Greetings and thanks for checking in.

Here a brief rundown of what’s been happening in San Mateo County during the month of July 2016 compared to calendar year 2015.

There are many reasons for the recent market shift. I encourage you to contact me for a for a low-key, private and highly informative consultation which will show you how these facts and figures will affect your real estate aspirations. What you don’t know will hurt you.

Big takeaways:

  • 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. 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. Double-digit offers seem to be yesterday’s news.
  • More offer dates are being set with no offers coming in at all, hence…
  • 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 will result in “stale bread syndrome”.
  • Detailed statistics below

Single Family Homes (July 2016 versus July 2015)

  • Days on Market: 23 days versus 21 in 2015. Change of over 9%.
  • Median Sales Price: $1,302,000 versus $1,350,000, up just over 3%. Huge double-digit price gains seen in recent years have slowed dramatically.
  • Price per Square Foot: $793 versus $752 in 2015. Up just over 5%.
  • % Of List Price Received: 106% versus 110% in 2015, down close to 4%.
  • Months of inventory: 1.6 months versus 1.1 months in 2015 or a 45% change benefiting buyers.
  • Monthly Closed Transactions: 386 transactions versus 443 in 2015, close to 13% lower.

Condos (July 2016 versus July 2015)

  • Days on Market: 19 days versus 18 in 2015, or up over 5.5%.
  • Median Sales Price: $793,000 versus $706.500 in 2015. Spike up over 12%. 
  • Price per Square Foot: $682 versus $606 in 2015. Spike up over 12.5%. 
  • % Of List Price Received: Flat year-on-year at 106%.
  • Months of inventory:  About 1.4 months versus about 3 weeks in 2015 or a 100% change benefiting buyers.
  • Monthly Closed Transactions: 118 transactions versus 123 in 2015, down over 4%.

Dino Virella
Passion > Integrity > Results
CalBRE #019111

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* All statistics as per SAMCAR