San Mateo County Home Sales Up Fourth Month in a Row
Sales of single-family, re-sale homes in San Mateo County were up 28.4% in October compared to last year. Month-over-month, sales rose 19.3%. Sales continue to be concentrated in the lower-priced cities such as Daly City where year-over-year sales were up 113%, and South San Francisco where sales were up 177.8%.
Home prices continue to be affected by the bank-owned property that has flooded the market.
The median price continued to slide, down 5.5% from September, and off 31.9% year-over-year.
Inventory continues to decline, falling 5.3% from September, and down 14.4% compared to October 2007.
Condo sales rose 2.7% from September, but were down 10.6% year-over-year.
The median price for condos dipped 0.5% month-over-month, and was off 27% compared to last October. If you are in escrow with one of the new higher-limit, conforming loans, or you expect to buy a home before the end of the year, remember, the new, higher conforming loan limit of $729,750 expires at the end of the year. You must have your loan funded by then. Starting January 1st, the conforming loan limit will be $625,000.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.
These statistics are generated using information from the MLSListings Inc. MLS, but have not been verified and are not guaranteed. MLSListings Inc. disclaims any responsibility for the accuracy and reliability of these statistics. This information should not be relied upon for real estate transaction decisions.
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