94401, 94402, 94403
Like the single family homes in San Mateo, the price spread is wide. First we’re going to look at what’s happening with the condos and townhouses sitting in zips 94401, 94402, and 94403. Then we’ll talk about 94404 the area across 101 and next to Foster City. Last week there were 104 properties for sale ranging from a low price of $199,000 (yes, that’s the price) to a high price of $3,990,000. Obviously there’s a huge difference between the two! The median sized place has 2 bedrooms and 2 baths, is around 1100 square feet and about 28 years old.
The median price was $549,000 for this little 2 bedroom home. As you can clearly see we’re past the bottom of the market in price. If you wanted to time it, you needed to buy during Q1 of this year. Too bad for the buyer and a little better for the seller.
How Long Has it Been on The Market?
One of the key questions I’m asked by buyers is “how long has this been on the market?” It’s a great question because it helps to figure out price and whether to offer at asking or below. The Days on the Market or DOM has been rising lately. Why? Who knows. it could be fear on the part of buyers with all of the gloom and doom we hear from our news sources about the real estate market. They’re wrong about it. If you are seriously thinking about buying your first home, and it’s to be a condo, don’t wait. Congress has given you a gift of a tax credit for first time home buyers in 2008.
Lots to Choose From!
If you’re thinking about downsizing from a large home into one of the many luxury condos skirting downtown, this is a great time to do it. When we talk about the number of homes for sale we refer to them as “inventory” and right now it’s pretty good, although lower than the peak a year ago, there’s much to choose from.
Buyer’s Market or Seller’s Market?
It is a strong Buyer’s Market for condos or townhouses in San Mateo. right now the Market Action Index sits at 20. that’s better than it has been for most of this year, and it is rising, which is great news for sellers. The orange line sits at 30, the divider between Buyers and Sellers. We hit bottom around March of this year and have moved up wards since.
What is it about this zip code that people like? The proximity to the bay perhaps? This part of San Mateo is mostly condos sitting in Mariner’s Isle, Edgewater Isle and Harbortown. Although they are built townhouse style, they are condos none the less. There are townhouses that do sit right along the bay with docks below and wonderful views that sell for significantly more that what we are seeing on the market today. The least expensive condo was listed last week at $499,000 and the most expensive was $665,000. The median size is just under 2 bedrooms and 2 baths at 1100 square feet in size. These are generally about 25 years old.
The median price of an area changes with the number of homes for sale and prices on them at any one time. As you can see it’s been all over the place but right now it is $612,495.
How Long Has it Been For Sale?
Last week the average number of days on the market that a property sat was at 72, and moving up. As you can clearly see this is substantially less than it was earlier this year. We are really in a normal real estate market today and this allows you, as a buyer, the opportunity to really look around and consider your future home.
How Many Are There For Sale?
I love charts that look this this one! Look at the dramatic drop in the inventory of condos for sale in the 94404 zip! Wow, that’s impressive because there are only 6 to look at and choose from if this is the area you want to be in. This part of San Mateo is great to live in. It’s easy to get to 101 or 92 and the waterfront is a lovely place to run or walk. The complexes there all have major water features within their interior designs,too.
All real estate is local and within San Mateo, this area is sitting at the number 22 in this week’s Market Action Index that Altos Research produces for us weekly. This places the area as a Cool Buyer’s Market and as you can see it has been moving up wards for some time now.
Overall, this is a great time to buy a condo or townhouse in San Mateo. The market is getting stronger and although not at bottom, it’s still offering great buys. There is money out there to lend and the First Time Home Buyer’s Tax Credit to use if that fits your description. What are you waiting for?
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