December 2008 San Mateo County MarketWATCH – Single Family Homes

By Raymond Stoklosa · January 16th, 2009

December 2008 San Mateo County Single Family Home Sales Statistics
The San Mateo County market has some positive statistics this month. December is typically a slow point in the seasonal cycle, and December ’08 figures reflect this trend. Year-over-year comparison, however, shows an increase in the number of closed sales at 262 vs. 152 in December of ’07 and newly initiated sales are almost double the December ’07 figures (410 vs. 210), showing a healthier market than last year. Overall inventory is also down again this month to 1311, which is the lowest level since December 2007.

While average price continues to move downward to $729,547, it seems that this is more of a reflection of the preponderance of less expensive homes being sold, as we can see by the total dollar volume down to $191,141,327.

One interesting note is that the number of days on the market for a single family home in San Mateo has remained fairly constant through 2008, running between 73-88 days.

The statistics also show that San Mateo is a very price sensitive market. Buyers are negotiating far more aggressively than they have in years past as indicated by sellers receiving 96.24% of their asking price.

In reading the report, keep in mind that the relationship between sales price and list price is calculated as the list price at the time of sale and doesn’t reflect any price adjustments of homes that may have languished on the market unsold.

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

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