Summary Stats Slightly Misleading
The summary data shows median and average prices in 2013 down -5% to -10% in the San Mateo Park real estate market. In addition, the average sold home spent 6 weeks on the market, versus 3 weeks last year. Are prices falling and homes languishing unsold in San Mateo Park (unlike every other area of the Peninsula)? No, of course not. There are two factors at play. One is that smaller homes have happened to sell in 2013. The price per square foot is up 8%, but the average square footage is smaller by more than 10%. Underlying prices are rising, but the price tags are lower this year. It doesn't mean anything, just normal random fluctuation as smaller homes happened to have been listed and sold in 2013. Second, homes are not staying on the market longer than last year. Rather, there have been a few homes that were on the market for many months that eventually sold. This is a positive sign for sellers, but it gives an odd reading that the average home stays on the market for a long time. Actually, the vast majority of homes that do sell are on the market for less than a month, with many sold in less than two weeks.
Here are some additional highlights for the San Mateo Park real estate market as of July 2013:
- The average price per square foot through the first seven months of 2013 is $739. If that pace holds it will be 18% above the low watermark in 2010, when homes sold at $628 per square foot.
- Most (though not all) homes that sell are going at or above the final listing price. The average sales price to list price ratio has been 102% this year.
- Listed homes have been on the smaller side (by San Mateo Park standards) with the average sold home under 2,500 square feet. It is usually between 2,750 and 3,000 square feet.
- Sellers continue to be successful. There have been 32 new listings and 28 sales so far in 2013. In prior years the gap between listings and sales has been much greater.
- Inventory remains low. There were just three unsold homes on the market at the end of July 2013.
By The Numbers - San Mateo Park Real Estate for 2013
|Current Month||YTD Total or Average|
|July 2012||July 2013||Jan - Jul 2012||Jan - Jul 2013|
|Days on Market||10||15||24||45|
|Avg $ per Sq Ft||$748||$771||$684||$739|
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.