San Mateo Real Estate In August
Six months’ inventory marks the differentiation between a buyers’ and sellers’ market. Moss Beach, Pescadero and Woodside are the only cities in a buyers’ market.
Daly City – short sale heaven – is seeing 9 months of low, low, low inventory. And I can tell you things are hot there. Houses are selling within days – many for over the asking price. The first-time buyer market in general is HOT.
Another first-time buyer area is Pacifica – its inventory has taken a hit as well.
Foster City has seen some big changes in inventory since Spring. Housing choices are down quite a bit – from 10 months’ inventory all the way down to 2!
So is that it? Have we hit bottom? My standard answer: That depends. Depends on where – depends on price range – depends on condition of the house…
Month to Month 2009
|East Palo Alto||1.3||1.6||1.4||2.4||1||1||1||1||1|
|Half Moon Bay||7.6||11||7.5||16||6||7.9||5.5||3.6||3.8|
|So San Francisco||2.5||1.7||1.4||1||1||1||1||1||1|
Real Estate Absorption Rates
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.
Got a Q?
Wondering about your neighborhood? Remember, real estate is local – really, really local. Send me an email or make a request in the comment box!