The data through July 2009 for single family homes in San Mateo County has just been released. How’s the market, you ask?
How Many San Mateo County Homes Went Under Contract?
Sales under contract (also known as pending sales) continue to climb in July 2009, as pending single family home sales in San Mateo County rose to 768 units. That reflects an increase of 141 more single family homes sold than in July of 2008.
How Many Homes are Listed for Sale in San Mateo County?
San Mateo County has only 1563 homes on the market compared to 1886 in July of 2008. Most experts agree that is a shortage as suggested by a two month inventory supply based on the current rate of sales. Sellers are receiving about 96% of their asking price based on their current list price at the time an offer was agreed upon showing some room for negotiation, by deep discounting.
What About the Median Price in San Mateo County?
The median price holds relatively firm at $765,000 in spite of a sizable number of homes sold in the lowest price tier of the market with both investors and owner occupants competing for a limited supply of inexpensive homes. The median price in July 2009 is greater than at any time since August 2008.
In San Mateo County, bank owned homes known in the industry as REO’s often command multiple offers and over bidding is commonplace. While bank owned homes represent only a small number of the overall single family home inventory, the greatest percentage is among the least costly homes on the market. Accordingly, they dilute the statistical calculation lowering the median price for the County of San Mateo.
What’s Ahead?
Typically July brings forth a seasonal change in the home buying cycle. Summer is usually down from the peak spring peak in sales activity simply because more people – both real estate agents and prospective home buyers – are “on holiday” so to speak.
All indicators point to a resurging and fairly balanced market at this time. Consumer confidence appears to be building and the employment outlook is quite sanguine especially when compared to the doldrums of Fall of 2008.
How Can You Get a Copy of The July 2009 San Mateo Real Estate Price Report?
To download a complete copy of our San Mateo Real Estate Price Report, visit www.SanMateoHomesInfo.com and click on the MarketWATCH tab.
Questions About the San Mateo Real Estate Price Report?
Send us an email at info[@]raychelrealtygroup.com, submit a question on our Question Page, or call us at (650) 655-2500.
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- Why Are There so Many Listings on Realtor.com?
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Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
