Greetings and thanks for checking in.
Here a brief rundown of what’s been happening in San Mateo County during the month of May 2016 compared to calendar year 2015.
There are many reasons for the recent market shift. I encourage you to contact me for a private consultation in order to see how these facts and figures will affect your real estate aspirations. What you don’t know will hurt you.
- The market is still active and flourishing. While there are some buyer-positive market shifts happening, buyers still need to keep their foot on the gas. Do not get complacent!
- The condo figures indicate that many buyers may be looking to condos as a back-up plan if they feel priced-out of Single Family Homes.
- Months of inventory has spiked up. While the amount of transactions jumped up in May, the market feels like it’s flattening out.
- We are seeing fewer offers per completed transaction. Homes that garnered 6-10 offers in 2015 are now getting 2-5, and in many cases those offers are for less dollars above asking price than in recent years.
- More offer dates are being set with no offers coming in at all.
- We are also seeing many more price reductions.
- It is still a seller market, but less so than last year. Sellers should be mindful of their pricing strategy. Last year’s pricing models will not work and may result in “stale bread syndrome”.
- Detailed statistics below
Single Family Homes (May 2016 versus calendar 2015)
- Days on Market: 20 days versus 19 in 2015, or just over 5%. Essentially flat.
- Median Sales Price: $1,400,000 versus $1,328,000, or just over 5%. Huge price gains seen in recent years have slowed dramatically.
- Price per Square Foot: $827 versus $809 in 2015. Just over 2% change. Essentially flat.
- % Of List Price Received: 107% versus 110% in 2015, down close to 3%.
- Months of inventory: 1.7 months versus 2 weeks in 2015 or a 240% change benefiting buyers.
- Monthly Closed Transactions: 401 transactions versus 359 in 2015, close to 12% increase.
Condos (May 2016 versus calendar 2015)
- Days on Market: 13 days versus 21 in 2015, or down over 38%. Activity was up in May.
- Median Sales Price: $815,000 versus $820,000 in 2015. Down 0.61%.
- Price per Square Foot: $690 versus $625 in 2015. Just over 10% change.
- % Of List Price Received: 107% versus 107% in 2015. Flat.
- Months of inventory: 3 weeks versus about 6 weeks in 2015 or a 266% change benefiting buyers.
- Monthly Closed Transactions: 124 transactions versus 118 averaged in 2015, close to 5% increase.
Passion > Integrity > Results
* All statistics as per SAMCAR