What Sold in San Mateo Real Estate in October 2009?
In October, 2009, we saw 58 single family homes sold in the City of San Mateo. 24.1% of San Mateo home sellers (14) had to reduce their asking prices to affect a sale. The median price of all San Mateo homes sold rose to $720,000 after three straight months of decline. The City of San Mateo has the broadest spread of home’s sold prices – $2,495,000 to $400,000 – of any city in San Mateo County.
The Real Story of the San Mateo Real Estate Market
Again, the real story lies in the Days on Market analysis. Days on Market is probably the best indicator of San Mateo real estate activity level. As Days on Market lengthens, activity stalls and as Days on Market shorten, activity increases. The most interesting insights for October can be found in the Days on Market versus amount received by seller as compared to Original List Price story. This report measures amount received by sellers versus Original List Price because it is the most telling reflection of how realistic sellers are in setting their asking prices.
San Mateo Homes that Sold for At, Below and Above List Price
Here is a comparison of the number of homes selling for less than, at, or more than the Original List Price. 58 single family homes sold in October 2009 with almost 2/3 of the homes needed more than 31 days to affect a sale, and about 1/3 sold for more than the Original List Price.
Of the 23 homes (60.3%) that sold in more than 31 days:
- 21 (36.2%) of the 58 sold for less than the Original List Price
- 0 of the 58 on the market sold for the Original List Price
- 2 (3.45%) of the 58 sold for more than the Original List Price
Of the 35 homes (39.7%) that sold in less than 30 days:
- 11 (19.0%) of the 58 sold for less than the Original List Price
- 6 (10.3%) of the 58 sold for the Original List Price
- 18 (31.0%) of the 58 sold for more than the Original List Price
So, we see 55.2% of San Mateo home owners received less than their Original List Price and 44.8% received the list price or more. That means that prices are negotiated down in more than 55% of the San Mateo real estate transactions.
Pending Home Sales in San Mateo
Sales place under contract – pending sales – continue to exceed the number of new listings 83/66, and the current inventory (154) level continues its downward trend from its June 2008 high (193). The October sales volume of $47.7 Million on 58 closed sales is interesting especially when compared to the $63.5 million on 66 sales in July 2008. That’s $15.8 million dollars in volume less on 8 fewer sales at a time when the median sales price was $852,500.
What Do the Numbers Mean to San Mateo Buyers and Sellers?
Simply that the less expensive San Mateo homes are selling in greater quantity than more expensive San Mateo homes. The most affordable homes are drawing the greatest interest. It’s really the tale of two markets: well-priced, affordable San Mateo homes for people to live in or investors to rent that sell within 30 days, and aggressively priced homes – more than 60% of those sold – that were on the market for more than 31 days.
Download a Complete Copy of the San Mateo County Real Estate Price Report
To download a complete copy of the San Mateo County Real Estate Price Report for October, 2009 click on the Adobe PDF logo below. The complete report also contains the real estate price reports for San Mateo, Belmont, Foster City, San Carlos and Redwood City.
Download San Mateo County Price Report in PDF
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The RayChel Realty Group represents buyers and sellers in Santa Clara and San Mateo Counties. To learn more about our Buyer and Seller Representation, check out our Buyer Page and Seller Page.
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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.
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Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
