San Mateo Condo Price Report – January 2009

By Raymond Stoklosa · February 11th, 2009

San Mateo Real Estate Price Report

On behalf of The RayChel Realty Group, I am pleased to present the January 2009 edition of our MarketWATCH Report, a guide to San Mateo County condo prices published on a monthly basis.

As we open 2009, it seems as though the condo market is still slow to recover.

The good news is that sellers appear to be getting the point: don’t sell unless you need to sell. At the current sell through rate, there is just about three months’ worth of condominium inventory on the market. Among the units that actually do sell, sellers have received 97.31%, but remember many units sit on the market when they are overpriced, in poor location or have physical defects.

Sellers must ask themselves a critical question: What is most important to you – selling your home quickly or holding out for a higher price? There is usually a seasonal window of opportunity between March and June, but given the uncertain state of the economy, it doesn’t seem wise to bank on this seasonality.

Thank you for reading our report. Should you be interested in more information or have questions, please don’t hesitate to contact us.

To download a copy of this report, please visit the MarketWATCH tab at our sister site, San Mateo Homes Info.

Fast Facts

Condo sales data continue its downturn – Average price of a San Mateo County condo fell to $444,258 – a 33.4% decline from the July 2007, all-time high of $662,216.
REOs and short sales dominate the market – The median price declined to $399,000, illustrating how a large number of lower priced homes, REOs and short sales, can dominate the data.
Sellers begin to understand the market – The number of condos on the market has decreased and now there is just about 3 months of unsold inventory.

Want to Learn More?

If you would like to learn more about the dos and don’ts of buying and owning a condominium or townhome, we invite you to join us for our upcoming Home Buying Tuesdays condo buying class April 18th. To register for this free program, please enter your information in the form below or call (650) 655-2500.