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Millbrae CA Market Report 06.11.08

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Real Estate Agent with Engel & Völkers - Carlsbad Village DRE# 01343201

Millbrae Market Profile 6.11.08

Millbrae is one of the coveted cities within our market, with great schools, a lively downtown and easy access to both US 101 and 280.  Sitting near SFO, at the hub of BART and featuring great weather, what's not to like?  How about the median price for a single family home?  Hum, yes, that could be an issue in today's market, especially when it's been going up and not down like so many hope for.  Altos Research's report for last week's real estate market shows the median priced home was $1,122,500 for a 58 year old 3 bedroom 2 bath home sitting on the usual 6000 sqare foot lot.  This isn't a huge house, since it's likely to be around 1600 square feet. 

Millbrae Price Trends

The median price is trending upward and has been for several weeks. Now, what's median today will change next week since it depends on what's on the market for that week, but with an average list price of $1,191,493 it's not likely we will see much of a shift in the summer selling season. 

Millbrae Market Action

Looking at the Market Action Index, with the red line the delineator between a Buyer's Market and a Seller's Market, Millbrae sits at 20, a Cool Buyer's Market with trends upward.  As you can see, bottom was earlier this year and hopefully we are past it for good. 

So what does all of this mean to you?  If you live in Millbrae it's good news since your property may not have lost value.  If you're a buyer, you missed the bottom on the market.  If you're a bargain hunter, and want to buy a home later this year, wait until November or December or January when there are fewer people competing to buy and prices are traditionally low.  In other words, you missed the bottom of the market.  Money for lending is still pretty cheap historically, and if you can qualify for a loan, move on it now and buy now.  Prices aren't going down around here and money will possibly cost more in the future. 

Want the full report on Millbrae or any of the  6 other cities we follow?  Just ask me

 

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