The City of San Mateo’s single family real estate market was flat this past week. It’s still a Cold! Buyer’s Market and still bouncing along the bottom. Yes, we are at the bottom of the market and we have been there a long while. We are really bouncing along, one week up a little, the next week down a little, and so forth.
Last week there were 195 houses for sale and the Median Price for a single family house in San Mateo was $898,000 and that was a 3 bedroom, 2 bath, house about 59 years old. The average price for a San Mateo home last week was $1,023,029. We saw one house listed at a low of $375,000 – likely a Bank Owned house, and one listed at a high of $8,888,000 for an historical landmark home in the Park. 14 houses sold and almost half of all listings saw price reductions. Yes, the market is still in a flux and prices are fluid. What that means for a buyer is that the selling price is likely to be lower than the asking price.
Altos Research, the company supplying our data divides the housing market into quarters, or quartiles. Number One is the top tier, two the next tier and so forth. What this chart offers is a good snapshot of the various levels of pricing in San Mateo. The number of houses for sale is equal in each price range, the age is pretty much the same as well, but the average number of days on the market jumps significantly the lower the price point goes.
The Inventory of housing for sale is going up, not too suprising for Spring, but also because there are a lot of houses in the pre-foreclosure pipeline and we anticipate seeing some, if not many of them coming to market within the next few months in foreclosure. What will this mean for you if you’re looking to buy? Should you wait? Should you buy now? If you see the right house for your needs, do not wait to see if something else comes along later. Something new is always going to be there and if you wait too long, you may lose the amazing interest rates we have today. Believe it or not, lower interest rates trump lower house prices.
The question we get today is why isn’t pricing going down? As you can clearly see, the lowest prices we had seen in years were clearly there this year, but it’s too late for you, because they were in January and prices have gone up every week since. As the market heats up with pent up demand, and more housing to choose from, prices may stabilize but then again, they may not. San Mateo is a great city to live in and people want to buy here.
The final view of San Mateo’s real estate market is seen through this chart, the Market Action Index. Here’s the view that shows whether we’re in a Buyer’s market or a Seller’s market. We’ve been in the buyer’s market for about 18 months, and as you can see, we’ve been bounching along the bottom, up a little, down a little, but pretty much staying even for a long time. Yes, we are at the bottom of the market. If you are trying to time it, do it now because it could go up tomorrow. Don’t wait any longer to buy. Now’s the time to do it. We’re here to help, just click the Contact Us button on the left and send us your message. We are here to help you.