Real estate, like many other industries, has ebbs and flows of the market. As we enter the final month of the year we are in one of the slow periods for buying and selling homes. San Mateo County's real estate market has slowed down. We are seeing fewer homes coming on the market and fewer people at open houses. Sure, there are serious buyers out there and for those who want or need to buy a new home this is really a great time to do it.
Altos Research has placed all of our 7 cities, Millbrae, Burlingame, Hillsborough, San Mateo, Foster City, Belmont and San Carlos in the Cool Buyer's Market Action Index. I wrote about this last month so if you're following this you shouldn't be surprised. So what does this mean for a buyer - or - the seller, for that matter? Does it mean there are great bargains out there? Yes and no. Yes if you're looking at entry level property, both single family homes and condos or townhouses.
Foster City, a planned community with many condos and townhouses is showing prices holding steady and has a median price for a condo or townhouse of $640,000 and there were 47 of them for sale last week. The average days on the market are climbing and it's 61 days. No surprise on that because that's normal at year end. Foster City's Market Action is a 22. San Mateo, too, has many condos and townhouses and we're seeing prices trending upward to a median price of $589,000, but so are the average days on the market, 82 days and there are 149 of them for sale. Their Market Action Index sits at 20. If you would like to see the reports on this, let me know and I'll email one to you.
As for single family houses, the weakest Market Action Index is Millbrae, sitting at a 20. Prices are steady with a median price of $1,088,000 and the average days on the market are climbing upwards to 66 days and there were 56 houses for sale in Millbrae last week.
Burlingame ties San Mateo at being the next weakest with a Market Action Index of 21. Prices are trending downward in Burlingame, but last week's median price was $1,373,500. There were 60 houses for sale and the average number of days on the market were moving downward to 72.
San Mateo also sits at a 21 for their Market Action Index. As San Mateo is the largest city here, and has the biggest variety of single family homes, the median price was $799,000 but the most expensive house is listed at $1,998,000. There were 154 houses for sale with an average of days on market of 76, and that's moving upward.
San Carlos sits with a Market Action Index of 22 and a median price of $1,058,000. There are 45 houses for sale and the average days on the market is 84 and climbing.
Next comes Hillsborough and their Market Action Index of 23, which is an improvement over the past couple of weeks. The median price for a home is $3,299,000 but it sees a high average number of days on the market of 120, and that's climbing up. There are only 37 houses for sale at this time. Prices have been trending downward in Hillsborough for a while and if you're looking in the marketplace you can negotiate some good deals.
Belmont sits at 24 for Market Action and has a median price of $949,000. Average days on the market is 62 and climbing and there were 49 houses for sale last week and more coming on the market. Prices have been holding flat in Belmont.
Finally, Foster City, with the lowest number of houses for sale at 16, and an average of 50 days on the market and dropping, sits with a Market Action Index of 25 and a median price for a house of $1,219,388.
The Market Action Index reflects Altos Research's calculation of the available supply relative to the current level of demand in housing. Index values above 30 indicate conditions favoring the seller with a Seller's Market and below favoring the buyer. The more you drop below 30 the more into a Buyer's Market you go. None of our cities are much below with the exception of San Mateo zip code 94401 where the majority of entry level houses sit.
Comparing Altos Research data to the data I used the other day from MLS Listings, our local MLS shows some differences and some similarities. Altos Research measures the market weekly, MLS Listings does it monthly and does not drill down into zip codes. I have all of the data available to you should you wish to see it, just ask.
December is a great time to be looking for a new home . There are some great houses for sale and as they sit on the market the seller's become more open to negotiation on price. This is the time you need to use a smart Realtor with experience in negotiation and one who understands this kind of market. We are here to help you with all of your real estate needs.
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