What Does August 2009’s San Mateo Real Estate Price Report Reveal About the Market?
August 2009 San Mateo Real Estate Price Report sales data reflects continuing evidence that the San Mateo County housing market has rebounded. Inventory levels of single family homes has declined to 1486, down substantially from August 2008 when 1773 single family homes in San Mateo County were listed for sale. And, August 2009 is the 4th consecutive month in which newly initiated sales (aka pending sales) exceeded 749 with 761 newly initiated single family home sales in San Mateo County.
How Much are Buyers Willing to Pay for San Mateo County Real Estate?
Interestingly, sellers received 97.8% of their asking price – that’s up a full 2% from last month. San Mateo County bank owned homes received 103.34% of their original asking price, which is up from 102.25% in July 2009. San Mateo County short sales received, on average, 96.82% of their original asking price, up from 90.81% in July 2009.
The Most Telling Number in August 2009’s San Mateo Real Estate Price Report
Perhaps the most telling data lies in the relationship between the number of new listings (566) versus the number of pending sales (761) in San Mateo County. Typically when the number of pending sales exceeds the number of new listings, market forces favor sellers. The last time we saw new listings out number pending sales in San Mateo County was in March 2009.
How Long is it Taking to Sell a San Mateo County Home?
On average, it is taking 80 days to market and sell a San Mateo County home from the day it is listed to the day the home goes under contract. This time period continues to reflect normalcy and a fair amount of balance across broad segments of the market.
What is the Most Active Segment of the San Mateo Real Estate Market?
The most aggressively sought segment of the market continues to be the lowest priced San Mateo County properties where both investors and owner-occupants compete for the same property. Currently, there are only about 50 bank owned homes for sale in the entire County of San Mateo, down from about 110 at the end of April 2009 and 80 in June 2009.
Is it Really True Multiple Offers and Overbids are Back in San Mateo County Real Estate?
Yes. We are seeing – as we have for the past four months – multiple offers and over bids for the most affordable San Mateo County homes. Interest rates remain at historic lows and San Mateo County single family homes are more affordable than at any time in the last decade with a median price at $682,500.