As mentioned, itâ€™s about supply and demand. Currently, San Mateo Park has about 1.5 months of inventory, representing a sellerâ€™s market. A balanced market is considered 6 months of inventory and a buyerâ€™s market is more than 6 months of inventory. So, inventory is really low.
The two sales that closed in the last month spent 9 and 11 days on market & both sold for over the list price (although they were competitively priced). Currently, the four pending properties (3 of which are Cashin Co. listings, the company where I reside) spent an average of 25 days on market, 2 of which spent 10 and 11 days on market.
As far as appreciation over the last nine years: in 1998 the average sales price was $1,013,000 & in 2007 the average was $2,074,000. The 9 year period appreciation average is $111,000!!! Not bad- one gets to live in a fantastic community and enjoy solid appreciation.
Iâ€™d purchase in this community (or the adjacent communities of Burlingame and Hillsborough) if the numbers work.