Burlingame Real Estate - The Wilkas Group » San Mateo market report

The 2011 San Mateo Real Estate Market Report

lenorewilkas — Wed, 18 Jan 2012 08:34:24 +0000

The city of San Mateo is the largest city in our immediate area and has the most number of homes for sale during any one year. The 2011 San Mateo Real Estate market saw 596 single family homes sold. The average days on the market for these houses to sell was 56. Not bad considering the news reports we hear and read daily tell us about nightmares in other parts of the county. Who do you want to listen to? The news or me, your local eyes and ears on the ground in our area? That should be no brainer, folks!

The median price for a San Mateo house selling in 2011 was $805,138. That’s for the city of San Mateo not the county. The median price for all of California homes sold in December 2011 was $304,770. The 2011 statewide median prices haven’t been published yet, but this is a good number for comparison. San Mateo County is unique to California. It’s unique to the US housing market. It is not what you are hearing about on television, from the radio, on the internet or in print whether that’s a newspaper or magazine.

The average price of a housing being listed in San Mateo was $839,380
The average list price, which is the last price in the MLS when an offer comes in was $819,414
The average sale price was $807,135.
The most expensive sale in 2011 was $3,330,000
The least expensive sale in 2011 was $257,250.
The sales prices were averaging between 96% and 99% of the list price.

Why is this happening here and not other places in California? There are a couple of reasons. San Mateo County has little land for housing but lots of vacant land. It’s built out and sits between San Francisco and Santa Clara Counties. We have a vibrant tech community and businesses are generally doing well. There is a shortage of housing here, and always has been. If you want to live here you pay more to do so.

The condo market in San Mateo is large and prices vary significantly from entry level to luxury for people down sizing. There were 317 condos or townhouses sold in 2011 in San Mateo. Because of the way the Multiple Listing Service combines townhouses with condos, not everything is truly a condo in the 317 count. Many of these may also be townhouses that sit on land that is owned by the homeowner and not part of a condo community.

It took an average of 102 days to sell one of these homes (condos and townhouses). This is considerably longer than other communities in our area and that’s likely due to the shear number in the city as well as the larger number of entry level units. Condos generally take longer to sell in comparison to either townhouses or houses.

The average price was $389,705 and the median price was $340,000
The most expensive condo was $1,378,000 and there were 2 others that sold for over a million dollars
There were 5 that sold between $800,000 and $1 million
The average sold price for the city was $390,263
The sales prices were between 92% and 96% of list price but we did see some sell above asking price

We’re here to tell you more about our local real estate market and tell it like it really is. Are there bargins out there? Well, if you search hard enough, you do see a few. We are seeing short sales but there are few bank owned out there and when the bank owned properties do come on the market the banks are now fixing them up and pricing them at market price. It’s very hard to find a real deal in our area. It’s not something you can do without the help of a seasoned Realtor so give us a call and talk with us about your wants and needs and let us help you.

Above all else, you must be pre-approved before starting your buying process. The banks are making everyone jump through hoops so be prepared and be ready.

Here some of the current houses for sale in San Mateo

Showing properties 1 - 5 of 72. See more city of San Mateo real estate.
(all data current as of 5/25/2012)

$599,950 : 1512 Dix St, San Mateo

4 beds, 3 full baths

Home size: 1,800 sq ft

Lot size: 5,000 sqft

Year built: 1954
$1,699,961 : 766 27th Av, San Mateo

4 beds, 3 full, 1 part baths

Home size: 3,000 sq ft

Lot size: 7,860 sqft

Year built: 1948
$1,198,000 : 554 Maple St, San Mateo

3 beds, 2 full, 1 part baths

Home size: 1,970 sq ft

Lot size: 5,671 sqft

Year built: 1950
$658,000 : 1204 S Grant St, San Mateo

2 beds, 1 full bath

Home size: 1,010 sq ft

Lot size: 4,500 sqft

Year built: 1946
$975,000 : 35 Lundys Ln, San Mateo

3 beds, 2 full baths

Home size: 1,360 sq ft

Lot size: 12,320 sqft

Year built: 1959

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Here are some of the current condos or townhouses for sale in San Mateo

Showing properties 1 - 5 of 47. See more city of San Mateo real estate.
(all data current as of 5/25/2012)

