According to the news last week, San Mateo County is one of 3 or 4 counties to have experienced a sustained rise in home sales and prices in California. Here's a snapshot of the San Mateo County Real Estate Market for the past 12 months and the past 3 years.
In the past 12 months, list prices for residential properties have decreased by 9%, while Sale Prices have increased by 15%.
During that time period the number of properties for sale and the number of properties sold have both increased by 10%.
And the Average Days on Market for Properties for Sale has increased by 9% to 61 days.
To put this into perspective, here's a 3-year history of Listing and Sales Prices, which are down 11% and 21% respectively from the second quarter of 2007 and have shown a definite continued improvement since the second quarter of 2009.
While the inventory of homes for sale has increased by 11% since the second quarter of 2007, the number of homes sold has decreased by 6% overall, though there has been an observable rise in the sale of homes since the first quarter of 2009.
And Average Days on Market for properties for sale has increased by 15 days since the second quarter of 2010.
While these statistics are rather broadly based on all residential properties in the entire county, encompassing everything from luxury estates to investment foreclosure properties, the trends ring true to my experience. In general properties are taking a little longer to sell and are selling well when priced appropriately for where we are in the market.
Contact me if you would like to have market information on specific cities or neighborhoods in San Mateo County or for particular price ranges.
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