San Carlos Real Estate Market Update September 2011 – Inventory Remains Low

In September, there were 26 homes that sold in San Carlos. Through the first nine months of the year, there have been 217 sales, up 19% from the prior year, and up 35% from 2009. This is not surprising given how desirable San Carlos is a place to live, coupled with the excellent public elementary school system. All of the elementary and middle schools in the San Carlos School District scored well in the 2010 API testing, which measures student scores on standardized testing. The average score for the district was 899 (compared to 891 for Burlingame School District), and no school scored below 870. The statewide average score is 768 out of 1,000.

The number of new listings increased in September to 40 homes, while in August only 22 homes cames onto the market. 35-40 is more typical for this time period. Even with an uptick in new listings, inventory remains low. Active inventory is under 50 homes as of September. With more than 25 homes selling in each of the past five months, the amount of time it would take to sell through the current inventory is less than two months. For the year, the average supply has been 2.5 months in San Carlos, as compared to 3.5 months for all of San Mateo County. This is indicative of a very tight market in San Carlos, which makes sense given that it is a popular area of San Mateo County.

Median prices move around a lot from month to month depending on which specific homes sold in a given month. For example, the median price in San Carlos in August 2011 was $1,000,000 and in September 2011 it was $830,000. The large drop is due to a change in the type of homes that happened to sell in September versus August. Notably, the average size of a home sold in San Carlos in August was 1,950 square feet, as compared to 1,650 square feet in September. These types of fluctuations are normal.

When looking at the year-to-date averages, the median and average selling prices have been roughly flat in 2011 as compared to 2010 at around $950,000. Likewise, the price per square foot has averaged about $550 in 2011, which is the same as 2010.

Sellers are continuing to get pretty close to their asking price. The sale price divided by list price has averaged just under 100% in 2011, meaning that homes sold for the same as their asking price. While this statistic is not perfect -- it doesn't take into account homes that were price reduced and then immediately sold -- it is relevant in that we know that when homes do sell they sell pretty close to the asking price. Determining the correct asking price can be tricky, but it helps to have a Realtor that is closely following the local markets.

By The Numbers - San Carlos Real Estate for September 2011

See below for the latest real estate market updates for September 2011:

San Mateo County Belmont Burlingame and neighborhoods (Burlingame Grove, Burlingame Hills, Burlingame Village, Easton Addition, Mills Estates, Ray Park, Terrace) Foster City Hillsborough and neighborhoods (Upper Hillsborough, Tobin Clark Estate, Lower Hillsborough) Redwood City Redwood Shores San Mateo