$470,000 : 2283 Vista Del Mar, San Mateo

2 beds, 2 full baths

Home size: 1,211 sq ft

Year built: 1986
$275,000 : 821 N Humboldt St #306, San Mateo

1 bed, 1 full bath

Home size: 693 sq ft

Year built: 1965
$299,000 : 1705 Palm Av #7, San Mateo

1 bed, 1 full, 1 part baths

Home size: 802 sq ft

Year built: 2007
$435,000 : 876 Wharfside Rd, San Mateo

1 bed, 1 full, 1 part baths

Home size: 1,150 sq ft

Year built: 1979
$369,000 : 815 N Humboldt St #414, San Mateo

2 beds, 1 full bath

Home size: 903 sq ft

Lot size: 24 sqft

Year built: 1965

Listing information deemed reliable but not guaranteed. Read full disclaimer.

April 2011 Market Report: San Mateo CA

lenorewilkas — Wed, 11 May 2011 16:44:49 +0000

San Mateo is the 2nd most populous city in San Mateo County with around 97,000 residents. What goes along with the size of the city is the dramatic difference in housing and prices. From entry level houses to huge estate sized homes, one can find almost anything in their price range. There’s a large assortment of condos, a sprinkling of townhouses, and lots and lots of single family houses, many built after WWII. Central in the county it’s a great commute location for north or south cities on the Peninsula.

The housing market has improved over the past year, which is great news for current homeowners and people looking to buy today. Altos Research showed that last week prices had a dramatic spread, from a low of $249,000 to a high of $3.8 million. Believe me when I tell you that $249,000 house is tiny and in a rather bad location, but it’s a stand alone house built in the 1930′s when it once was a darling home.

Here’s the snapshot of last week’s condo and townhouse listings in San Mateo. Like the houses, prices vary dramatically from a studio apartment to a glamorous high rise condo with views forever.

Here’s the MLS report I’m doing this year for San Mateo. The market is warming up and prices are too. San Mateo County has a housing shortage and rentals are being snapped up and rents are rising dramatically. If you think you can’t afford to buy you may be surprised that you can. We can help you figure that out pretty quickly. Why pay someone else’s mortgage when you can take advantage of the tax advantages home ownership offers?

Here’s some of what’s available for sale in San Mateo today. If you see something you want more information about please call us or drop us an email. We’ll be happy to get you more info and show it to you.

Showing properties 1 - 30 of 128. See more city of San Mateo real estate.
(all data current as of 5/25/2012)

