San Mateo County Real Estate - 2011 Review

Raziel Ungar

January 23rd, 2012 - 2 min read
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There were mixed signals in the San Mateo County real estate market in 2011, but overall, there was evidence of further recovery from the depths of 2008 and 2009.

One of the strongest signs was the number of transactions. There were 4,633 homes sold in 2011, up 5% from 2010 and 13% from 2009. It was also the most number of sales since 2006. Most impressively, sales were up at the same time that the number of for-sale homes was down. A total of 6,681 homes were listed on the market in 2011, about 500 fewer listings than 2010. While there were also holdover homes listed in 2010, the ratio of sales to new listings was 69%. That was the highest rate since 2005. The rate in 2010 was 62%. The bottom line is that sellers were more likely to be able to sell their home in 2011 than in past years.

Not surprisingly, with fewer listings and more sales, inventory declined. There was an average of 1,388 homes for sale at the end of each month in 2011, down from 1,594 in 2010. Typically, less inventory foreshadows firmer pricing as more buyers are competing for each home. While prices are clearly not in the free-fall mode that we experienced in 2008 and 2009, they are not rising either on average throughout the county (experience varies by submarket).

Average selling values remained flat at around $930,000. Median selling values were down about five percent from about $725,000 to $690,000. The fact that average selling values are so far above median selling values signals that there are a fair amount of ultra-expensive homes in San Mateo County.  With areas like Hillsborough, Burlingame and San Carlos, this should come as no surprise. The average price per square foot was $467 in 2011, down from $481 in 2010, a change of three percent.

The monthly price trend suggests some weakening throughout the year.

If you're interested in learning more about the San Mateo County real estate market, considering selling your home in San Mateo County, or thinking about moving to San Mateo County, please drop me a line and I'd love to connect with you. Raziel is an expert in Burlingame real estate, San Mateo real estate, and Hillsborough real estate.

 

By The Numbers - San Mateo County Real Estate for 2011

Current Month YTD Total or Average
December 2010 December 2011 Jan - Dec 2010 Jan - Dec 2011
Sales 402 349 4,431 4,633
Days on Market 64 67 52 58
Months of Supply 3.2 2.4 4.3 3.6
Average Price $928,000 $851,000 $934,436 $932,948
Median Price $700,000 $600,000 $728,417 $692,686
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