San Mateo Market Update – 94402 – 4.30.08

Altos Research San Mateo 4.08The area of San Mateo with the zip 94402 represents where the most expensive homes in the city sit. It runs from San Mateo Park to the north, to Baywood, Baywood Knolls, Aragon, Aragon Terrace and then up towards CSM and Highway 92 on the South and eastward to 101 covering Hayward Park, and  Sunnybrae.

Last week there were 41 houses for sale in this zip.  Only 2 sold. The Median price for a home in this zip is over $1,000,000.  Prices range from $549,000 to $2.65 Million.  With such a spread in price there can be a big difference in the  house, too.

Last week prices dropped a bit and so did the average days on the market.  We are in a Spring Market, this zip code has the most coveted houses and school, Baywood Elementary.  Houses are larger, lots are average for the city, unless youre in San Mateo Park, where lots range up to a half acre.

Altos Research San Mateo 4.08The Market Action is steady at a 25. putting 94402 into the Cool Buyers Market.  The Red Line is the delinator betwen a Buyers Market and a Sellers Market according to Altos Research.  This zip is the closest to a Sellers Market in the city of San Mateo.

Everyone wants to time the market and buy at the bottom.  I am always being asked if were at the bottom of the market.  This chart tells us that no, the bottom of the market for 94402 took place late last year.  So, its too late for you if thats what you were trying to do.  Its a great time to get a fair price for a home in the nicest area of San Mateo.

Altos Research San Mateo 4.08The area that can command the highest prices is San Mateo Park. The Park has roads that meander throughout the area, turn-arounds, and no sidewalks.  Some of the homes there are the oldest found in San Mateo, having been built in the late 1800s and early 1900s.  The homes might be stately or, then again, smaller in stature.  There is a nice variety of houses to see driving along the beautiful tree shaded roads.  The Park runs west of El Camino Real between Poplar Avenue and Barroilhet Avenue and then morphs into Hillsborough.  Prices start around $1.25 million and go on up from there.

Baywood, the Knolls, and Aragon sit on the south side of Hillsborough.  The homes are large, the streets wide, and they are walking distance to downtown.

On the eastern side of El Camino finds Hayward Park, a charming area that runs from Downtowns San Mateo park to highway 92.  The main street is Palm Blvd, a wide street with some lovely craftsmen homes.  East of the Caltrain tracks finds Sunnybrae.  This area goes from 4th Avenue south to 92 with cute houses averaging 1000 square feet on a 5000 foot lot.  Nice starter homes that average $712,000.

Tomorrow 94403.

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