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.