$599,950 : 1512 Dix St, San Mateo

4 beds, 3 full baths

Home size: 1,800 sq ft

Lot size: 5,000 sqft
$1,699,961 : 766 27th Av, San Mateo

4 beds, 3 full, 1 part baths

Home size: 3,000 sq ft

Lot size: 7,860 sqft
$1,198,000 : 554 Maple St, San Mateo

3 beds, 2 full, 1 part baths

Home size: 1,970 sq ft

Lot size: 5,671 sqft
$658,000 : 1204 S Grant St, San Mateo

2 beds, 1 full bath

Home size: 1,010 sq ft

Lot size: 4,500 sqft
$975,000 : 35 Lundys Ln, San Mateo

3 beds, 2 full baths

Home size: 1,360 sq ft

Lot size: 12,320 sqft
$1,089,000 : 426 Heather Ln, San Mateo

3 beds, 2 full baths

Home size: 1,480 sq ft

Lot size: 6,500 sqft
$470,000 : 2283 Vista Del Mar, San Mateo

2 beds, 2 full baths

Home size: 1,211 sq ft
$1,368,000 : 500 Castilian Wy, San Mateo

3 beds, 2 full, 1 part baths

Home size: 1,650 sq ft

Lot size: 5,350 sqft
$450,000 : 857 Ada St, San Mateo

3 beds, 1 full bath

Home size: 1,000 sq ft

Lot size: 5,000 sqft
$699,000 : 2129 Ensenada Wy, San Mateo

2 beds, 2 full baths

Home size: 1,710 sq ft

Lot size: 8,448 sqft
$583,000 : 2319 Armada Wy, San Mateo

2 beds, 2 full, 1 part baths

Home size: 1,223 sq ft
$575,000 : 1021 E 3rd Av, San Mateo

5 beds, 2 full baths

Home size: 2,330 sq ft

Lot size: 7,056 sqft
$445,000 : 845 Highland Av #2, San Mateo

2 beds, 1 full, 1 part baths

Home size: 1,336 sq ft
$499,000 : 224 Lindbergh St, San Mateo

3 beds, 1 full bath

Home size: 1,110 sq ft

Lot size: 4,400 sqft
$529,900 : 1759 Cottage Grove Av, San Mateo

3 beds, 1 full bath

Home size: 1,000 sq ft

Lot size: 5,250 sqft
$2,195,000 : 525 Fairfax Av, San Mateo

4 beds, 4 full, 1 part baths

Home size: 3,500 sq ft

Lot size: 7,680 sqft
$275,000 : 821 N Humboldt St #306, San Mateo

1 bed, 1 full bath

Home size: 693 sq ft
$519,000 : 215 N Kingston St, San Mateo

2 beds, 1 full bath

Home size: 1,380 sq ft

Lot size: 5,000 sqft
$678,000 : 2915 Fernwood St, San Mateo

2 beds, 1 full bath

Home size: 1,060 sq ft

Lot size: 5,040 sqft
$650,000 : 1707 Eleanor Dr, San Mateo

3 beds, 2 full baths

Home size: 1,400 sq ft

Lot size: 5,000 sqft
$299,000 : 1705 Palm Av #7, San Mateo

1 bed, 1 full, 1 part baths

Home size: 802 sq ft
$499,900 : 1644 S Norfolk St, San Mateo

3 beds, 2 full baths

Home size: 1,410 sq ft

Lot size: 5,814 sqft
$406,000 : 1016 Norton St, San Mateo

3 beds, 2 full baths

Home size: 1,110 sq ft

Lot size: 7,500 sqft
$499,000 : 3821 Edison St, San Mateo

2 beds, 1 full bath

Home size: 1,040 sq ft

Lot size: 5,490 sqft
$435,000 : 876 Wharfside Rd, San Mateo

1 bed, 1 full, 1 part baths

Home size: 1,150 sq ft
$369,000 : 815 N Humboldt St #414, San Mateo

2 beds, 1 full bath

Home size: 903 sq ft

Lot size: 24 sqft
$849,000 : 111 Saint Matthews Av #307, San Mateo

3 beds, 2 full baths

Home size: 1,801 sq ft
$248,000 : 2425 S Norfolk St #306, San Mateo

1 bed, 1 full bath

Home size: 690 sq ft
$639,000 : 3659 San Benito St, San Mateo

3 beds, 1 full bath

Home size: 1,440 sq ft

Lot size: 5,000 sqft
$699,000 : 251 N Claremont St, San Mateo

2 beds, 3 full baths

Home size: 1,070 sq ft

Lot size: 5,175 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

How’s the Market in San Mateo – 2.4.11?

lenorewilkas — Fri, 04 Feb 2011 18:21:28 +0000

San Mateo is the largest city in our County with over 90,000 people and of course that means the most houses. Hold your hats here, we’re talking about over 25,000 homes just in San Mateo and they offer the greatest spread of prices, too. From entry level condos and houses to homes as grand any many in Hillsborough. The chart above shows price verses inventory (number of homes for sale) for all of 2010 and January of 2011. There’s a tiny uptick in price in January, which is to be expected since the end of the year is always when prices decline significantly because the homes for sale during the holidays are the ones that must be sold for a multiple of reasons.

Since I’m starting a monthly trending of what’s happening in the city for both houses and condos, here’s the January snapshot. I can drill down to neighborhoods for anyone who wants more information but you’ll have to ask me for that. The average price for a home in San Mateo is $761,599 and for a condo or townhouse is $465,421.

Here is what took place from the first of the year. There were 109 single family homes for sale and 126 condos or townhouses. We saw 81 homes and 49 condos or townhouses go into contract and becoming pending sale. Only 9 homes closed escrow in January and 1 condo or townhouse closed. This isn’t a worrisome amount because they were under contract at the end of 2010, the slowest period of real estate in the year.

Here’s a snapshot of what’s for sale in San Mateo now. First will be homes then will be condos. If you see anything you like give us a call at 650-696-2820 for a showing,.

