The 2011 San Mateo Real Estate Market Report

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

[idx-listings city=”San Mateo” propertytypes=”275″ orderby=”DateAdded” orderdir=”DESC” count=”5″ showlargerphotos=”true”]

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

[idx-listings city=”San Mateo” propertytypes=”328″ orderby=”DateAdded” orderdir=”DESC” count=”5″ showlargerphotos=”true”]

 

 

 

 

 

 

 

 

Moving? Know the value of your home …