We are always being asked “how’s the market?” It’s not an easy answer because it depends on whether you’re a buyer or a seller. It’s different for each as we’re still in a strong buyer’s market with prices under former highs. So how was the market at the end of last year? The data has just come out and here’s your chance to see for yourself.
If you are in the market to buy a house you are keenly aware that we’re not seeing a lot of bank owned properties any longer but mostly short sales. We anticipate this will be the case for all of 2010. According the Prudential California Realty’s research division, where this chart comes from, San Mateo County saw rising home prices because the bank owned properties from north county and south county were depleted in 2008.
The County saw 1038 single family houses change hands during the 4th Quarter of last year, which was about 4% less then in Q3, but up 21% for 2008. That’s good news for you and for us. The Median sales price for the entire county was $851,543 in Q4, and was 12% above 2008’s Q4 median price of $758,067.
We saw a robust market everywhere but Daly City and East Palo Alto. As we begin to see more distressed luxury homes come on the market this year, we should see increases in sales there as well. These markets are Portola Valley, Hillsborough, Atherton, Woodside and Burlingame.
We think home prices are stabilizing. We are beginning to see multiple offers on properties due to low inventory, not low prices. Short Sales will be the norm, and these take time. If you are entering the real estate market for the first time, be patient, and understand the you will be competing with investors with cash. You will need Realtor’s who understand how to operate in this kind of environment. The Wilkas Group has the experience, the knowledge, and patience to help you find your new home. Pop us an email using the button “contact us” on the left side of this page. We’re here to serve.