Showing properties 1 - 15 of 72. See more city of San Mateo real estate.
(all data current as of 5/25/2012)

$599,950 : 1512 Dix St, San Mateo

4 beds, 3 full baths

Home size: 1,800 sq ft

Lot size: 5,000 sqft
$1,699,961 : 766 27th Av, San Mateo

4 beds, 3 full, 1 part baths

Home size: 3,000 sq ft

Lot size: 7,860 sqft
$1,198,000 : 554 Maple St, San Mateo

3 beds, 2 full, 1 part baths

Home size: 1,970 sq ft

Lot size: 5,671 sqft
$658,000 : 1204 S Grant St, San Mateo

2 beds, 1 full bath

Home size: 1,010 sq ft

Lot size: 4,500 sqft
$975,000 : 35 Lundys Ln, San Mateo

3 beds, 2 full baths

Home size: 1,360 sq ft

Lot size: 12,320 sqft
$1,089,000 : 426 Heather Ln, San Mateo

3 beds, 2 full baths

Home size: 1,480 sq ft

Lot size: 6,500 sqft
$1,368,000 : 500 Castilian Wy, San Mateo

3 beds, 2 full, 1 part baths

Home size: 1,650 sq ft

Lot size: 5,350 sqft
$450,000 : 857 Ada St, San Mateo

3 beds, 1 full bath

Home size: 1,000 sq ft

Lot size: 5,000 sqft
$699,000 : 2129 Ensenada Wy, San Mateo

2 beds, 2 full baths

Home size: 1,710 sq ft

Lot size: 8,448 sqft
$575,000 : 1021 E 3rd Av, San Mateo

5 beds, 2 full baths

Home size: 2,330 sq ft

Lot size: 7,056 sqft
$499,000 : 224 Lindbergh St, San Mateo

3 beds, 1 full bath

Home size: 1,110 sq ft

Lot size: 4,400 sqft
$529,900 : 1759 Cottage Grove Av, San Mateo

3 beds, 1 full bath

Home size: 1,000 sq ft

Lot size: 5,250 sqft
$2,195,000 : 525 Fairfax Av, San Mateo

4 beds, 4 full, 1 part baths

Home size: 3,500 sq ft

Lot size: 7,680 sqft
$519,000 : 215 N Kingston St, San Mateo

2 beds, 1 full bath

Home size: 1,380 sq ft

Lot size: 5,000 sqft
$678,000 : 2915 Fernwood St, San Mateo

2 beds, 1 full bath

Home size: 1,060 sq ft

Lot size: 5,040 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Showing properties 1 - 15 of 56. See more city of San Mateo real estate.
(all data current as of 5/25/2012)

$470,000 : 2283 Vista Del Mar, San Mateo

2 beds, 2 full baths

Home size: 1,211 sq ft
$583,000 : 2319 Armada Wy, San Mateo

2 beds, 2 full, 1 part baths

Home size: 1,223 sq ft
$445,000 : 845 Highland Av #2, San Mateo

2 beds, 1 full, 1 part baths

Home size: 1,336 sq ft
$275,000 : 821 N Humboldt St #306, San Mateo

1 bed, 1 full bath

Home size: 693 sq ft
$299,000 : 1705 Palm Av #7, San Mateo

1 bed, 1 full, 1 part baths

Home size: 802 sq ft
$435,000 : 876 Wharfside Rd, San Mateo

1 bed, 1 full, 1 part baths

Home size: 1,150 sq ft
$369,000 : 815 N Humboldt St #414, San Mateo

2 beds, 1 full bath

Home size: 903 sq ft

Lot size: 24 sqft
$849,000 : 111 Saint Matthews Av #307, San Mateo

3 beds, 2 full baths

Home size: 1,801 sq ft
$248,000 : 2425 S Norfolk St #306, San Mateo

1 bed, 1 full bath

Home size: 690 sq ft
$247,000 : 1 Baldwin Av #515, San Mateo

1 bed, 1 full bath

Home size: 800 sq ft
$429,000 : 1632 Vista Del Sol #7, San Mateo

2 beds, 2 full baths

Home size: 1,070 sq ft
$265,000 : 3050 Los Prados St #9, San Mateo

2 beds, 2 full baths

Home size: 900 sq ft
$599,500 : 1113 Yates Wy, San Mateo

2 beds, 2 full, 1 part baths

Home size: 1,254 sq ft
$719,000 : 13 Tollridge Ct, San Mateo

3 beds, 2 full, 1 part baths

Home size: 1,920 sq ft

Lot size: 1,260 sqft
$230,400 : 711 S Bayshore Bl #7, San Mateo

2 beds, 1 full bath

Home size: 740 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Market Comparisons 2010 v 2009: Burlingame, Hillsborough, San Mateo and Foster City CA

