The market has taken off. We are seeing a historically low inventory with multiple offers and all cash offers with no contingencies, so in my opinion the market in San Mateo County in general is a seller's market and many buyers are feeling the frustration of not being able to buy their dream home from the first try!
In general, now one can predict the exact location/position of the market. We all can see the tendency, based on facts. And the facts are coming from the available statistics, such as CMA, etc. In case you need info for a specific area, please contact me directly.
As a follow up to what Glen said, I don't agree with those stats. Each area of each city should be evaluated, otherwise you are taking the sales from Shoreview and North Shorview with San Mateo Park, the Baywood
and Aragon neigborhoods and that will bring your average sale price down.
If you are interested in statistics, according to the multiple listing service prices have dropped from an average of $919k last March to $825k in February 2012. They peaked in May 2012 at $1,013k and the low was January 2012 at $780k. Overall a slight decline with peaks in the summer months and bottoms in winter which would be considered typical. I can generate statistical numbers from cities, counties, longer time frame etc. If you have a specific request feel free to email me.
Since November the market has taken off and are now on the upside and seeing multiple offers in the better areas.
Even the B and C neighborhoods are getting alot of attention from first time home buyers and investors. It's like someone hit the light switch. I think this has happpened for a few reasons.
The holidays shopping was the first sign that consumers felt it was OK to spend money again. The stock market has been on a good run, and lastly the cost of money is almost free at 4% when you take into account of the cost of living and inflation.
Another reason we are seeing a big push is many buyers were waiting on the sidelines trying to time the market and now many feel that- that time has come.
House value is stable in San Mateo area. Only down a bit in winter time, but eventually pick up in summer time. Inventory is low, but still a lot of buyers out there, so expect multiple offers on a good property.
If you need help on house hunting, I am happy and ready to help!
Home prices in the bay area are pretty stable.Every year prices usually drop in the Winter and slowly begin to increase in the Spring and Summer months.Most buyers purchase in Spring and Summer.The prices are still considered low, however, most economists believe they were too heavily inflated a few years back in the real estate boom.If you have any further questions or would like info regarding a specific property feel free to call or email me.Best of Luck.
650 - 262-0271
Real Estate Agent
Imara Mortgage and Realty
Servicing San Mateo and Alameda County