The headlines shout “Foreclosures Mount”, while the talking heads proclaim “Falling Home Prices and Rising Inventories.” Well, in the words of College Football’s GameDay host Lee Corso, “not so fast, my friend.”
What About the San Mateo County Real Estate Market?
Certainly, in some parts of the United States foreclosures are at all time highs and home values have declined with alarming speed. However, economists note that all real estate is local and nowhere is that statement more profound than San Mateo County, California. Here’s what I mean. Let’s take a look at the real numbers for San Mateo County’s foreclosure market.
Two Types of Foreclosures in San Mateo
The San Mateo real estate market is comprised of the homes in “pre-foreclosure” – known in the industry as short sales and those “post-foreclosure” properties that are now owned by the bank who has repossessed the property as a result of a foreclosure proceeding – known in the industry as an REO (real estate owned) bank owned foreclosure.
San Mateo County Real Estate Market Data
| Short Sales Data | Statistic |
|---|---|
| Number of Single Family Homes Listed for Sale | 1,146 |
| Number of Short Sales Currently Listed for Sale | 149 (13%) |
| Number of Short Sales Sold Within Past 6 Months | 236 |
| Average List Price vs. Sales Price | 96.82% |
| Average Number of Days on the Market | 142 |
San Mateo Bank Owned Homes Market Data
| REO Sales Data | Statistic |
|---|---|
| Number of Single Family Homes Listed for Sale | 1,146 |
| Number of REO Currently Listed for Sale | 50 (4.36%) |
| Number of REO Sold Within Past 6 Months | 447 |
| Average List Price vs. Sales Price | 103.34% |
| Average Number of Days on the Market | 68 |
What Does the Data Mean?
Short sales and REOs (bank-owned homes) make up a very small percentage of the overall San Mateo County single family home market. Most of the San Mateo short sale homes will go to foreclosure sale and become bank owned REOs. On average, San Mateo County bank owned sales yield more than their listed price and take half the time to sell when compared with San Mateo County short sale properties. That, however, is just the beginning of the story.
How Can I Get More Info?
For lots more information about Short sales and Bank-Owned (REO) foreclosures, the College of San Mateo is sponsoring a short course entitled The Risks and Rewards of Buying Short Sales and Bank Owned (REO) Homes on Saturday, September 26th. For more information, visit our blog post, How to Buy Bank Owned Homes, Short Sales and Foreclosures in San Mateo County.
Search Foreclosures in San Mateo County
Click on the map below to search foreclosures in San Mateo County.
Other Posts You May Enjoy
- What to Expect When Buying Bank Owned Homes in San Mateo – Including the Bank’s Addendum
- Can You Steal a Bank Owned Property?
- True or False: Banks Don’t Have to Provide Disclosures
- 15 Questions to Ask Before Making an Offer on a Short Sale in San Mateo
- Why Are REOs Better than Short Sales?
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Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
Nice stats. It’s good to see all information about San Mateo in short words and infos. More information is available everywhere, like the foreclosure websites
We encourage our readers to gather as much information as possible so they can make the best decision for their particular situation. The foreclosure websites have some great general information that can be supplemented with local blogs that explain what is going on in the reader’s immediate area. Thanks for the info, Tony!