lenorewilkas — Wed, 15 Dec 2010 22:51:44 +0000

We are often asked “how’s the market doing?” when we see old clients. They’re curious about their own property values, and assume they’ve gone down substantially. Some time they’re right. Some times they’re wrong, they’re down but no where near the drop they thought. It depends. It depends on where they live. It depends on when they bought. It depends on many things.

Here’s a snapshot of the market over the past two years for our Four Cities. The charts are for Median Price versus Inventory for 2009 and 2010. It’s rather interesting to see this snapshot of how the market looked.

Here’s Burlingame. Median Price 2010 is in Black. Inventory 2010 is in Orange. Median Price 2009 is Green. Inventory 2009 is Blue. A picture is worth a thousand words and as you can see the 2010 inventory is a little higher than 2009 and the median price is down. This, friends, is a Burlingame Buyer’s Market.

Here’s Hillsborough. Colors are the same as Burlingame’s. 2010 Inventory is substantially higher than 2009 and median price has gone up, a little, but it’s higher than in 2009. What’s so fascinating about this chart is the dramatic drop in price that took place in 2009 versus 2010, where prices were somewhat stable. The big ticket homes in Hillsborough, the ones in the $10,000,000 and above range obviously weren’t sold within the past two years or the median price would have been affected. It’s a Buyer’s Market in Hillsborough California.

Here’s San Mateo. For comparison sake I’m only showing the single family homes. This is one interesting chart. San Mateo is the second largest city in San Mateo County. There are houses at the bottom of the price spectrum and houses as costly as many in Hillsborough. The Median Price in black for 2010 versus 2009 in green is dramatic and so is the inventory of houses for sale. In 2009, in blue, versus 2010, in orange. The selection of houses is large, and the price is down. It’s a Buyer’s Market in San Mateo.

Finally, let’s see Foster City. Like it’s sister cities, the Median Price was substantially lower in 2010 and Inventory substantially higher. It’s a Buyer’s Market in Foster City, too.

What you’re seeing are the actual market statistics for the four Mid-Peninsula we cover. It’s a Buyer’s Market and there are a lot of great properties for sale. In fact, as the year winds to an end, each one of these houses is truly on sale. People listing homes this time of the year want to sell and are willing to negotiate. Negotiation is the key word today. What the asking price is, isn’t generally what the selling price is.

Year-end Look at San Mateo CA Market

lenorewilkas — Fri, 01 Jan 2010 02:31:12 +0000

I am a full believer that pictures say more than words do. I just ran a report to see how the market has been in San Mateo for single family and condo/townhouses this past year. San Mateo has about 90,000 people living in it making it the second largest city in the county. Prices run from entry level condos and houses into many millions of dollars for a huge house. In the early part of the year past, the banks would not lend to anyone trying to buy a house that required what they like to call a jumbo-jumbo loan, the high end of the market tanked. After arm twisting by the Fed and the administration in Washington DC, the banking wallets opened up and we began to see these loans offered once again. This made the high end of the market warm up and we saw some action.

We’re looking first at single family houses sold between November 2008 and November 2009. Sorry, I won’t have the December data until next week so if you’d like to see it let me know and I’ll get it to you. The end of 2008 and into first quarter we were still seeing bank owned sales. They have diminished since then. We see some, but not a huge amount any longer. Does that mean they are gone from San Mateo? Doubtful. We all anticipate seeing many more short sales and bank owned (REO’s) in 2010. The Wilkas Group is prepared to help all of our clients with this kind of a market having taken specialized training to be able to guide both buyer’s and seller’s through the many different things that bank’s require. If you want to buy a short sale or REO, use an agent who understands how to navigate through the process.

