San Mateo Real Estate Price Report – March 2009

By Raymond Stoklosa · April 17th, 2009

San Mateo real estate price report

Spring Sunshine Brings Fresh Rays of Optimism for San Mateo Real Estate

As March ends the first quarter, we could normally be picking up steam in anticipation of the seasonal activity associated with the second quarter. Generally we can expect to see more listings and more sales initiated as buyers venture into the spring home buying season. Sellers who truly want to sell would be best advised to place their home on the market now to take advantage of the resurgent number of home buyers.

As for this March, sales data of single family homes shows 557 pending sales, which is a substantial increase from March of last year which only had 439 newly initiated sales.

The market also has slightly fewer new listings (634) this month, bringing current inventory to 1675 which reflects recent seasonal norms.

The median price of a single family home has held steady at about $577,000 and the total sales volume continues to improve.

The sell through rate is also hovering around a three months supply of unsold homes based upon the average number of pending sales. This is a healthy amount of unsold homes to be active on a balanced market.

All of this leads us to believe that there is a growing sense of optimism among buyers and sellers who are anticipating a comeback of the Peninsula real estate market. As the second quarter opens, it will be interesting to see how quickly and dramatically the market will improve as well as how long the improvement will be sustained.

Thank you for reading our report. Should you be interested in more information or have questions, please don’t hesitate to contact us.

For a copy of the March 2009 San Mateo Real Estate Price Report, please visit SanMateoHomesInfo.com and click the “MarketWATCH” tab.

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