRICE PRICE / SQ. FT. Average: $2,851,481 Low: $1,400,000 High: $5,300,000 Average: $1,242 Low: $810 High: $1,953
PRICES INCREASED $79,147 SINCE 2021! + 2.9% over 2021 + 4.5% over 2021
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102.9%
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