When you read the newspaper or watch TV, you hear reporters quoting the median home price in San Mateo County. Often, when this number is large, like it is in San Mateo County, people think they can’t afford to buy a home. The fact is the median price is simply the middle sales price of the homes that actually sold.
What is the Median Price in San Mateo County?
Let’s say three homes sold last month. One sold for $180,000, one for $550,000 and one for $1,200,000. The median price for that month would be $550,000. The median isn’t an average, but simply the middle number in a set of numbers, meaning that half the homes sold in San Mateo County sold for less than the median number. In June 2009, the median price in San Mateo County was $765,000. The median price just two months ago was $610,000 (April 2009) and in January 2009, the median price was at a low of $553,750. Since January, we’ve been on a steady upswing as the graph above shows.
What is the Average Price in San Mateo County?
The average price in San Mateo County is quite a bit higher this month, at $945,717. But again, that doesn’t mean every home costs $945,717, or even close to it. In fact, the most expensive home sold last month in San Mateo County sold for $5,500,000 in Atherton and the least expensive home sold for $150,000 in East Palo Alto. The mathematical average is calculated by adding the sales prices of all the properties that sold in San Mateo County and dividing that number by the number of homes (units) sold.
What do The Stats Tell Us?
As Raymond explained in his June 2009 San Mateo Real Estate Price Report, San Mateo County has seen the bottom of the market and we are on the way up. There are still affordable homes available, however, but they won’t be here forever.
One the Fence About Buying in 2009?
If you’re on the fence about buying, come in and talk with us about your options. We’ll give you the information you need to know to make an informed decision. And, there is no charge for this service.
Not Sure What Type of Financing is Available Today?
Want to know what types of financing programs are available? Contact our co-author, Chris Williamson, Mortgage Advisor with Mortgage California in San Mateo. Chris has access to the largest selection of loan programs available than anyone we know and he’s happy to sit down with you to go over your options.
Do Something Today! You’ll Be Happy You Did!
Don’t let a few unanswered questions keep you from buying a home in 2009. If you plan to live in your home for at least 5 years, you’ll reap the benefits when the market fully recovers.
See What’s Available in Today’s Market
To see what is available in today’s market, check out SanMateoHomesInfo.com, our free home search tool with no registration required!
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- Paying More than $1,600 in Rent? You Could Own in 2009!
- The Professionals’ Guide to Buying a Home
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Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
New buyers tend to worry much due to information heard from the TV or internet. In fact, they have a good chance to make the best purchasing price nowadays. Although those homesellers just hired Home Staging Service to increase the physical appearance for better selling price, buyers are benefited by recent trend of downgrading market.