San Mateo Real Estate Price Report – May 2009

A Positive Trend in San Mateo County Real Estate Established

A dramatic spike in the number of newly initiated single family home sales, called pending sales, in San Mateo County is reported for May, 2009. The number of pending home sales, 749, exceeded the number of new listings, 568 brought onto the market by 24.2% based on data released by the Multiple Listing Service. This is the second straight month that the number of pending sales exceeded the number of new listings. April 2009 data shows 684 pending sales versus 649 new listings.

With May, 2009 sales volume over $601 million dollars, the largest sales volume since May 2007, it’s apparent that a positive trend is being established.

The Real Buzz in the San Mateo Real Estate Industry

The real buzz within industry circles is the noticeable improvement in consumer confidence. Multiple offers are no longer rare, some modest over bidding is reported and bottom feeders are often dismissed without serious consideration. San Mateo County home buyers, who for the last 10 months have been sitting on the sidelines, are recognizing now as one of the best buying opportunities of the decade.

How Has San Mateo Real Estate Fared Historically?

Historically, the San Mateo County housing market has been the last to suffer market down turns and the first to rebound because of the acute shortage of buildable land and vibrant job base. These two factors are the prime reasons why Forbes Magazine ranks several cities in San Mateo County among the top places to live, even withstanding some of the most expensive housing prices in the United States.

What’s Going on Nationally?

On a national level, the National Association of Realtors® (NAR) reported its pending home sales index, a forward-looking indicator based on signed contracts, rose 6.7% to 90.3 in April 2009 from 84.6 in March 2009. This increase was the biggest monthly jump since October 2001 and the third consecutive monthly increase after the index hit a record low in January. The reading is 3.2% above the April 2008 level.

It is clear that the so-called bottom of the market is in the rear view mirror for San Mateo County real estate.

How Can I Download the Market Report?

To download a copy of the May 2009 San Mateo Real Estate Price Report, please visit SanMateoHomesInfo.com and click on the MarketWATCH tab for an instant download.

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