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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.

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Brendan Aiello

Looks Like This Could Be The Bottom of The Local Real Estate Market!

· Comments Off on Looks Like This Could Be The Bottom of The Local Real Estate Market! 

After looking at today’s statistics and chart you will notice a few things that show the market is coming back!

The trend line for “Active” Listings is leveling off. Number of listings in the “Active” status is only 4% higher than last year at this time.

At 23% higher than last year, the trend line for “Pending Sale” shows that homes are selling. In fact, we are higher for this time of the year in 2007 and 2008 and only one Pending Sale lower than 2006.
The number of “Month-to-date” Closed Escrows is down quite a bit, but that is just a residual of the slower market 30 – 45 days ago. The number of Pending Sales would indicate that this trend should be at its end.

In fact, of the 7 closed escrows in the City of San Mateo, 6 of them sold for over the asking price. That statistic tells me that:
1) The agents are pricing the properties more in-line with qualified buyers’ perception of value
2) Those buyers also perceive them as ‘good values” and have enough confidence in the future of the market to bid over the asking price
3) That San Mateo’s multiple offer sales are in the most active of the price ranges. Typically the properties that have sold for over the asking price in the other communities were in the same price ranges as San Mateo.

In the other communities where the properties are selling for below asking price, the differential between listing price and selling price is sometimes more than 10%. I know that pretty much any agent in the business would write an offer for at least 10% under the asking price if their client loved the house, there was no competition, and/or the property has been on the market for a considerable period of time. So, if a Seller has had their property on the market for 30 days or more and there have been no offers, it is safe to assume the home is overpriced by at least 10%.

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Brendan Aiello

Mid-Peninsula Real Estate Market Report

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Stats From: May 3rd, 2009 6:00AM

City

ACTIVE

High (List Price)

Median (List Price)

Low (List Price)

             
Belmont

56

$1,749,000

 

$974,000

 

$606,500

Burlingame

56

$2,900,000

 

$1,439,000

 

$595,000

Foster City

38

$2,290,000

 

$1,168,500

 

$769,000

Hillsborough

69

$18,000,000

 

$3,295,000

 

$1,064,000

Redwood Shores

15

$1,625,000

 

$1,128,000

 

$699,950

San Mateo

152

$2,695,000

 

$948,500

 

$379,000

 

 

         
Total

386

         
             
             
City

PENDING

High (List Price)

Median (List Price)

Low (List Price)

             
Belmont

24

$1,299,000

 

$812,475

 

$599,000

Burlingame

32

$3,298,000

 

$1,142,000

 

$599,000

Foster City

13

$1,499,999

 

$928,800

 

$790,550

Hillsborough

11

$4,690,000

 

$2,395,000

 

$1,775,000

Redwood Shores

8

$1,298,000

 

$1,083,444

 

$769,000

San Mateo

74

$3,100,000

 

$604,000

 

$375,000

             
Total

162

         
             
             
City (April. C.O.E.)

SOLD

High (List Price)

Median (List Price)

Low (List Price)

 

 

         
Belmont

12

$1,138,000

 

$767,500

 

$575,000

Burlingame

12

$3,100,000

 

$917,500

 

$601,000

Foster City

6

$1,215,000

 

$875,000

 

$780,000

Hillsborough

5

$5,100,000

 

$2,630,000

 

$2,100,000

Redwood Shores

3

$1,135,000

 

$998,000

 

$958,500

San Mateo

30

$1,700,000

 

$602,750

 

$360,000

 

 

         
Total

68

         

Pennisula Real Estate Market Graphs

 

 

 

 

 

 

 

 

 

 

 

 

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.

Brendan Aiello

Monday Mid-Peninsula Market Reports

Hey Everyone,

Here are the Monday Real Estate Market Reports! It’s the second week in a row that pending sales have been on a strong and steady rise. Is this the bottom? I don’t know; I don’t have a crystal ball. However, I am not the only one noticing the buzz in the real estate market. Fellow agents in my office have also agreed that there is a positive outlook right now. Lawrence Yun the Chief economist of the National Association of Realtors states “the upward movement gives reason to hope the industry could see a solid spring selling season” in his Real Life: Market Pulse article in Realtor Magazine. The San Francisco Chronicle that loves to share negative news even had something positive to save in J.W. Elphinstone’s “Analysts see a sliver lining in February Price Drop” Article.

If you’re on the fence about when the right time to buy might be. You might want to start the pre-approval process because the bottom could have just passed or is very near.

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Brendan Aiello

Mid-Peninsula Real Estate Market Report

Stats From: April 19th, 2009 6:00AM

City

ACTIVE

High (List Price)

Median (List Price)

Low (List Price)

             
Belmont

57

$1,895,000

 

$949,000

 

$559,000

Burlingame

55

$2,497,500

 

$1,350,000

 

$595,000

Foster City

42

$1,699,000

 

$1,109,000

 

$769,000

Hillsborough

60

$18,000,000

 

$3,380,000

 

$1,599,000

Redwood Shores

19

$1,625,000

 

$1,070,000

 

$719,000

San Mateo

149

$2,695,000

 

$948,000

 

$375,000

 

 

         
Total

382

         
             
             
City

PENDING

High (List Price)

Median (List Price)

Low (List Price)

             
Belmont

23

$1,249,000

 

$789,000

 

$565,000

Burlingame

27

$3,298,000

 

$1,295,000

 

$614,900

Foster City

9

$1,499,999

 

$928,800

 

$794,888

Hillsborough

11

$4,595,000

 

$2,395,000

 

$1,775,000

Redwood Shores

5

$1,288,000

 

$1,088,000

 

$1,078,888

San Mateo

71

$3,100,000

 

$575,000

 

$348,888

             
Total

146

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

SOLD

High (List Price)

Median (List Price)

Low (List Price)

 

 

         
Belmont

5

$1,138,000

(-)

$1,025,000

(-)

$575,000

Burlingame

4

$1,170,000

(-)

$1,016,000

(-)

$849,950

Foster City

1

$850,000

(-)

$850,000

(-)

$850,000

Hillsborough

4

$5,100,000

(-)

$2,590,000

(-)

$2,100,000

Redwood Shores

1

$958,500

(-)

$958,500

(-)

$958,500

San Mateo

11

$1,700,000

(-)

$915,000

(+)

$530,000

 

 

         
Total

26

         

Pennisula Real Estate Market Graphs

 

 

 

 

 

 

 

 

 

 

 

 

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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