|East Palo Alto||2.7||2.6||12||1.3|
|Half Moon Bay||1.8||5||6.5||7.6|
|South San Francisco||1.3||3.6||6.3||2.5|
Real Estate Is Local
Before the statistics come out, Realtors judge the status of the market by how much the phone is ringing, how many appointments we have and how many people show up at open houses. We all agree the market is thawing. Buyers have been frozen with fear and concern for months. It seems, however temporary it may be, that their confidence has improved.
The Media In Real Estate
It almost doesn’t matter what the reality of the market is; it’s what the media says the market is. We’ve been seeing multiple offers in certain neighborhoods and price ranges for about two months now. But most of us only watch and hear the national media, not the local reports on the real estate market. To really find out what’s happening in your neighborhood, it’s important to speak to your local Realtor.
The absorption rate is a quick way to see if the number of homes for sale in San Mateo County is going up or down. It’s just one of the statistics used to evaluate pricing.
What you’re looking at is how many months’ inventory there is on the market. The assumption is that it will take X number of months for all of the houses currently on the market to sell. More inventory = longer to sell.
You can also see if the area is a buyer or a sellers’ market. The National Association of Realtors defines a balanced market as one is which there is 6 months of inventory. More than 6 months, it’s a buyers’ market; less is a sellers’ market.
July 2006, 2007, 2008 absorption rates
August 2006, 2007, 2008 absorption rates
September 2006, 2007, 2008 absorption rates
October 2006, 2007, 2008 absorption rates
November 2006, 2007, 2008 absorption rates
December 2006, 2007, 2008 absorption rates
Got a San Mateo County real estate question? Ask a Q in the comment box below or contact me at 650.888.9268 or Vicki @ CallVicki.com.
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