The number of San Mateo County condos on the market, 477, is the fewest since January 2008 and substantially lower than the levels seen throughout most of 2007. It is, however, taking 91 days on average to sell a San Mateo County condo and sellers are getting about 97% of their asking price.
The average price continues to fall to $514,328 from its high October 2007 of $661,528 coupled with a steady decline in the number of newly initiated sales. This appears to be the result of more affordable single home prices which are generally more desirable properties.
Condos have typically appealed to a very small segment of the San Mateo County housing market and generally are the first to feel the effects of a downturn and the last to recover. What we are seeing now is very reminiscent of the 2001 dot-com bust.
The negative economic news, decline in consumer confidence and uncertain job prospects has greatly affected the condo market on the Mid-Peninsula as shown by the fewest closed sales (57) since January 2008, a number that is also significantly below the 79 in November 2007.
Not in the figures are the concessions San Mateo County sellers are willing to offer and accept to get their unit sold. Give backs such as prepaid HOA dues, property taxes, and credits for closing costs – unheard of just a few years ago – are now fairly common. Buyers know this and are not reluctant to ask.
Price is the key, but so is condition, amenities, convenience and overall value. Buying a San Mateo County condo is buying into a unique lifestyle and ownership by consensus. “People-people” are more comfortable with the condominium lifestyle. With the median price down to $425,000, buyers are looking for value and selling requires that a unit be clearly better than the competition.
To download a copy of our current Market Watch Report, please visit SanMateoHomesInfo.com and click the MarketWATCH tab.
Other Posts You May Enjoy
- November 2008 San Mateo County MarketWATCH Single Family Homes
- National Real Estate Statistics Related to San Mateo County Statistics?
- Buying a San Mateo Condo
- You Can’t Time the Market
- Best Neighborhoods for First Time Home Buyers
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Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
Raymond – I enjoyed your blog! I’d love to know more about how you got started with it. Again, maybe we can connect up at Family Reunion or at a Bay Area KW event.
Best,
Anne