On behalf of The RayChel Realty Group, I am pleased to present the June 2009 edition of our MarketWATCH Report, a guide to San Mateo County real estate prices published on a monthly basis.
Is the Bottom Behind Us?
The San Mateo County real estate market continues to battle through some of the most dismal times in history. But indications are clear and trends are firmly established indicating a rebounding real estate market building strength.
For the fifth consecutive month, single family home prices have appreciated. Both the average price ($945,717) and the median price ($765,000) have advanced over the previous month. This relentless appreciation in home values is a clear sign that the trough in the market is behind us.
What About Sales Volume?
Total sales volume continues to build and more homes have been placed under contract (aka pending sales) than at any time in the past two years. Pending sales in June accounted for 774 transactions as compared to 585 new listings. All of this accounted for a reduction in the current inventory to 1,554 single family homes actively listed for sale.
On average of the homes that actually sold, sellers have received 96.72% of their list price at the time of sale. It’s currently taking about 89 days to market a home, which is about average from an economist’s point of view.
What’s Ahead?
We’ll continue to see more foreclosures, typically found in neighborhoods where home purchases are most highly leveraged and where homes are least expensive. Bargain hunters are abundant in these areas as investors search for investment opportunities. Statistically speaking, the sale of these comparatively inexpensive homes tempers the overall market statistics. Homes in the mid-range of the value continuum, particularly those in well performing school districts, have held their value exceedingly well.
How Can I Download the Market Report?
To download a copy of the June 2009 San Mateo Real Estate Price Report, please visit SanMateoHomesInfo.com and click on the MarketWATCH tab for an instant download.
Other Posts You May Enjoy
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- LivingWellinSanMateo.com Named One of the Best Bay Area Real Estate Blogs
- San Mateo County Real Estate on the Road to Recovery?
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- How to Take Advantage of Today’s Buyer’s Market
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Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