2009 San Mateo CA single family houses for sale vs. median sold

What are we seeing here? The number of houses sold really didn’t change much for most of the early part of the year, because of the loan situation. FHA loans were the loan of choice for most people through the first half of the year. From mid-year though, we began to see the market warm up. The drop in November could be because of the usual decline of demand at year’s end when seller’s often remove their house from the market until the new year, and buyer’s are thinking about the holidays.

Let look at the Condo-Townhouse market in San Mateo.

One would expect to see more sales of condos as most of them are entry level purchases but many former condo buyers were able to buy a single family house this past year. What is interesting is that prices didn’t drop as dramatically in San Mateo as they did in other cities in the State. This shows some of the uniqueness of our County.

There is still a huge disparity in the number of condos and townhouses for sale verses those sold. It’s a strong buyer’s market for condos and many are very affordable. The number of sales has been pretty consistent all year long. There are many condos to select from as you can clearly see by the number for sale.

Market Report: San Mateo CA 12.04.09

lenorewilkas — Fri, 04 Dec 2009 23:48:40 +0000

Last week San Mateo had 157 single family houses for sale and we are seeing a real market recovery here. It’s still a Buyer’s Market but it’s no where near what we were seeing months ago. The lowest priced property was $339,000 and the highest $2,295,000. Listings are staying on the market about 62 days or 2 months, which is a normal, I repeat, normal market. The number of listings has dropped, but this is likely seasonal. Being the largest city in our area, the prices vary widely and neighborhoods are distinct and in some cases quite beautiful.

90-day stats for Single Family properties in SAN MATEO, CA as of May 18, 2012
Median List Price:	$637,398	Average List Price:	$750,477
Total Inventory:	137	Price per Square Foot:	$446
Average Home Size:	1,466	Median Lot Size:	5,477
Average # Beds:	3.20	Average # Baths:	2.07
Homes Absorbed:	19	Newly Listed:	17
Days on Market:	98	Average Age:	63

It’s taking longer to sell right now. The reason is often because fewer are seeking to look during the holidays. What we know for sure is you can get a loan to buy, if you qualify. This is much better than it has been so if you want to buy in the high end of San Mateo’s market, you have a good chance of getting a loan today. Not so earlier this year. Thank you TARP. If you are one of the many who wants to use an FHA loan, be aware that there are major changes coming next week. Your FICO score mus be 620 or greater beginning December 12. There is discussion of FHA requiring more than the current 3 1/2% down in the near future and moving it up to 5%. If you are cash strapped but qualify for an FHA loan don’t wait too long or you may be locked out of the program.

The market in San Mateo clearly bottomed out at the beginning of 2009 and has moved up since. There is a nice recovery now and if you own a home in San Mateo and want to apply to have your property taxes lowered, you still have some data available to show your case, but don’t wait too long because prices have almost recovered to 2006 levels, which was just prior to the “crash”. If you want more details than this, pop us an email and we’ll be happy to send you a full report.

Check Out Some Homes Currently For Sale in This Area

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San Mateo Condo Report – 07.17.09

lenorewilkas — Fri, 17 Jul 2009 19:30:08 +0000

Last week the City of San Mateo had 129 condos or Class 2 properties for sale. This was an increase over previous weeks. These condos are taking about 142 days to sell, which isn’t really much different than many houses are taking. The Median price was $479,500 and this was for a 2 bedroom, 2 bath 29 year old condo. The most expensive condo for sale last week was listed at $2,980,000 and the least expensive was $217,888. The Median Price for all was $559,811. Prices are more stable for condos then for houses as only about 1/3 of all listings are seeing price reductions.

As in single family houses, the quartiles divides the market according to price and price determines size and amenities. The more expensive the condo the longer it will take to sell because there are fewer people out there buying them. The top Quartile, 1, has traditionally held the empty nester buyer, the one who has sold their large home and is moving into a condo for convenience. Now that it’s harder to sell the family home, it’s harder to buy downward. Quartile 2, 3, and 4 are often first time buyers and these are the FHA buyers sit. There were 4 listings and 2 sales in Quartile 4, no sales in Quartile 2 or 3. Some of this is due to the lending market right now.

As you can see, the inventory for San Mateo Condos has been pretty consistent over the past 2 years ranging from about 100 to about 130 units for sale. This week we’re up but who knows what next week will hold. We saw 3 sell last week.

