Home prices are based on the local supply and demand, but they are also influenced by seasonal forces. For example, historically the month of August usually shows a reduction in the number of San Mateo County home sales when compared to previous months. That’s normal and expected.
This past month, August 2008, we had 561 single family homes go under contract. In the business we call those homes “pending sales” and pending sales are a key indicator of demand. In August 2007, we had 316 single family homes placed under contract. So, we had 245 more homes effectively purchased in 2008 as compared to 2007. Let’s compare the pending sales in the peak home buying months.
Clearly, the numbers show an apparent increase in demand for 2008 despite the news media reports. While August pending sales are fewer in number than previous months, August 2008 demand is significantly greater than in August 2007. And, this figure is significant because it seems to foretell the turn around in the San Mateo County, California, housing market.
In a few years, I predict that many people will look back and say, “I wish I bought a home in 2008.”
Keep an eye out over the next few days for our vlog on San Mateo County Real Estate Market Statistics for August 2008.
Other Posts You May Enjoy
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- Make San Mateo Home Ownership Possible with FHA Financing
- Housing Crunch 90210 – A San Mateo County View
- May 2008 State of the San Mateo County Real Estate Market
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Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
