There is a reason why I’ve always called San Mateo County “Fantasy Island” and this 2011 San Mateo County market snapshot is it. This chart is Altos Research’s 2011 price report for San Mateo County single family homes. When you hear that the housing market is stagnating or still dropping in price, do keep in mind that every single market is unique and ours is no exception. The market recovered in our area in 2011. The dip you see at the end of the year, around mid-December, is normal as homes are removed from the market because of the holidays.
This chart shows the Median price in the county. The county is made up of 19 cities. If you want to see the real time stats for any of our local communities please ask and we can provide them for you. Our research is almost real time, as it’s a week late by the time we get it and no one else can provide that kind of data to the market.
Here’s the condo and townhouse report for San Mateo County during 2011. In our local Multiple Listing Service (MLS) condos and townhouses are listed together. There is a difference, though, as most townhouses in the county sit on land that is owned by the family who owns the townhouse. Condos are part of a shared property and all owners share the ownership of the land the units sit upon, even if they are townhouse style.
As you can clearly see, the value is in the house and the land. We as a county, are built up, and no one is making any new land. New construction taking place is mostly multi-family condo type of housing, not single family homes. When you are buying a home in San Mateo County you are essentially buying the dirt the house sits on and then the sticks that make up the house. If you can stretch to buy a single family house, that’s the way to go.
Prices corrected the most in the condo arena but this is the median price and doesn’t reflect the high end condos in Burlingame, San Mateo and Menlo Park. Prices for those can, and often do, exceed $1 million.
Would you like a copy of your own report? Let us know or sign up through the Market Mapper link.