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Looks Like This Could Be The Bottom of The Local Real Estate Market!

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After looking at today’s statistics and chart you will notice a few things that show the market is coming back!

The trend line for “Active” Listings is leveling off. Number of listings in the “Active” status is only 4% higher than last year at this time.

At 23% higher than last year, the trend line for “Pending Sale” shows that homes are selling. In fact, we are higher for this time of the year in 2007 and 2008 and only one Pending Sale lower than 2006.
The number of “Month-to-date” Closed Escrows is down quite a bit, but that is just a residual of the slower market 30 – 45 days ago. The number of Pending Sales would indicate that this trend should be at its end.

In fact, of the 7 closed escrows in the City of San Mateo, 6 of them sold for over the asking price. That statistic tells me that:
1) The agents are pricing the properties more in-line with qualified buyers’ perception of value
2) Those buyers also perceive them as ‘good values” and have enough confidence in the future of the market to bid over the asking price
3) That San Mateo’s multiple offer sales are in the most active of the price ranges. Typically the properties that have sold for over the asking price in the other communities were in the same price ranges as San Mateo.

In the other communities where the properties are selling for below asking price, the differential between listing price and selling price is sometimes more than 10%. I know that pretty much any agent in the business would write an offer for at least 10% under the asking price if their client loved the house, there was no competition, and/or the property has been on the market for a considerable period of time. So, if a Seller has had their property on the market for 30 days or more and there have been no offers, it is safe to assume the home is overpriced by at least 10%.

Stats From: May 10th, 2009 6:00AM

City

ACTIVE

High (List Price)

Median (List Price)

Low (List Price)

             
Belmont

55

$1,749,000

 

$958,000

 

$606,500

Burlingame

55

$2,900,000

 

$1,429,000

 

$595,000

Foster City

36

$1,599,000

 

$1,158,500

 

$790,550

Hillsborough

67

$18,000,000

 

$3,380,000

 

$1,064,000

Redwood Shores

16

$1,528,000

 

$1,042,444

 

$699,950

San Mateo

147

$2,995,000

 

$975,888

 

$379,000

 

 

         
Total

376

         
             
             
City

PENDING

High (List Price)

Median (List Price)

Low (List Price)

             
Belmont

26

$1,388,000

 

$812,475

 

$599,000

Burlingame

36

$3,298,000

 

$1,245,000

 

$599,000

Foster City

14

$1,590,000

 

$938,500

 

$799,000

Hillsborough

15

$4,684,500

 

$2,499,000

 

$1,500,000

Redwood Shores

9

$1,625,000

 

$1,080,000

 

$769,000

San Mateo

79

$3,100,000

 

$649,500

 

$375,000

             
Total

162

         
             
             
City (M.T.D. C.O.E.)

SOLD

High (List Price)

Median (List Price)

Low (List Price)

 

 

         
Belmont

3

$950,000

 

$800,000

 

$670,000

Burlingame

3

$1,600,000

 

$980,000

 

$650,000

Foster City

2

$1,400,000

 

$1,164,000

 

$928,000

Hillsborough

3

$4,490,000

 

$2,755,000

 

$1,850,000

Redwood Shores

0

 

 

San Mateo

7

$1,988,750

 

$860,000

 

$450,000

 

 

         
Total

18

         

Pennisula Real Estate Market Graphs

 

 

 

 

 

 

 

 

 

 

 

 

Please remember to read our webpage disclaimer [2], that statistics and all other information on this webpage/blog is deemed reliable, but not independently verified or guaranteed.

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