San Mateo County Real Estate Price Report October 2009

San Mateo County Real Estate Market is the Bright Spot of National Housing Market

The San Mateo County single family home resale market continues to be the bright and shiny spot of the national housing market. The median price of a single family home nudged up a bit in October 2009 to $702,000 indicating the county’s continued resurgence off its low in January, 2009. Newly initiated sales (also known as pending sales) outpace new listings in October by 209 units.

San Mateo County Real Estate is Booming in the Entry Level Price Segment

Total sales volume of $371.8+ million on 396 single family homes sold as compared to 376 (20 fewer) single family homes sold in June, 2008, for a total volume of $434.2 million. That means 20 more single family homes sold for $62.4 million dollar less volume in October, 2009, compared to June, 2009. This reflects the high level of activity in San Mateo County’s entry level market matching reports of multiple offers and overbidding particularly in the bank owned (REO) segment of the San Mateo County single family home inventory. Meaning, the low end homes are selling in a greater proportion than the higher priced homes.

What is the Best Way to Gauge San Mateo County Market Activity?

Days on Market are probably the best indicator of San Mateo County’s real estate activity level. As Days on Market lengthens, activity stalls and as Days on Market shorten, activity increases.  Considering the closed sales, it took sellers 81 days to secure a buyer under contract as compared to 60 days for the pending sales that have not yet closed escrow. This represents a dramatic 25.9% reduction in marketing time for newly initiated sales (pending sales). Clearly, the San Mateo County real estate market was on the move, at least in October 2009.

Days on Market vs. Percent of Original List Price Received is the Most Interesting Story

The most interesting insights for October can be found in the Days on Market versus amount received by seller as compared to Original List Price story. This report measures amount received by sellers versus Original List Price because it is the most telling reflection of how realistic sellers are in setting their asking prices.

Of the 180 homes (45.5%) that sold in more than 31 days:

• 140 (77.8%) of the 180 sold for less than the Original List Price
  
• 2 (1.11%) of the 180 sold for the Original List Price
  
• 38 (21.1%) of the 180 sold for more than the Original List Price
  

Of the 216 homes (54.5%) that sold in less than 30 days:

• 77 (35.6%) sold for less than the Original List Price
  
• 25 (11.6%) sold for the Original List Price
  
• 114 (52.6%) sold for more than the Original List Price
  

Sellers Actually Received More than List Price?

It’s notable that 38.45% of San Mateo County homes were sold for more than their Original List Price. And, 52.6% of the homes that sold for more than the Original List Price were on the market for less than 30 days, while only 21.1% of the homes on the market for more than 31 days received more than the Original List Price.

What Do the Numbers Mean to Home Sellers?

October’s sales figures are fairly representative of Octobers in the past. We typically see an autumnal bump after Labor Day followed by a cooling off period. A home priced right at the outset of the listing period will have the greatest chance of selling for top dollar. A home on the market for more than 31 days is most likely overpriced.  Sellers should expect market activity to subside as we move into the predictable seasonal lull.

What’s Going on in Other San Mateo County Cities?

Over the next several days, we’ll be posting October 2009 real estate price reports for San Mateo, Belmont, Foster City, San Carlos and Redwood City. Want to know now? Download a complete copy of the San Mateo County Real Estate Price Report.

Download a Complete Copy of the San Mateo County Real Estate Price Report

To download a complete copy of the San Mateo County Real Estate Price Report for October, 2009 click on the Adobe PDF logo below. The complete report also contains the real estate price reports for San Mateo, Belmont, Foster City, San Carlos and Redwood City.

Download San Mateo County Price Report in PDF

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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.

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