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Brendan Aiello

Real Estate Market Statistics & Summary

Good Morning Readers!

The number of Active listings is higher than the previous three years at this time.  However, the trend line seems to be flattening out and the number of actives is somewhat lower than last week. I have not verified this, but “my gut” tells me this is typical for this time of the season.  Typically the listing inventory slows down in November and December.  It will be interesting to see if the “shadow inventory” (next round of foreclosures) will impact these communities and the number of active listings during those months.  For the most part, these communities have been relatively insulated from foreclosures, but not short-sales.
 
The encouraging news continues to be the trend line for the Pending sales, as that number is up significantly.  While I believe the majority of this increase is due to improved market conditions (tax credit, lower prices, and favorable interest rates), some home sales are remaining in the Pending status for longer periods of time for a variety of reasons and mostly are lender-related.  Short Sales sometimes take months to get approved, but must be reported as a Pending Sale once the Seller executes the contract.  Because of all the new regulations imposed upon lenders, longer loan contingency periods are necessary to accommodate the process and thereby incease the time periods to close escrow.  Buyers, in their frantic attempts to get the best deal, not only on the price of the home, but also on their interest rates keep shopping around during the contingency period and switch lenders at the last minute, requiring an extension of the loan contingency.  This one is a problem because many sellers are reluctant to provide the extension.  The asset managers handling the REO properties typically put a “per diem” charge in the contract for any delays caused by the Buyer.  All that being said, we are seeing some improvements in time requirements  on the lenders side, both short sales and buyer loan approvals.
 
The number of Closed Sales are now moving  up above the previous three years.  I think that is partly attributable to the improvement in the lending segment mentioned above.
 
One thing that surprises me is the amount of cash available in these communities.  Many of the REO and Short Sales, primarily in the entry levels of these markets are all cash transactions or very, very low Loan-To-Value Ratio’s.
 
Prices:  While the median price is really no indication of where the values are, they are all over the map in each community.  It would be safe to say that no community was immune from a decline in their value.  The difference in the decline of values depends on the community and the price ranges for those communities.
 
Enjoy the Statistics & Have a great week!

 

Real Estate Statistics From: October 4th, 2009 @ approx. 6:00AM

City

ACTIVE

High (List Price)

 

Median (List Price)

 

Low (List Price)

             
Belmont

57

$1,695,000

 

$925,000

 

$699,950

Burlingame

67

$3,149,000

 

$1,398,000

 

$514,900

Foster City

21

$1,550,000

 

$1,138,000

 

$739,000

Hillsborough

69

$15,899,000

 

$3,200,000

 

$1,679,000

Redwood Shores

18

$1,448,000

 

$1,061,500

 

$759,000

San Mateo

126

$2,495,000

 

$912,475

 

$396,000

 

 

         
Total

358

         
             
             
City

PENDING

High (List Price)

 

Median (List Price)

 

Low (List Price)

             
Belmont

29

$1,359,000

 

$810,000

 

$559,000

Burlingame

26

$3,190,000

 

$1,165,000

 

$599,000

Foster City

10

$1,550,000

 

$1,027,000

 

$798,000

Hillsborough

22

$6,500,000

 

$2,410,000

 

$889,900

Redwood Shores

18

$1,448,000

 

$1,061,500

 

$759,000

San Mateo

111

$2,495,000

 

$621,500

 

$375,000

             
Total

216

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

SOLD

High (Sales Price)

 

Median (Sales Price)

 

Low (Sales Price)

 

 

         
Belmont

17

$1,240,000

 

$808,000

 

$530,000

Burlingame

22

$2,668,000

 

$1,350,000

 

$800,000

Foster City

10

$1,105,000

 

$957,500

 

$810,000

Hillsborough

13

$6,888,000

 

$2,245,500

 

$1,250,000

Redwood Shores

4

$1,250,000

 

$1,040,000

 

$756,250

San Mateo

56

$1,760,000

 

$706,300

 

$297,000

 

 

         
Total

122

         

 

Mid-Peninsula Real Estate Chart & Statistics

 

 

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

6 Responses to “Real Estate Market Statistics & Summary”

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  2. Mack@Las Vegas Real Estate on October 9th, 2009 1:02 am

    Its pretty cool analytics and summary of the market scenario. Any investor or Realtor can make quick decisions by looking at it and its so easy to apprehend. Its a positive sign that things are looking tad fine, but home sales in Vegas has dipped down and the foreclosures are also been severely hit.
    .-= Mack@Las Vegas Real Estate´s last blog ..Commercial Real Estate Bubble =-.

  3. ANSH@costa rica real estate on October 28th, 2009 10:33 pm

    Well your analysis on the market scenario is really very beneficial for the real estate investors so that they can make a choice from your listing and get more money.

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