San Mateo Park Real Estate Update October 2011 - Low Activity

There have been 23 sales in the neighborhood of San Mateo Park in the first ten months of the year, as compared to 30 at the same point last year. Sales have been limited by a lack of inventory, rather than a lack of demand. New listings are down 23% for the year (the same percentage that sales are down).

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 30-35 days for the past few years. That is fewer days than the city or county, and on the lower end of many of the high-end mid-Peninsula neighborhoods we follow closely.

Price trends are difficult to determine for a small neighborhood like San Mateo Park. The data suggests steady pricing. For the year, average and median prices are down, while price per square feet are up. This compares favorably to the rest of San Mateo, where selling values and price per square feet are down.

San Mateo Park is one of the most desirable areas within the City of San Mateo. Average and median selling values in the neighborhood are about twice as much as the rest of the city. The biggest driver of higher selling values is the size of the homes. In 2011, for San Mateo, the average sold home is about 1,700 square feet, while it is about 60% bigger at 2,700 square feet in San Mateo Park. Even with much larger homes, the price per square foot is 25% higher in San Mateo Park, at just over $600 per square foot, as compared to just under $500 per square foot in the entire city.

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.

Recent Sales in San Mateo Park

By The Numbers - San Mateo Park Real Estate for October 2011