San Mateo Park Neighborhood Real Estate - April 2012
Not Many Homes For SaleSales are running slightly ahead of the 2011 pace in San Mateo Park. From January 2012 to April 2012, there have been nine homes sold, as compared to 7 during the same period last year.
However, the real story is how low inventory has fallen. At the end of April 2012, there was only a single home left unsold on the market. Last year at this time there were six homes for sale and at the end of April 2010 there were nine homes for sale. Inventory has plummeted due to firm sales activity and a dearth of new listings. There have been only seven new listings in 2012, as compared to 16 in the first four months of 2011.
The trend towards lower inventory is consistent across most of the Peninsula. Healthy buyer demand coupled by a lack of new listings has left eager buyers waiting for the right opportunity. Sometimes, they seem to not be able to wait any longer. The lone sale in April 2012 went for a full $100,000 more than the asking price of $1,225,000 after just 9 days on the market. We are seeing more and more homes with multiple offers and offers above asking prices.
While the trend along the Peninsula is for prices is flat to rising, the data in San Mateo Park looks a little misleading due to normal fluctuations. Although selling values appear to be $500,000 higher we have to wait for more sales to get an accurate picture. Still, prices do appear to have upward pressure. The average price to list price ratio for sold homes has been 100% in 2012, meaning that homes on average sell for the same as their final asking price. The ratio was below 100% in each of the last three years.
Homes continue to sell quickly in San Mateo Park. The average days on market, which measures the average number of days between a home's list date and when it goes into contract has been around 25-35 days for the past few years.
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.
By The Numbers - San Mateo Park Real Estate for April 2012
|Current Month||YTD Total or Average|
|April 2011||April 2012||Jan - Apr 2011||Jan - Apr 2012|
|Days on Market||56||9||36||28|
|Months of Supply||1.5||1.0||1.7||1.1|