Strong Buyer Demand
Sales are up and prices appear to be rising in the neighborhood of San Mateo Park. From January 2012 to August 2012, there have been 27 homes sold, one more than all of last year. Due to a healthy local economy and a general sense of recovery in the real estate markets, we are seeing strong buyer demand in San Mateo Park (and other nearby real estate markets).
While not all homes end up selling (inventory levels have been curiously flat, versus the dramatic fall we have seen in other parts of San Mateo), those that do so sell quickly. The average days on market in 2012 has been 23 days, and many listings are sold in less than 2 weeks. Last year, the average home sold in seven weeks, still fast, but in that market a buyer could do weekly market scans and not have to worry about missing out on many potential listings. In the current environment, a prospective buyer needs to be continually monitoring the market, or they will likely miss out on many for-sale homes.
With all of the buyers out there, many homes are receiving multiple offers and offers above asking prices. The average sales price to list price ratio has been above 101% in 2012, suggesting that on average, sellers are receiving more than their list price. In 2011, the ratio was under 97%. This shift is a positive sign for sellers.
When selling prices exceed list prices it is typically a signal that prices are or will be rising. This appears to be the case in the San Mateo Park real estate market. The chart below plots the 12 month moving average median prices, average prices and average price per square foot. The lines jump around a lot because of the limited number of sales in the neighborhood. However, there has been a clear upward movement in 2012.
Other ways of looking at the price data also point to rising selling values. The average price per square feet for homes selling in 2012 has been $690, up about 10% from the last two years. This is not due to blips from a few odd sales. So far in 2012, in 6 of the 8 months the average price per square foot has been above $700. In the prior two years combined, only four months had an average price per square foot above $700.
By The Numbers - San Mateo Park Real Estate for 2012
|Current Month||YTD Total or Average|
|August 2011||August 2012||Jan - Aug 2011||Jan - Aug 2012|
|Days on Market||N/A||15||35||23|
|Avg $ per Sq Ft||N/A||$735||$628||$690|
Thinking of buying or selling a home in San Mateo Park?
If you're interested in learning more about the San Mateo Park real estate market, considering selling your home in San Mateo Park, or thinking about moving to San Mateo Park, please drop me a line and I'd love to connect with you.