Home Sales and Prices Rise in September '09 in San Mateo County

The median price for homes turned upward last month, gaining 3.5% from August. It was down, yearover- year, by 7.5%. The average price gained 12.8%, month-over-month. Year-over-year, the average price was up 2.1%. This is the first time the average price has been higher than the year before since May 2008. Home sales were up 2.7% from August, and up 24.7% compared to last September. Year-to-date, home sales are down 5.3%. Inventory of single-family, re-sale homes was down 41.7% year-overyear.

Pending sales were up 63.4% compared to September 2008. Our Days of Inventory indicator rose one day to 91 days. The sales price to list price ratio rose 0.2 of a point to 99.8%. Condo sales were down 14.9%from August, but were up 33.8% year-over-year. Year-to-date, condo sales are off 2.3%.

The median price for condos dropped 9.3% month-over-month, and was down 6.4% compared to last September . The average price for condos fell 4.7%, month-over-month, and was down 6.5% year-overyear. Condo inventory fell 4.4% month-over-month, and was down 36.6% yearover- year. Condo pending sales were up 131.9% year-over-year. The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood.

Trends at a Glance (Single-family Homes)

Sep 09 Aug 09 Sep 08

Sale/List Price Ratio: 99.8% 99.6% 98.1%

Days of Inventory: 91 90 195

Days on Market: 54 55 54

Median Price: $698,500 $675,000 $755,000

Average Price: $950,475 $842,822 $931,245

Home Sales: 379 369 304