How’s the Real Estate Market in San Mateo Park?
For this San Mateo, CA neighborhood market report, we’ll only look at homes in the San Mateo Park and El Cerrito Park neighbohoods of San Mateo, CA during the time period August 15, 2009 through November 15th, 2009.
San Mateo CA Neighborhoods Included in this Market Report
The San Mateo Park and El Cerrito Park neighborhoods of San Mateo, CA are included in this market report. These neighborhoods belong to the San Mateo Park neighborhood association.
Boundaries
El Camino Real (East), City of Burlingame at Barroilhet Ave (North), City of Hillsborough (West), El Cerrito Ave (South).
Schools Serving San Mateo Park and El Cerrito Park
| Great Schools Rating | |
| Elementary School | |
| Park School | 5 |
| Middle School | |
| Borel Middle School | 8 |
| High School | |
| San Mateo High School | 7 |
School boundaries change from year to year. To find out the boundaries today, visit the San Mateo-Foster City School District website.
Let’s Look at the Numbers
Number of homes sold with and without price reductions in San Mateo Park and El Cerrito Park Between August 15th, 2009 and November 15th 2009.
Note: PR = Price Reduction
| # of Bedrooms | # Sold | # Sold w/PR | Highest Price | Lowest Price |
| 5 | ||||
| 4 | 5 | 5 | $2,350,000 | $1,250,000 |
| 3 | ||||
| 2 | 1 | $1,225,000 |
Number of homes sold for more, less or at the original list price in less than 30 days or in 31 days or more.
OLP = Original List Price, the price the home was listed for when it first came on the market
| # of Homes Sold on the Market 30 Days or Less | # of Homes Sold on the Market 31 Days or More | |||||
| # Bedrooms | < OLP | @ OLP | >OLP | < OLP | @ OLP | >OLP |
| 5 | ||||||
| 4 | 5 | |||||
| 3 | ||||||
| 2 | 1 | |||||
San Mateo Park Has Suffered a Decline in Value
Like most upscale neighborhoods in San Mateo County, San Mateo Park and El Cerrito Park have suffered a decline in value.
Let’s Take a Look at the San Mateo Park Real Estate Market in the Last 3 Months
For the period of August 15, 2009 through November 15, 2009, 5 homes, all with 4 bedrooms, sold from $2,350,000 to $1,250,000. Each San Mateo Park home owner had to reduce their asking price from the original list price to affect a sale so each San Mateo Park home sold for less than the original list price. San Mateo Park homes that sold in the last three months were on the market for between 78 and 434 days. By comparison, even in the early months of 2009 when consumer confidence was shaken and the doom and gloom crowd were at their most vocal, San Mateo Park homes sold in 58 – 65 days.
One Exception to the Rule
The exception was a 2 bedroom San Mateo Park home which sold for $1,225,000 – substantially more than its $1,099,000 asking price in 5 days. Clearly at least one buyer saw greater value in the property than the seller asked for the property.
What’s Going on Today in the San Mateo Park Real Estate Market?
Currently in San Mateo Park there are 2 pending sales including a 5 bedroom home priced at $2,090,000 has been on the market for 22 days and a 4 bedroom at $1,649,000 on the market for 55 days. Both are priced in the lower range of the pricing spectrum for San Mateo Park.
One Disturbing Fact About San Mateo Park Real Estate
The disturbing fact as of this writing is that 6 homes are now on the market and 4 have reduced their asking price off the original without success. 5 of the homes have been for sale between 58 days and 159 days. To my way of thinking, that’s a long time…too long. Even when the San Mateo Park market was at its slowest – November 2008 – the average days on the market was 104. Since spring 2009 average days on the market was running between 57 – 75 days.
What San Mateo Park Homes Were Taken off the Market?
It’s notable that 7 homes were taken off the market by their owners or the listing expired during this period. Canceled or expired listings reflect the market’s rejection of the owner’s asking price. In my opinion, those home owners for whatever reason overpriced their homes and did not heed the message the marketplace was sending.
What Was Happening in the San Mateo Park Real Estate Market at this Time Last Year?
The most expensive home in the similar calendar period in 2008 sold for $1,275,000 more than the most expensive home in this time frame of 2009. There were 10 homes sold ranging from $3,625,000 to $943,000 in the time period reported. Only 2 of the 10 home owners had to reduce their asking price to affect a sale and 2 of 10 homes sold for more than the original list price. 3 of 10 homes sold in less than 30 days. In 2009, all 5 homes sold had to reduce their listed price to successfully meet the market.
What Do the Numbers Mean to San Mateo Park Home Sellers?
San Mateo Park is clearly a price sensitive neighborhood. It’s desirable, but, at the right price. As homes languish on the market, the likelihood of deeper and more painful price reductions is imminent. Selling a home today is part beauty contest and part price war. A prospective home buyer looking in San Mateo Park, California, knows each and every home on the market and those that recently sold as well. They know value and comparison shop. If you want to sell your San Mateo Park home, you must sharpen your price and meet the market.
Need to Sell Your San Mateo Park Home?
Check our our Stress Free Home Listing Marketing Program to learn how we can help you sell your San Mateo Park Home for top dollar in the fastest time. Then, call us at (650) 655-2500 or email us at info@LivingWellinSanMateo.com to schedule a no obligation consultation. We’ll show you how our powerful internet marketing program will get your home sold for top dollar in the least time.
You can also get a detailed market report for you specific home. Click on the “Your Home’s Value” button below. View a sample market report.
Considering a Move to San Mateo Park?
Check out our Buyer Representation page to learn how our Buyer Representation program is All About You. Then call us at (650) 655-2500 or email us at info@LivingWellinSanMateo.com to schedule a no obligation consultation. We’ll help you come up with a game plan to buy right.
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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.
Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
