How’s the Market – San Mateo – 03.24.2012

The real estate market has really warmed up this month and we’re seeing tons of buyers but not enough sellers.  If you know someone thinking of selling their home give us a call so we can talk to them.  Here’s a picture of what’s going on in San Mateo this week.

Prices have jumped up since the first of the new year and we are seeing a recovery in our local real estate market.  San Mateo is the largest city in our immediate area and as such has the broadest spread of housing prices from entry level to estate-type homes so when you look at the median price you’re covering a large territory and price spread.

Just like Foster City, there is a shortage of houses for sale.  It’s not as extreme but still, for a city of just under 100,000 people seeing about 140 houses for sale is a pretty small number.

The time it is taking for a house to sell has shorted just like the shortage of houses for sale.  Overall our area is just not like any other part of California or for that matter, the rest of the country so don’t listen to what the pundits are talking about when they say the housing market hasn’t recovered.  It sure has here.

If you want to move to San Mateo you’ll have to pay the price to do so.  If you’re coming from another part of the country you’re buying the dirt the house sits on not the house itself which is why the median price per square foot is so high.  Sorry but prices have always been like this in San Mateo County and it’s especially obvious today.

We are almost at a balanced market today.  The median market index for San Mateo is a 22 and 30 is a balanced market, neither a buyer’s or seller’s market.  If things keep on going like this we’re going to see a total recovery and hit that magic 30 number some time this summer.  That’s as long as things keep humming around here.

If you’re in the market to buy a home don’t think things will get any better because they probably won’t.  The only major in-fill of construction scheduled for San Mateo is at Bay Meadows and that’s not started yet and might not for a while.  What we have in  housing stock is it.  San Mateo is right in the middle of the Peninsula making it a great spot for commuters to live.  Equal distance to downtown San Francisco and downtown San Jose.  Mild weather.  Close to the beach, to the bridge across the bay for those needed to do a reverse commute.  Vibrant downtown.  Nearby to SFO.  What more could you ask for?  Need help finding that home?  Call us at six five zero, eight six seven, two nine zero nine.   Here’s a sample of what’s for sale in San Mateo right now.

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