San Carlos Real Estate Update November 2011 - Sales Dip

In November, there were 17 homes that sold in San Carlos, down from 30 homes sold in October and 22 homes sold last November. While November 2011 was a relatively slower month, 2011 sales activity still continues to outpace 2010. Through the first eleven months of the year, there have been 264 sales, up 26% from the prior year, and up 25% from 2009. This is not surprising given how desirable San Carlos is a place to live, coupled with the excellent public elementary school system.

While sales are up compared to 2010, new listings are flat. This has driven inventory down. At the end of November 2011, there were 41 homes for sale in San Carlos. At the same point last year, there were 68 homes for sale. That means each seller has about 30 fewer homes competing for the attention of buyers (and buyers have about 30 less homes from which to choose). The inventory of homes for sale typically drops in November, December and January in San Carlos, like most markets. There are a variety of reasons, but colder weather and the holiday season are the main drivers. Given that inventory is already so low in San Carlos, early 2012 could be a good window for sellers to test the market with less competition from other sellers. We will continue to monitor the market and report on inventory levels.

Selling values appear to be flat, neither rising nor falling. Average prices are in the $950,000 range, and have been moving sideways for the past 12 months. The average price per square feet is in the $540-$550 range, and has shown no real change on a trending basis. Median prices are in the $900,000-$950,000 range, and on a 12 month rolling average basis are at their highest level since the middle of 2009.

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.

If you're interested in learning more about the San Carlos real estate market, considering selling your home in San Carlos, or thinking about moving to San Carlos, please drop me a line and I'd love to connect with you.

By The Numbers - San Carlos Real Estate for November 2011