Prices are down dramatically from the high s in 2007 and San Mateo bottomed out the beginning of this year and had had a nice recovery and held it, too. There are some great buys out there but the real bargains are gone. There are currently 10 short sales and 2 bank owned out there and these are only in the bottom quartile of the market, too.

The condo market has bounced along the bottom of the market for 2 years. There are some good buys out there in some very nice places. There are also some over priced condos sitting on the market. If you’re a condo buyer let me know and I can send this to you weekly.

94403 Market Report – 7.16.09

lenorewilkas — Fri, 17 Jul 2009 00:10:16 +0000

The final zip code for San Mateo is 94403, which covers the southern half of the city from highway 92 south to Belmont and across 101 into Parkside. Last week there were 75 houses for sale and 7 houses sold. The Median priced house was $810,00 that house was about 58 years old, 3 bedrooms and 2 baths and on a lot around 5500 square feet. The number of days to sell has remained steady and the Median price has dropped over the past weeks. The Average Priced house was listed at $845,472 and the spread for houses went from a low of $399,000 to a high of $2,450,000 and that one is on the water with a dock, pool and loads of upgrades.

Each zip code has its market divided into quartiles and the 94403 area is no exception. One of the first things you can notice when looking at the data is that houses are selling faster in this zip. Quartile 1 has 18 houses for sale and saw one new listing and one sale last week. These are the largest and most expensive houses in 94403. They’re not in any one area either unlike 94402. Quartile 2 are the move-up houses for buyers moving into larger houses from entry level or condos. The Median Price is $879,000 and we saw 19 houses in this Quartile for sale last week, with 3 new listings and 1 sale. Quartile 3 had a lot of activity and these are often first time houses for people. There were 19 for sale in this Quartile, 2 new listings, 2 sold and this Quartile sells the fastest in all of San Mateo averaging 45 days on the market. This is a hot price level. The last Quartile, 4, are the entry level houses with Median prices around $550,000. There were also 19 for sale, 1 new listing and 3 sold. The 94403 zip code is the most active.

Looking at the Inventory chart is like watching the stock market, up – down- up – down and since the first of the year we’ve seen more and more houses come on the market for sale. This zip has a lot of houses that are move-up for buyers either buying or selling their house.

The median price dipped at the first of this year and has gone back up except for the 4th of July weekend where it dipped a little and now appears to be rebounding. Prices have been pretty level for quite a while and out of the 75 houses for sale last week we had 8 short sales and only 2 bank owned. This market is appears to be pretty stable.

The 94403 zip code has been bouncing along the bottom of the market for a long while with some weeks up and some down but there does appear to be a little trend upwards. Altos Research still calls it a Cold! Buyer’s Market but at 18 it’s moving closer to that magic number of 20 where it becomes a cool market. Keep watching to see where it goes next week. If you’re interested in this market you can get your own data weekly, just ask for it.

94402 Market Report – 07.15.09

lenorewilkas — Thu, 16 Jul 2009 02:58:17 +0000

The 94402 zip code has the most expensive houses in San Mateo. It also has many that are in the least expensive category, too, but not as many as the former. The most expensive house for sale in San Mateo last week, one sitting in San Mateo Park, was listed for $2,795,000. In fact the the 5 most expensive houses, all above $2 million are in San Mateo Park a beautiful area filled with huge trees, round-abouts, no sidewalks and large, large lots. The Median Price last week for 94402 was $1,180,000 and this is a 63 year old house around 2000 square feet on at 7500 foot lot, likely 3 bedrooms and 2 baths and totally redone. The Average Price for this area is $1,251,470 and the least expensive house in 94402 was $418,800, and it’s gone this week. There were 7 houses sold, but the average time on the market is going up to 126 days, over 4 months.

Quartile 1 has the San Mateo Park houses some that were built before 1900 and are historical in nature. There were 2 houses sold here. This area sees houses selling the fastest for 94402. Quartile 2 features Baywood, Aragon, Baywood Knolls and houses that have what we call, curb appeal and character. There was 1 listing in this Quartile and 2 sales. Quartile 3 covers the Highlands and some of Hayward Park with a spread in architecture from Eichler to 1930′s bungalow. There were 2 sales in this Quartile and no new listings. The houses are generally smaller in square footage than the top to Quartiles but some of the Highland lots are very large. Quartile 4 encompasses most of Sunnybrae and some of San Mateo Park for entry level house, many redone and very cute. We saw 1 listing here and 1 sale last week.

