San Mateo County Real Estate Market
The end of June in the San Mateo County real estate market saw another month of slow growth and strengthened indicators. While the current inventory numbers fell 6.5% overall, the closed sales rose 23.5% for the month while the average days on the market dropped by nearly 9%. The median sales prices continue to rise, up 5% in June from $728,000 to $765,000. Average sales prices in San Mateo country rose in June as well, up 2% from $933,698 to $945,717. Total sales volume in San Mateo county rose nearly 25%.
San Bruno Real Estate Market
Here in San Bruno, the indicators aligned with what San Mateo County is doing overall. While new listings for the month dropped slightly and average sales price remained flat, the average days on the market fell 16% while the number of sales rose by 23%. Total sales volume rose sharply from 7.3 million to 9.5 million, a 23% increase. The current absortpion rate for San Bruno is 0.62, meaning that there is roughly 2-3 weeks before currently available inventory will be purchased.
Overall
Though the amount of available inventory on the market continues to remain short, market indicators in San Bruno and San Mateo county continue to rise. Buyers are finding competition for available homes in the form of multiple offers and offers in backup position, while sellers are finding a better than expected demand for available homes. While the recent unemployment numbers continue to drive uncertainty in the market, buyers are finding that the market pricing has bottomed out and is rebounding up. Those with the means to buy should place a premium on buying this year, as the upward trends in the market coupled with governement incentives such as the first time homebuyers credits should continue to propel the markets.
For further information or to discuss whether or not you qualify for the first time homebuyer tax credits, please contact me for a no obligation consultation at your convenience.
Joseph Capote
Filed under: Market Data
Joe Capote 