San Mateo Real Estate Price Report – February 2009

By Raymond Stoklosa · March 12th, 2009

San Mateo real estate price report

As we enter the last month of the first quarter, the San Mateo County single family home resale market is showing early signs of resurgence.

The number of newly initiated home sales (aka pending sales) moved to 453 units in February 2009, up more than 103 units from the February 2008 data. In combination with a decrease in the number of new listings to 557 in February 2009, we see 112 fewer homes listed for sale as compared to February 2008. This inverse relationship suggests the classic first step in a real estate market about to turn positive.

Sellers of homes that actually closed escrow received 99.1% of their final asking price, which is a 1.9% increase from the previous month. The gap between listing price versus actual sales price is narrowing. Typically, the narrow gap means sellers are becoming more realistic about their asking price while buyers are recognizing value and don’t want to lose the home because of overly aggressive negotiating postures.

With slightly more than three months inventory of homes available for sale at the current sales rate, our market is in a state of moderate supply.

Both the average price and median price of a homes rose to $763,741 and $574,960 respectively. A continued improvement of the average and median price may be signaling that the San Mateo County single family home market is climbing upward.

As we mentioned last month, the market we are in is great for buyers and investors. Credit worthy consumers who have a reasonable down payment and are looking to establish roots for the long term, can find their first home, or trade up to a home they were unable to afford just a few years back. Investors looking to hold the property for the long term will also reap even further rewards when the market rebounds.

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.

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