I was asked to take a look inside my crystal ball today and try and guess what the market is going to be doing next fall. I tapped my magic wands furiously on both crystal balls and try as I might, I wasn't able to give the kind of answer I know he wanted. Unfortunately there are too many outside forces coming to a collision course between now and then and that's not factoring in a presidential election. So, all holds are barred. San Mateo County, and specifically my 7 cities, Millbrae, Burlingame, Hillsborough, San Mateo, Foster City, Belmont and San Carlos have really been doing okay .
I decided to see what our MLSlistings board stats had to tell me so I compared YTD's for the first half of 2006 to 2007 and the second half of 2006 to Q3 of 2007. Take a look here with Q1 & Q2 2006. Look at the Closed Sales, Average Days on the Market, and percentage of List Price (over 100% or less than 100% tells you how many homes were sold above asking). Only 3 of the 7 cities had selling prices above asking and Hillsborough shows it's the softest of the 7.
Now look at 2007 and compare the two. Only Hillsborough is soft the first half of 2007, the others are showing healty markets.
We see fewer homes sold but there were fewer listings, too, with a higher average price. Now look at Q 3-4 of 2006 compared to Q3 of 2007 to get a closer picture of the market as it was during the summer selling season. Here 3 of the 7 cities are slightly above asking and the market showed some weakening but not much.
Finally we will see Q3 2007 to take a look at our summer market and only 2 cities are below asking. Hillsborough has shown weakness for 7 quarters. There are some buys there but don't expect to make a killing on price!
What's been interesting to be about doing this exercise is to see the comparison quarter to quarter and there really hasn't been much change except for the number of homes on the market and average days on market. That's been the bell weather for our market. Our Altos Research reports are due in tonight and it's time for me to do the rundown on each of the cities with their data. Stick around this week and I'll bring that to you as I receive it.
If you have any questions about this data, or want to know more about how we can assist you, don't hesitate to contact us! We're here to serve you in all of your real estate needs in San Mateo County.
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