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
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
LESS THAN 2 MONTHS LEFT!
"This workshop should be a prerequisite to home buying"
Buyer's WORKSHOP~Claim your 8K Tax Credit before it expires!
Successful Home Buying Secrets!
Sun. Oct. 18TH •
10:30 -12:30
A panel of experts including CPA, Loan Broker and top Peninsula Realtors will answer your questions.
Preseented by Carmen Miranda,Diamond Certified, Alain Pinel Realtors~www.carmenmiranda.com~650 598 2800~DRE No. 01065975 and Max Almalidis, Co-Presenter~650 740 0241~DRE No. 01506903
•Is Now a Good Time to Buy? Examine Where the market is today...and Where it is going?
•Are You Buying the Right House?
•Avoiding Real Estate Investing Pitfalls? 5 TIPS you need to know.
•BUYER SMARTS: Do I need a larger down-payment in today's lending market? How do new appraisal safeguards impact my purchase? What does an inspection cover?
•Making a Profit with a Fixer-Upper!
•and more... bring your questions!
INVITATION ONLY!
Seating limited.
Call for more information and future
workshop schedules and dates TODAY.
650.598.2800 or 650.740.0241
I was conducting research for clients looking to invest in the City of San Mateo on a desirable neighborhood (west side of El Camino) and was informed that a 2bd/2ba home had received 7 offers. I believe the offer accepted was well over the asking price and there was a back up offer. I am seeing this on specific homes that are priced well, in a favorable neighborhood in good condition. This high level of interest is caused by historically low~long term fixed interest rates, FHA financing with low down, soon to expire higher conforming limit (729K) and the soon to expire~first time buyer $8000 tax credit that doesn't need to be pay back to the feds.
For further information on San Mateo County's housing market..where is our Real Estate Market today (by City/Neighborhood) and the near term, as well as to receive invaluable information and resources from Loans, Tax Incentives/Credits to how to profit from Fixer Uppers...
Buyer's WORKSHOP~Claim your 8K Tax Credit before it expires!
Successful Home Buying Secrets!
Sun. Aug. 23rd •
11:00 -12:30
A panel of experts including CPA, Loan Broker, Inspector & top Peninsula Realtor will answer your questions.
Presented by Carmen Miranda,Diamond Certified, Alain Pinel Realtors~www.carmenmiranda.com~650 598 2800~DRE No. 01065975 and Max Almalidis, Co-Presenter~650 740 0241~DRE No. 01506903
•Is Now a Good Time to Buy? Examine Where the market is today...and Where it is going?
•Are You Buying the Right House?
•Avoiding Real Estate Investing Pitfalls? 5 TIPS you need to know.
•BUYER SMARTS: Do I need a larger down-payment in today's lending market? How do new appraisal safeguards impact my purchase? What does an inspection cover?
•Making a Profit with a Fixer-Upper!
•and more... bring your questions!
INVITATION ONLY!
Seating limited.
Call for more information and future
workshop schedules and dates TODAY.
650.598.2800 or 650.740.0241
Countdown LESS THAN 4 MONTHS LEFT!
"This workshop should be a prerequisite to home buying"
Buyer's WORKSHOP~Claim your 8K Tax Credit before it expires!
Successful Home Buying Secrets!
Sun. Aug. 23rd •
11:00 -12:30
A panel of experts including CPA, Loan Broker, Inspector & top Peninsula Realtor will answer your questions.
Preseented by Carmen Miranda,Diamond Certified, Alain Pinel Realtors~www.carmenmiranda.com~650 598 2800~DRE No. 01065975 and Max Almalidis, Co-Presenter~650 740 0241~DRE No. 01506903
•Is Now a Good Time to Buy? Examine Where the market is today...and Where it is going?
•Are You Buying the Right House?
•Avoiding Real Estate Investing Pitfalls? 5 TIPS you need to know.
•BUYER SMARTS: Do I need a larger down-payment in today's lending market? How do new appraisal safeguards impact my purchase? What does an inspection cover?
•Making a Profit with a Fixer-Upper!
•and more... bring your questions!
INVITATION ONLY!
Seating limited.
Call for more information and future
workshop schedules and dates TODAY.
650.598.2800 or 650.740.0241
I was conducting research for clients looking to invest in San Mateo County and was amazed to hear that a home priced in the low $400Ks had received over 70 (yes, seventy) offers. I believe the offer accepted was well over the asking price. From my 18 years of real estate experience, this is an indication that the housing market in the San Mateo County Region is well on their way to a full recovery in cetain price points and location within SMC. Yes, I understand some of you are saying some of these offers are 'investors'...but all seventy? Even with the number of investors in the buyer pool, these investors won't be in this market without the overwhelming demand from first time buyers. This maybe caused by the historically low~long term fixed interest rates, FHA financing with low down and the soon to expire~first time buyer $8000 tax credit that doesn't need to be pay back to the feds.
For further information on San Mateo County's housing market..where is our Real Estate Market today (by City/Neighborhood) and the near term, as well as to receive invaluable information and resources from Loans, Tax Incentives/Credits to how to profit from Fixer Uppers...
Buyer's WORKSHOP~Claim your 8K Tax Credit before it expires!
Successful Home Buying Secrets!
Sun. Aug. 23rd •
11:00 -12:30
A panel of experts including CPA, Loan Broker, Inspector & top Peninsula Realtor will answer your questions.
Preseented by Carmen Miranda,Diamond Certified, Alain Pinel Realtors~www.carmenmiranda.com~650 598 2800~DRE No. 01065975 and Max Almalidis, Co-Presenter~650 740 0241~DRE No. 01506903
•Is Now a Good Time to Buy? Examine Where the market is today...and Where it is going?
•Are You Buying the Right House?
•Avoiding Real Estate Investing Pitfalls? 5 TIPS you need to know.
•BUYER SMARTS: Do I need a larger down-payment in today's lending market? How do new appraisal safeguards impact my purchase? What does an inspection cover?
•Making a Profit with a Fixer-Upper!
•and more... bring your questions!
INVITATION ONLY!
Seating limited.
Call for more information and future
workshop schedules and dates TODAY.
650.598.2800 or 650.740.0241
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