December 2008 San Mateo County MarketWATCH – Condos

By Raymond Stoklosa · January 23rd, 2009

December 2008 San Mateo County Condominium Sales Statistics

The San Mateo County condo market has some positive statistics this month. The significant good news on the condo market: current inventory of unsold condos is down to 394 which reflect its lowest level since February 2007. We had 103 newly initiated condo sales this month vs. 74 in December 2007. This marked improvement is a very positive sign for the condo market.

Condos continue to take longer to sell than single family homes, averaging about 90 days on market.And again this month, it appears the more inexpensive condos are the most salable. Beyond that, there appears to be some ongoing price resistance as sellers are getting only 97% of list price.

Sellers should note that condo buyers are asking for even more concessions from sellers such as prepaid HOA, closing cost credits and loan point buy downs. Buyers are seeking more value, are more critical and expect sellers to offer financial assistance to close the transaction. Serious sellers should be ready to negotiate.

The condo market typically is the first to feel any downturn and the last to recover. While there are some positive signs for condo owners and buyers, it is still a challenging market requiring proper pricing and a critical eye.

Download a copy of the December 2008 San Mateo County MarketWATCH Report for Condos and Townhomes in the Free Reports Section of SanMateoHomesInfo.com.

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