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 |
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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