San Mateo’s Housing Market Blip?

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Is it a blip?  Don’t know.  But the consensus at Monday’s office meeting is that we’re seeing change.  Have we hit bottom?

Stories of multiple offers are abounding and open houses are busy.  There’s no doubt that investors are back in the market.  They’re pushing the first-time buyers around with their overbidding, good terms and cash.

A good friend and local Realtor has written three offers for one client.  The first two houses they wrote offers on were in Santa Clara; the first house received 21 offers, the second 13.  They decided to try San Mateo.  Last week they were successful against 9 other bidders, including investors.  Redwood City starter homes and fixer uppers are getting the same reaction: lots and lots of offers.

By looking at the absorption rates – how many months it would take for all of the inventory to sell – it’s tough to see it in the numbers.  But as we’ve seen for several months now, inventory in Daly City, Pacifica, South San Francisco, and San Bruno is declining and/or remaining low.  Those bargain seekers have been digging at those markets for awhile now and it shows.

Where we’re going from here nobody knows.  Remember, the only way we’ll know when we’ve hit bottom is when we look back and see that we’ve started to climb.

12/2008 01/2009 02/2009 03/2009
Atherton 19 26 17 14.3
Belmont 5.5 3.2 2.1 2.3
Brisbane 7 2 6 5
Burlingame 3.4 3.6 3.8 3
Colma 3 6 1 2.5
Daly City 1.6 1.3 1.2 1
East Palo Alto 0.07 1.2 1.6 1.2
El Granada 3.5 5.3 31 11
Foster City 3.3 6.5 10.7 10
Half Moon Bay 8.3 7.5 13.2 7.5
Hillsborough 10 7.8 12.5 5.9
La Honda 8 8 5 3.7
Loma Mar 1 1 1 1
Menlo Park 5.9 3.5 3.5 4.2
Millbrae 4.8 5.7 12.7 3.2
Montara 18 17 17 16
Moss Beach 11 10 6.5 7
Pacifica 2.5 2.5 2.7 1.9
Pescadero 7 9 4 5
Portola Valley 20 11 4 3.4
Redwood City 3.6 3.1 2.5 2.4
Redwood Shores 6 4.3 18 6
San Bruno 1.1 1.7 1.4 1.5
San Carlos 2.9 3.3 2.3 2.8
San Gregorio 2 2 2 1
San Mateo 2.4 2.6 3 2.2
South San Francisco 3.5 2.3 1.6 1.4
Woodside 15 16 6.8 7

Vicki Moore About Vicki Moore

Office:
RE/MAX Star Properties
282 Redwood Shores Parkway
Redwood Shores, CA 94065

By Phone:
650.888.9268

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