San Carlos Real Estate Update October 2011 - Inventory Remains Low

In September, there were 30 homes that sold in San Carlos. Through the first ten months of the year, there have been 247 sales, up 20% from the prior year, and up 31% 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.

While sales are up compared to 2010, new listings are flat. This has driven inventory down. At the end of October 2011, there were 43 homes for sale in San Carlos. At the same point last year, there were 73 homes for sale. That means each seller has 30 fewer homes competing for the attention of buyers (and buyers have 30 less homes from which to choose). With more than 25 homes selling in each of the past six 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 2.3 months in San Carlos, as compared to 3.6 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.

The change in median or average selling values from month-to-month does not tell you much, because the size and type of homes varies from month-to-month. Looking at the past year, prices appear to be flat, neither rising nor falling. Median prices are in the $900,000-$925,000 range.  Average prices are in the $950,000 range. The average price per square feet is in the $540-$550 range.

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 October 2011