Like other parts of San Mateo, inventory is at it’s high for the year and especially for the past 4 years. These houses are often very expensive, two income properties and there could be some Alt-A loans coming due that can’t be refinanced due to financial issues for the owners. This is the zip code we anticipate seeing short sales and possible foreclosures by year’s end. Keep watching this because you might be able to buy a fantastic house in a fantastic area for 2006 prices. There are only 4 short sales and 2 bank owned listings right now, and these are in the lower Quartiles.

When inventory goes up, we usually see prices go down but not so in the 94402 zip code. Prices have remained very steady over the past year. They didn’t dramatically drop during the holidays either. This is due to the upper Quartiles and the neighborhoods these houses are in. People are willing to pay for them.

My final chart is the Market Action Index and it is moving up after hitting bottom around March of this year. Altos Research says 94402 is at 17, still a Cold Buyer’s Market, but heading in the right direction after a long time below 20. Hopefully this means the market is rebounding and that can only happen if the lenders are willing to lend jumbo-jumbo loans to buyers desiring this zip code. Yes, banks are lending but it’s hard to get those loans unless you have stellar credit and a high FICO score. 94402 is “the” zip code to live in, with many parts of it allowing homeowners to walk to downtown Burlingame (San Mateo Park) or downtown San Mateo (Baywood and Aragon). Good schools, easy access to freeways and public transit makes this a great place to live. If you’d like to follow the 94402 zip code weekly let me know.

94401 Market Report – 07.14.09

lenorewilkas — Wed, 15 Jul 2009 00:12:46 +0000

When we begin to slice and dice data about the City of San Mateo’s real estate we do it by zip code rather than the real estate areas. I go deeper for some neighborhoods but today is the 94401 Zip Code’s turn. This area sits around downtown and then runs across 101 east to Shoreview with Coyote Point at the north and south to about Kehoe. These are mostly small, entry level single family homes. Last week the 94401 area had 39 houses for sale and 2 sales. The least expensive house, really a tear down, is listed at $299,000 and yes, it is a Short Sale. The most expensive house was listed at $1,550,000 and is a historical mansion near downtown. The Median Priced house was $549,900 and the Average Priced was $629,027. It’s now taking a little less than it has been recently for a house to sell in this zip, 138 days. What do you get for this money? It’s a 3 bedroom 1 bath house built about 60 years ago on a 5000 foot lot. It’s often in need of repair, updating or other issues as this was ground zero for Short Sales and Bank Owned real estate for San Mateo all last year and still has the most for the city, 9 short sales and 5 Bank Owned.

All research that I get from Altos Research provides Quartile dicing and even this zip, 94401, is divided into Quartiles. The Top Quartile, 1, has the most expensive houses and these are a mixed bag of houses. Besides the 102 year old mansion, are two newly built houses on a shared lot, and a couple of older houses that have been improved dramatically for their neighborhoods and nothing sold in this Quartile last week. Quartile 2 and Quartile 3 have houses about the same size, bedrooms, bathrooms and lot sizes but location affects price and saw only 1 sale in Quartile 2. The final Quartile, 4, has the smallest and oldest houses in the 94401 zip and they had one sale last week.

Last year was the peak year for sales in 94401 and now the inventory has dropped to about 40 houses each week, a few more or less but the inventory has been declining all year. That’s a good sign and means the neighborhoods are going to stabilize.

Along with the decline in inventory we’re seeing a rise in price due to the lack of bank owned sales here and hopefully, the market will remain improved. If you were one of those people out there trying to time the market for bottom, it’s too bad because you can clearly see that happened around the turn of the year, when it is always the time of the year we see the lowest prices.

Now here’s the good news, 94401 is now a Cool Buyer’s market and that’s the first of the San Mateo zip codes to move up to that in almost 2 years. Whoo Hoo!! Altos Research tells me this zip code is now at sitting at 20 in the Market Action Index. The red line, sitting squarely at 30, is the delineator between a Buyer’s or a Seller’s market. Keep watching this zip code because it might be the weathervane indicating how the market is doing in San Mateo overall.

Tomorrow come back for 94402.