San Mateo Real Estate - January 2012
An Overview of the 2011 San Mateo Real Estate MarketHelped by a strong push in late summer and early fall, the number of homes sold in the City of San Mateo in 2011 just eclipsed the 2010 total. There were a total of 595 transactions, as compared to 592 in 2010. It was the most number of homes sold in any year since 2006. It was also the third straight year of increasing number of sales after bottoming out at under 500 homes in 2008.
Sales were up at the same time that the number of for-sale homes was down. A total of 812 homes were listed on the market in 2011, about 60 fewer listings than 2010, and the fewest since at least 2004. While there were also holdover homes listed in 2010, the ratio of sales to new listings was 73%, the highest since 2005. The bottom line is that sellers were more likely to be able to sell their home in 2011 than in past years.
San Mateo Real Estate Prices & StatsNot surprisingly, with fewer listings and more sales, inventory declined. There was an average of 145 homes for sale at the end of each month in 2011, down from 171 in 2010. At the end of the year, there were less than 100 homes for sale for the first time since the beginning of 2007. Less inventory often puts upward pressure on home prices as each buyer has to compete for fewer homes. However, prices were somewhat soft in San Mateo in 2011.
Average selling values, median selling values and average prices per square feet all fell about five percent in 2011. Interestingly most measures of prices increased from 2009 to 2010, so any gains seem to have been reversed. Even with flat to declining prices in 2011, one measure that did hold up is the sales price to list price ratio. Although the ratio can get skewed by sellers taking their home off the market and then re-listing at a different price, it is still meaningful to look at the trend from year-to-year. In 2011, the ratio was 99%, the same as 2010. This suggests that despite the small drop in aggregate price levels, sellers are not dropping asking prices on a widespread basis.
Thinking of buying or selling a home in San Mateo?If you're interested in learning more about the San Mateo real estate market, considering selling your home in San Mateo, or thinking about moving to San Mateo, please drop me a line and I'd love to connect with you.
By The Numbers - San Mateo Real Estate for 2011
|Current Month||YTD Total or Average|
|December 2010||December 2011||Jan - Dec 2010||Jan - Dec 2011|
|Days on Market||64||51||46||47|
|Months of Supply||2.5||1.7||3.5||2.9|