Real Estate Report presented by Mary Ann Teixeira

April 2018 Report

Single Family Homes in San Mateo County, All Cities, All Neighborhoods Change >


Median Price
$1,615,000
+0.3%
Average Price
$1,956,650
-3.4%
No. Sold
336
+56.3%
Pending Properties
332
+16.9%
Active
262
+4.8%
Sale/List Price Ratio
113.3%
+1.0%
Days on Market
15
-30.3%
Days of Inventory
23
-25.5%

Market Barometer

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Market Commentary

Median Prices Set New Highs, Again

The median price for both single-family, re-sale homes and condos set new all-time highs in March, for the second month in a row.

The median price for homes has been higher than the year before by double-digits seven months in a row. The average price was up by double-digits for the fifth month in a row.

The median price for homes rose 20.0% over last March to $1,610,000. That is a $5,000 gain over the record high set in February.

This is also the 24th month in a row the median price has been higher than the year before.

The average price for homes, which set a new record in February, was up 27.6%, year-over-year.

The median price for condos gained 12.4%. The average price for condos was up 12.3% over last March.

Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains in the triple digits: 113.3% for homes and 111.8% for condos.

The ratio has been over 100% for homes since April 2012 and for condos since June 2012.

Homes and condos are flying off the shelf. It is taking only fifteen days to sell a home, on average. Condos are taking nine days.

All this is due to an incredible lack of inventory. Since January 2003, San Mateo County has averaged 83 days of inventory. Last month it was twenty-three.

Condos have averaged 92 days since 2000. Last month it was fifteen.

As of April 5th, there were 262 homes and 58 condos for sale in San Mateo County.

Big investment firms have stopped gobbling up California homes

By: Cal Matters 

Astronomical prices are forcing a rising share of California families to postpone buying a house. As a result, the state’s record-low homeownership rate has been a boon to one growing segment of California’s housing market: single-family home rentals.

Between 2005 and 2015, the number of owner-occupied homes in California shrunk by nearly 64,000 units, according to the Public Policy Institute of California. Meanwhile the number of renter-occupied homes increased dramatically.

California now has 450,000 more homes used as rentals than it did a decade ago. Compare that to the 1990s, when the number of rented homes grew by less than 120,000 while the state added 700,000 homes owned by the people who live in them.

The rising tide of single-family rentals has renewed attention on who actually receives the rent payments that nearly 2 million Californians make each month. Lawmakers and first-time homeowner advocates have been scrutinizing a relatively new form of landlord: private investment firms that snapped up thousands of homes during the foreclosure crisis and now rent them out.

With nearly one in four California homes now purchased in all-cash, these well-financed institutional investors have also been blamed as unfair competition against families bidding on starter homes. So how much are institutional investors impacting California’s housing prices? The data says not so much now.. 

The rest of the article is much too long for this space. You can access it here: https://tinyurl.com/y8ucd9fc

It is well worth the read as it also discusses the impact of foreign buyers on the local market.

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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