The RayChel Realty Group’s August monthly San Mateo Real Estate Price Report, released today, shows continued signs of a fairly balanced market looking to resurge. In year-over-year comparisons pending sales rose to 761 units, a 200 unit increase from August 2008 leaving only 1486 San Mateo County homes on the market compared to 1773 in August of 2008.
“Perhaps the most telling data lies in the relationship between the number of new listings (566) versus the number of pending sales (761) in San Mateo County” says Raymond Stoklosa, Broker and Co-Owner of The RayChel Realty Group. “Typically when the number of pending sales exceeds the number of new listings, market forces favor sellers. The last time we saw new listings out number pending sales in San Mateo County was in March 2009. “
Further analysis of the data reveals there are currently 50 bank owned single family homes on the market in San Mateo County compared to 110 at the end of April 2009 and 80 in July 2009. “The most aggressively sought segment of the San Mateo County real estate market continues to be the lowest priced homes where both investors and owner-occupants compete for the same property,” said Raymond Stoklosa.
Bank owned properties received on average 103.34% of their original asking price in August 2009, which is up from 102.25% in July 2009. San Mateo County short sales received on average 96.82% of their original asking price, which is up from 90.81% in July 2009. “San Mateo County home buyers are recognizing the value bank owned homes present and are acting quickly and aggressively,”
A complete version of The San Mateo Real Estate Price Report for August 2009 can be viewed at www.LivingWellinSanMateo.com/
