San Mateo has 4 zip codes and Altos Research breaks out our data five ways for us. Today, I am going to talk about the entire city of San Mateo and will follow up the rest of this week covering each zip code per day.
Looking at the city as a whole, the median price for homes has dropped to $744,500 and obviously the price per square foot has dropped. The average day on the market has gone down, too, which is interesting. The city as a whole is considered in a Cold! Buyers Market and has been this for a while.
Last week there were 192 Single Family Homes for sale and there were 10 homes sold. 47% of the houses listed had price decreases.
There is more supply of homes than demand
Looking at the Market Action Index, is 18 and has stayed in the Cold! Buyers range for quite a long while. Remember, this is city wide, and there are some variations within San Mateo. The Red Line at 30 is the line that crosses into a Sellers Market. The extreme drop you see is due to Altos Research making some changes in their measurement system.
The trend appears to be upward
You can easily see the median price for single family homes has dropped dramatically from the crazy peak of the market in January 2007. You can also see we are now trending up.