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Raziel Ungar

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

10-25-11
Raziel Ungar


White Oaks Elementary School San Carlos



San Carlos is a pleasant residential town to live. It boasts excellent public elementary school system. As proof, all San Carlos School District’s elementary and middle schools obtained high scores in the 2010 Academic Performance Index (API). API determines the academic proficiency of schools on different measures. San Carlos School District obtained a higher average score of 899 - with no school scoring below 870 - compared to Burlingame School District which scored an average of 891. Out of 1000, the average score statewide is 768.



The inventory remains low despite the increase in the number of new listings. From August to September, the number of new listings in the area progressed from 22 to 40 homes. The typical number of listings for this period is 35-40 homes. As of September, the number of active inventory is below 50 homes. It would take less than two months to sell through the current inventory with a selling trend of more than 25 homes for each of the five previous months. The average supply in San Carlos has been 2.5 months while in San Mateo County the average has been 3.5 months. This number indicates the existence of a very tight market in San Carlos considering its popularity as an area that is part of San Mateo County.

Variation of homes sold in a given month dictates the frequent changes in median prices every month. As an example, median price in San Carlos from August to September 2011 moved from $1,000,000 to $830,000. The change in the types of homes that were sold affected the big drop. In San Carlos, the average size of a home sold in August was 1,950 square feet while in September the average size was 1,650 square feet. Fluctuations of this kind are normal.


In 2011, the median and average selling prices went flat as compared to the value of around $950,000 in 2010. Likewise, the average per square foot price of about $550 in 2011 leveled the same with that in 2010. Selling price of sold homes were comparably the same with the asking price. In 2011, the average value of sale price divided by list price was nearly 100%. The sellers are likely reaching their asking price. Although this statistic doesn’t take into account the number of homes that were immediately sold with a reduced price, it is still considered appropriate because, evidently, homes sell at a value very close to the asking price. Hiring a Realtor who closely follows the local market trend is truly helpful, because determining the correct asking price can be tricky.


September 2011 San Carlos Real Estate - By The Numbers



Current Month

YTD Average or Total

September of 2010

September of 2011

January – September of 2010

January– September of 2011

Sales

16

26

183

217

Days on Market

26

46

31

32

Months of Supply

4.3

1.5

2.9

2.5

Average Price

$941,000

$896,000

$978,306

$957,309

Median Price

$980,000

$830,000

$924,191

$928,558



To search for Burlingame, Hillsborough, and San Mateo area real estate, visit www.BurlingameProperties.com.You'll find extensive helpful community, neighborhood, and school information! Plus, our well known blog has plenty of current information on the market and what's happening around town!