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.