Millbrae, CA

It is apparent that below $400000 , the sales are very brisk and the supply cannot even catch up with the demand. However above 3 million, we have a glut of homes . Out of 138 total listings only 22 were listed as sales thus we have now a supply of 6 months which is not as bad as in Santa Clara for the high priced market where we have a 13 month supply of homes above 3 Million.The reason for this is that financing is not as easy to get as banks are very gun shy.Already burnt badly , they do not want to take a chance.Already Bank of America is going to reduce Conforming loan limit from July 1 even though FHA loan limits are not going to change till Oct. 1, 2011

San Mateo County	For The Month of May, 2011
Single Family Homes
Range	Active	Pending Sale	Ratio
3 Million to 30 Million	116	22		5.27
2 Million to 3 Mil	75	18		4.17
1Mil to 2 Mil	291	147		1.98
900k to 1 Mil	82	39		2.10
800k -900K	87	53		1.64
700K to 800K	110	74		1.49
600K-700K	116	71		1.63
500K-600K	162	117		1.38
400K-500K	206	199		1.04
300K-400K	100	117		0.85
200K-300K	29	99		0.29
100K-200K	4	21		0.19

Millbrae, California , a Great Place for Real Estate

Millbrae features all the classic composites of the typical peninsula town: sunny most days, good public schools, commuter access and the classic downtown ‘main street', with restaurants and shopping.

The majority of its downtown restaurants are of Asian cuisine; whether it be Dim Sum, Vietnamese or Japanese. Try Zen Bistro for cool décor, happy hour, and a central location on the main street of Broadway. Further down the block on Broadway you will find the local cobbler, the independent grocer, and variety of locally owned businesses, all lending to the feeling of small-town America.

The lovely tree-lined streets in lower Millbrae Highlands are filled with classic homes originally built in the late 1930's through the late 1950's. As a 1939 marketing brochure for the area claims, the Highlands are ‘your place in the Sunshine'

Many of these original homes have been renovated, expanded, and updated to accommodate modern families while retaining their original character. Highly acclaimed for its public schools, this desirable area of Millbrae Highlands is dotted with top rate schools; Mills High School,(with API score of 837), Taylor Middle Schools (API 839), and Meadows Elementary (API 840).

Millbrae offers small town hominess, classic residential neighborhoods, great schools, and easy commutes to the greater Bay Area via BART, SAMTRANS or freeways.

There are six open houses scheduled in Millbrae on Sunday January 10, 2010, at the time of this writing. Here is a list of these open houses for you:

• 458 Hazel Avenue, $1,595,000, open house from 1 to 4
• 1040 Ridgewood Drive, $1,250,000, 1 to 4
• 1120 Oakwood Drive, $1,099,000, 1 to 4
• 803 Banbury Lane, $965,000, 2 to 4
• 970 Evergreen Way, $899,900, 1 to 4
• 427 Anita Drive, $799,900, 2:30 to 4

Millbrae is one of the coveted cities within our market, with great schools, a lively downtown and easy access to both US 101 and 280. Sitting near SFO, at the hub of BART and featuring great weather, what's not to like? How about the median price for a single family home? Hum, yes, that could be an issue in today's market, especially when it's been going up and not down like so many hope for. Altos Research's report for last week's real estate market shows the median priced home was $1,122,500 for a 58 year old 3 bedroom 2 bath home sitting on the usual 6000 sqare foot lot. This isn't a huge house, since it's likely to be around 1600 square feet.

The median price is trending upward and has been for several weeks. Now, what's median today will change next week since it depends on what's on the market for that week, but with an average list price of $1,191,493 it's not likely we will see much of a shift in the summer selling season.

Looking at the Market Action Index, with the red line the delineator between a Buyer's Market and a Seller's Market, Millbrae sits at 20, a Cool Buyer's Market with trends upward. As you can see, bottom was earlier this year and hopefully we are past it for good.

So what does all of this mean to you? If you live in Millbrae it's good news since your property may not have lost value. If you're a buyer, you missed the bottom on the market. If you're a bargain hunter, and want to buy a home later this year, wait until November or December or January when there are fewer people competing to buy and prices are traditionally low. In other words, you missed the bottom of the market. Money for lending is still pretty cheap historically, and if you can qualify for a loan, move on it now and buy now. Prices aren't going down around here and money will possibly cost more in the future.

Want the full report on Millbrae or any of the 6 other cities we follow? Just ask me.