Signs of Rising Prices
Data from recent transactions suggests homes prices are rising in the San Mateo neighborhoods of Aragon, Baywood, and Baywood Knolls. Average and median selling values are above $1.4 million in 2012, up about 5% from prior year figures. The average price per square foot has averaged $622 in 2012. In the prior two years, average selling values were a little under $600 per square foot. With the average home being about 2,300 square feet in the area, an extra $25 to $30 per square foot equates to a $50,000 to $70,000 higher sales price.
Sellers are also receiving bids higher than their asking prices on a more regular basis than in prior years. This is another sign of upward price pressure. The ratio of sales price to list price has averaged 102%, after being a little under 100% in the past few years. Note that not all homes are selling above list prices. As sellers see prices moving upward they may price ahead of the market. Sometimes, they price too far ahead of the market and their listing ends up selling for below asking. It helps to have an experienced Realtor that knows the local market conditions to give you a better idea of whether a home is likely to go for 5% above asking or 5% below asking. Given selling values in excess of $1 million in the Aragon, Baywood and Baywood Knolls real estate markets, a relatively small swing can easily end up being a $100,000 overpay!
Homes that are selling are doing so relatively quickly. The average home sold in 2012 has done so in just 19 days, with many listings sold in under 10 days. Average time spent on the market has shortened from 31 days in 2010. Short listing windows require buyers to react quickly to new listings, or risk missing out on a property. With many homes selling within a few days of listing, buyers that do a weekly scan of the market will be missing out on a number of potential homes. It may be helpful to work with a Realtor who can keep abreast of new listings, often before they are officially listed.
By The Numbers - Aragon/Baywood Real Estate for October 2012
|Current Month||YTD Total or Average|
|October 2011||October 2012||Jan - Oct 2011||Jan - Oct 2012|
|Days on Market||13||18||25||19|
|Months of Supply||1.0||1.0||1.3||1.2|
|Avg $ per Sq Ft||$592||$640||$585||$622|
Thinking of buying or selling a home in Aragon, Baywood, or Baywood Knolls?
If you're interested in learning more about the Aragon, Baywood, or Baywood Knolls real estate market, considering selling your home, or thinking about moving to Aragon, Baywood, or Baywood Knolls, please drop me a line and I'd love to connect with you.