The San Bruno Real estate market made some modest gains in key areas, but overall remained steady over the past month. According to data supplied by MLSListings, San Bruno saw a 11.5% drop in the number of available homes on the market. The number of homes sold during the month rose slightly from 19 to 22, while the number of pending sales dipped by nearly half.
This data is in line with what Realtors expect to see during this time of the year. The decrease in the number homes on the market can be attributed to the holiday season as sellers put their plans on hold until after the holidays. The rise in the homes sold represent buyers snatching up homes at good price points before the holiday season.
The median price of a single family residence in San Bruno dropped by nearly 5% to $534,000. This would support the increased amount of home sales at lower price points.
The investor market cooled substantially during the month of October. According to MLSListings, there were no sales of multi-unit residential homes (2-4 units and multi-unit apartment buildings) during the month of October. Of the 16 available multi-unit homes on the San Bruno market, one-quarter of them went into a pending sale status during the month. This indicates that even though it’s a traditionally slow time of the year, investors are moving on well priced investment properties. This should translate to closed escrows in December.
In what continues to be an encouraging sign of a recovering market, in my opinion, is the continued decline of distressed properties as an overall percentage of the San Bruno market. A distressed property is a bank owned foreclosure or a short sale in which the lender will work with the seller to sell the home at less than what is owed on the mortgage. The number of these distressed properties dropped to 26, representing 40% of the available single family homes on the market. Distressed properties had made up nearly 60% of the available homes on the market earlier this year.
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Filed under: Buyer's Blog, Market Data, Seller's Blog, San Bruno Real Estate
Joe Capote 