San Mateo County Remains a Good Place to Buy a Home in the 2008 Housing Market

So you want to buy a home in the Bay Area and you’ve targeted San Mateo County, California? You’ve made a smart choice. As we’ve discussed already, despite the mortgage crisis and rumors of a recession, it has remained relatively stable.

But then you read that there has been to date a 34% drop in home sales in the Bay Area and now you’re scared – don’t be. While the total number of sales is down, the price of the homes in San Mateo County is another story.

Based upon information taken from the local MLS – the database used by real estate professionals, lenders and appraisers – the average price over the last 2 years has risen 33.83% and median price is up 3.90%. (Note: Median price is the price at which point an equal number of homes sold above and below that figure. Average adds up all of the sold prices and then divides it by the total number of sales.) Statistics show that over a three year period from February 2006 through February 2008, the average price has risen 30.56% and median price is up 1.33%.

If we compare the median price in October 2007 to the median price in February 2008, we find a median price drop of 8.63%, not even near the 34% number the media is reporting. The numbers prove that prices are holding up very well indeed in places like San Mateo, Belmont, San Carlos and other parts of the Mid-Peninsula.

Now that that’s settled, let’s get back to your search…

You want a mature, quiet neighborhood with character, diverse topography, abundant foliage, convenient to your work in Silicon Valley, freeways, shopping and amenities. You have young children so it’s very important that your new home is served by a well-performing school and you’re looking to buy a home for sale priced under $1,000,000.

With a bit of searching, you can find these homes in the Belmont, California, neighborhoods known as Belmont Country Club, Haskins Terrace, and Ralston Park which are served by Fox and Central Elementary and the San Carlos neighborhoods of White Oaks and San Carlos Park which are served by the Arundel and White Oaks Elementary Schools. These are neighborhoods where demand is historically strong, schools are excellent and people like living there.

So you decide, you can believe the rumors or profit from the facts. Now may be the best time to buy a home in this decade.

If you would like to know what homes are selling for in your neighborhood of choice, subscribe to our MLS Market Snapshot Service on the right panel of LivingWellinSanMateo.com and stay informed.

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Tags: first time home buyer, live in san mateo county, san mateo county housing market, san mateo county real estate, san mateo home buyer