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

 

 

 

 

 

 

 

 

 

 

 

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.

Posts Related To This Topic:

• No related posts.