San Mateo Market Update – 94403 – 5.01.08

The southern half of San Mateo is where the 94403 zip code sits.  That means highway 92 is the line dividing 94402 from 94403 and it runs south to the Belmont border and east across 101 to the bay and west up through Laurelwood.  This area has many older single family homes, Bay Meadows – where a huge housing project will take place in the next few years and Hillsdale Shopping Center plus great views up in the hills.

The median price for homes last week was $799,000 for a 3 bedroom, 2 bath house around 1400 square feet sitting on the standard 5000 foot lot.  Prices have been flat for a while yet the price per square foot has gone up.  Go figure.

There were 66 houses for sale last week and no sales.  Altos Research calls the 94403 area a Cold! Buyers Market.  The average days on the market has gone down to a little over 2 months.  This is really what we call a Normal Market.  As you can see, almost half of the houses listed saw a price decrease. Why you ask?  In a market like this, its a little hard to price a home accurately.  Sometimes we take the listing and it doesnt come to the market for several weeks and things have changed.

The Market Action has been laying low for a while

If you look at the line for the Market Action you can see it is point slightly upward. So, does this mean things are changing?  Probably not.  It means we are at the bottom of the market, and have been there since 4th Quarter of 2007.  If you’re looking for a bargain, or just have to say you bought at the bottom of the market, this might be a good time to buy your house.

Again, Altos Research places the line dividing a Sellers Market from a Buyers Market at 30.  94403 is firmly sitting at 17.

Is this the bottom of the market?

The peak of the market in the 94403 zip code area of San Mateo was last February.  That spike might have been from only one house sale, but it sure skewed the chart, didn’t it?  Prices have been sitting around $800,000 for quite some time.

We haven’t seen a lot of houses move from the market so it is easy to see bumps up and down when one or two sell for much more or much less than the median price.

If you’re looking for a good, solid house to live in this area of San Mateo offers it.  There is money to loan according to Gus Mendy, Assistant Vice President at Bank of America in Palo Alto.  If you have a good job, good FICO score, and some cash to put down, or equity to roll over, you can buy that house you want in San Mateo and enjoy the good life, or cut your commute down and have time to spend with your family or on other things than in your car.

Like what youre seeing?  We have more details if youre interested.  Just ask me.

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