Our Weekly Real Estate Market Report
The number of Active listings continues to be higher at this time than the three previous years, however, lower than last Sunday.
Pending Sales are higher at this time than the previous three years continuing the trend of the past few months. I do believe that this number is attributable to higher sales volume, but is skewed by the longer time escrows are taking to close due to lender-related issues. I expect the lender-related delays to increase in light of the new required disclosures as of July 30, 2009. Escrow periods will be longer because of these required disclosures. While 30-day escrows are still somewhat possible, 45-day escrow periods are more realistic. Sellers, Buyers and Agents should base their expectations on the more realistic number to avoid unnecessary stress.
I did something a little different this week in an effort to determine the heatlh of each of these markets. I took the total number of properties in the Active and Pending statuses and got the percentage that were pending. The higher the percentage, the more sales activity relative to the total inventory. Here’s how they fared:
Foster City: 53%
San Mateo: 47%
Belmont: 42%
Burlingame: 27%
Redwood Shores: 23%
Hillsborough: 20%
Hillsborough was a lot lower last week, but this week had 5 pending sales.
August Month-to-date Closed Escrows are lower than previous 3 years and, again, I believe attributable, in most part, to lender-related delays.
Stats From: August 16th, 2009 6:00AM
| City |
ACTIVE |
High (List Price) |
|
Median (List Price) |
|
Low (List Price) |
| Belmont |
38 |
$1,850,000 |
$924,000 |
$549,000 |
||
| Burlingame |
68 |
$3,395,000 |
$1,381,500 |
$514,000 |
||
| Foster City |
19 |
$1,550,000 |
$1,235,000 |
$849,000 |
||
| Hillsborough |
66 |
$12,999,000 |
$2,991,500 |
$1,588,000 |
||
| Redwood Shores |
20 |
$1,458,000 |
$1,142,500 |
$769,000 |
||
| San Mateo |
130 |
$2,695,000 |
$912,475 |
$375,000 |
||
|
|
||||||
| Total |
341 |
|||||
| City |
PENDING |
High (List Price) |
|
Median (List Price) |
|
Low (List Price) |
| Belmont |
27 |
$1,287,000 |
$830,000 |
$559,000 |
||
| Burlingame |
25 |
$2,599,000 |
$1,099,000 |
$561,241 |
||
| Foster City |
21 |
$1,499,000 |
$998,000 |
$798,000 |
||
| Hillsborough |
17 |
$4,295,000 |
$2,600,000 |
$889,900 |
||
| Redwood Shores |
6 |
$1,295,000 |
$907,000 |
$799,000 |
||
| San Mateo |
115 |
$1,639,000 |
$615,780 |
$379,000 |
||
| Total |
211 |
|||||
| City (M.T.D C.O.E.) |
SOLD |
High (Sales Price) |
|
Median (Sales Price) |
|
Low (Sales Price) |
|
|
||||||
| Belmont |
8 |
$1,340,000 |
|
$738,000 |
|
$575,000 |
| Burlingame |
7 |
$2,125,000 |
|
$1,285,000 |
|
$745,000 |
| Foster City |
5 |
$1,119,000 |
|
$1,065,000 |
|
$888,000 |
| Hillsborough |
4 |
$4,200,000 |
|
$2,175,000 |
|
$1,425,000 |
| Redwood Shores |
1 |
$680,000 |
|
$680,000 |
|
$680,000 |
| San Mateo |
14 |
$1,790,000 |
|
$780,000 |
|
$480,000 |
|
|
||||||
| Total |
39 |
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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