Most of San Mateo County's built-up areas are suburban. It occupies most of the San Francisco Peninsula and is north of the South Bay. It has a total area of 741.01 square miles.
In September 2011, sales in San Mateo County reached 412 homes. It is evident that increase in sales activity in the county is carrying on. It has been 11 consecutive months that sales went up and this phenomenon happened on a year-to-year basis. The movement was first noticeable at the end of 2009. There have been 3,510 homes sold within the first nine months of 2011. Sales went up by seven percent from 2010 and 19 percent from 2009.
New listings had been continuously increasing side-by-side with the market sales for the past few years. This is the reason why there was not much improvement with the inventory. Listings have declined by seven percent in 2011. Inventory declined with more sales and lesser homes coming onto the market.
There were around 1,300 single family homes for sale in San Mateo County at the end of September while the number of homes for sale at the same period last year was 1,900. This is noteworthy as each seller has less competition and buyers has around 30% less homes to choose from.
In evaluating the inventory, the common measure is to note the months of supply. This calculates the selling period of current inventory at the latest sales rate. It was 3.1 months in September, and for the year, the average increased to 3.6 months from 4.6 months in 2010.
The data gathered for any given month is affected by the area where most of the homes were sold. Because of this, short-term views of price levels for the entire County are not sufficiently informative and relevant. Sales in high-priced areas like Burlingame, Hillsborough or Menlo Park could go up in some months and this will push the average and median price up.
Price movement will generally appear stable when looking at the past 12-24 months, with median price range of $700,000 to $750,000; average price range of $900,000 to $950,000; and price per square foot range of $450 to $500. The overwhelming difference in the median and average prices was caused by the presence of a number of highly expensive homes in some of the most sought-after zip codes within the San Mateo County. These expensive homes bring the average price up but there are not enough of them to affect an increase in the median.
Raziel Ungar is a top-performing Real Estate Agent given numerous awards and distinctions for his outstanding success in the real estate industry. He has been recognized by the International President's Circle, placing him in the top 1% of Coldwell Banker Agents nationwide for 2010 and in the top 1% of San Mateo County Realtors. To search for Burlingame, Hillsborough, and San Mateo area real estate, visit http://www.BurlingameProperties.com. You'll find extensive helpful community, neighborhood, and school information! Plus, our well known blog has plenty of current information on the market and what's happening around town!
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