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Brendan Aiello

The Encouraging News Continues!

The encouraging news on Active and Pending Listings continues. The number of single family homes in the six city survey continues to be 4% lower than it was at this time last year. The “Actives’ trend line is flattening out after a rapid rise.

Pending sales are again 23% higher that they were last year at this time. In fact, last week our stats showed that the number of pending sales was higher than the previous two years and only one pending sale lower than 2006. This week ALL the pending sales in the previous 3 years were lower than what is currently pending. We now have one MORE pending sale that 2006 at this time.

Closed escrows remain on their downward trend, but the increase in pending sales should ultimately positively influence the number of closed escrows. It seems that the longer time periods negotiating the approval of short sales and increased buyer documentation for loan approval has increased the average number of days in escrow. We had several escrows that were scheduled to close in April that were pushed back to May and some of those transactions have now closed.

Again, the majority of closed escrows to date in San Mateo were sold over the asking price. 12 of the 18 closed escrows sold for the asking price or higher. Restated from last week, I think that it shows the buyers have confidence in the future value of those homes if they are bidding over the asking price. In today’s San Francisco Chronicle, Many Homeowner’s Face Facts article, Zillow’s survey of homeowners implies that the homeowners lack of confidence in home values may have bottomed out. The article’s author continues that they would be curious to see what homebuyers think the home values will go over the next six months. In the San Mateo area, I think we’re starting to see the answer.


Stats From: May 17th, 2009 6:00AM

City

ACTIVE

High (List Price)

Median (List Price)

Low (List Price)

             
Belmont

48

$1,749,000

 

$971,500

 

$606,500

Burlingame

58

$2,795,000

 

$1,369,000

 

$580,000

Foster City

37

$2,290,000

 

$1,168,000

 

$790,550

Hillsborough

74

$18,000,000

 

$3,269,000

 

$1,064,000

Redwood Shores

18

$1,528,000

 

$1,074,444

 

$699,950

San Mateo

134

$2,995,000

 

$899,000

 

$379,000

 

 

         
Total

369

         
             
             
City

PENDING

High (List Price)

Median (List Price)

Low (List Price)

             
Belmont

27

$1,388,000

 

$824,950

 

$629,000

Burlingame

37

$3,298,000

 

$1,195,000

 

$599,000

Foster City

15

$1,590,000

 

$948,000

 

$799,000

Hillsborough

11

$4,684,500

 

$2,395,000

 

$1,599,000

Redwood Shores

8

$1,625,000

 

$1,098,000

 

$769,000

San Mateo

82

$2,395,000

 

$712,475

 

$375,000

             
Total

180

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

SOLD

High (List Price)

Median (List Price)

Low (List Price)

 

 

         
Belmont

6

$950,000

 

$735,000

 

$596,000

Burlingame

5

$1,600,000

 

$1,290,000

 

$650,000

Foster City

3

$1,400,000

 

$928,000

 

$860,000

Hillsborough

7

$4,490,000

 

$3,053,000

 

$1,850,000

Redwood Shores

1

$1,080,000

 

$1,080,000

 

$1,080,000

San Mateo

18

$2,900,000

 

$805,000

 

$400,000

 

 

         
Total

40

         

Pennisula Real Estate Market Reports

 

 

 

 

 

 

 

 

 

 

 

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

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Comments

4 Responses to “The Encouraging News Continues!”

  1. Jeff @ Myrtle Beach Real Estate on May 22nd, 2009 8:08 am

    We are seeing some encouraging signs here in Myrtle Beach as well. Hopefully these trends will continue.

  2. Sheila on May 26th, 2009 9:11 pm

    Encouraging words are giving hope to lots of people. This encouraging news are really motivating. Keep this going on and on.

  3. Brendan Aiello on May 29th, 2009 9:46 am

    Thank you Sheila,

    We are trying to be encouraging but at the same time we are not trying to create a hype – just facts.

    -Brendan

  4. David Tapper on June 23rd, 2009 10:46 pm

    Amen Sheila. There’s enough negativity going around that it’s nice to hear something positive and the world is not going to end. Dave

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