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!
Monday Real Estate Market Report – Things Are Looking Up!
Good Morning Everyone;
As usual the real estate chart (at the bottom of the post) tells the story pretty well. The the number of Pending sales are climbing since 2007. The number Closed sales are slightly higher than the previous three years. There is a an increase in the number of active listings, but not like we were seeing when the market first showed signs of slowing down. And we didn’t have the big glut of inventory like other markets. Still don’t.
Both the number of Pending Sales and Closed escrow went up this week. That hints to me that the escrow process might be loosening up a little bit. There was more real estate moving from Pending to Sold than those going into Pending. And the Pending Sales are higher than the past two years at this time. So our local real estate market is picking up. We are also encouraged to see that high end real estate in Hillsborough is selling. A six million plus home moved to both Pending and Sold statuses.
Your Monday Mid-Peninsula Real Estate Market Update
Good Evening Everyone,
Here are some quick statistics on how many properties sold for at or above their asking price.
In Belmont 5 of 9 properties have sold at or above the asking price.
In Burlingame 4 of 12 properties have sold at or above the asking price.
In Foster City only 1 of 7 properties have sold for at or above their asking price.
In Hillsborough no properties (of 7 properties) have sold at or above their asking price
In Redwood Shores no properties (of 1 property) have sold at or above their asking price.
In San Mateo 16 of 31 properties have sold at or above their asking price.
Of these cities the most interesting facts go to Burlingame and Hillsborough.
In Burlingame the property with the highest sales price, sold for $205,000 OVER the asking price
In Hillsborough, the property with the highest sales priced home sold for $170,000 UNDER the asking price, the median home sales price sold for $115,000 UNDER the asking price, and the lowest sales price sold for $250,000 UNDER the asking price.
Hope you enjoyed this weeks different angle at the statistics!
Monday Real Estate Market Statistics and Graph
Stats From: September 13th, 2009 6:00AM
| City |
ACTIVE |
High (List Price) |
|
Median (List Price) |
|
Low (List Price) |
| Belmont |
47 |
$1,550,000 |
$949,500 |
$559,000 |
||
| Burlingame |
69 |
$3,395,000 |
$1,375,000 |
$514,900 |
||
| Foster City |
21 |
$1,550,000 |
$1,178,000 |
$849,000 |
||
| Hillsborough |
75 |
$12,999,000 |
$2,988,000 |
$889,900 |
||
| Redwood Shores |
19 |
$1,458,000 |
$1,095,000 |
$790,000 |
||
| San Mateo |
120 |
$2,495,000 |
$892,000 |
$388,888 |
||
|
|
||||||
| Total |
351 |
|||||
| City |
PENDING |
High (List Price) |
|
Median (List Price) |
|
Low (List Price) |
| Belmont |
25 |
$1,299,000 |
$775,000 |
$549,000 |
||
| Burlingame |
28 |
$2,795,000 |
$1,125,000 |
$558,000 |
||
| Foster City |
8 |
$1,299,000 |
$974,000 |
$798,000 |
||
| Hillsborough |
22 |
$6,988,000 |
$2,787,500 |
$1,499,000 |
||
| Redwood Shores |
7 |
$1,299,921 |
$875,000 |
$769,000 |
||
| San Mateo |
115 |
$2,495,000 |
$599,900 |
$375,000 |
||
| Total |
205 |
|||||
| City (M.T.D C.O.E.) |
SOLD |
High (Sales Price) |
|
Median (Sales Price) |
|
Low (Sales Price) |
|
|
||||||
| Belmont |
7 |
$1,110,000 |
|
$808,000 |
|
$650,000 |
| Burlingame |
8 |
$2,795,000 |
|
$1,125,000 |
|
$558,000 |
| Foster City |
5 |
$1,105,000 |
|
$940,000 |
|
$810,000 |
| Hillsborough |
4 |
$3,125,000 |
|
$2,062,500 |
|
$1,250,000 |
| Redwood Shores |
1 |
$1,250,000 |
|
$1,250,000 |
|
$1,250,000 |
| San Mateo |
15 |
$1,110,000 |
|
$720,000 |
|
$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.
Labor Day Peninsula Real Estate Stats!
First off, HAPPY LABOR DAY! These stats are coming from beautiful South Lake Tahoe, CA (stay tuned for Lake Tahoe Weekend Getaway Writeups Coming Soon). Anywho, time for the local real estate market analysis!
The promising trend is the increased number of homes in the pending status continues! In 2006 there were 136, 2007 there were 96, last year at this time 130 and as of this morning there are 212. Now we can speculate a portion of the increase of homes in the pending status to homes being in escrow for a longer period of time primarily due to lender issues, either waiting for a short sale approval for the seller or some new last, minute requirement from the buyer’s lender. But I truly believe that the increase is primarily being driven by improved market conditions, with the greatest amount of multiple offers and overbiding occurring in the price ranges of entry level homes in these communities. Additionally there has been an increase in number of pending sales of the more expensive homes. If this is true, look for reports on the rise of median prices as a result (they will be posted here in our Monday Market Reports, when we can verify that this is true)
Enjoy the stats!
