Dec
17
2008
The San Mateo real estate market was a mixed-bag in November 2008. The volume of home sales plummeted to the lowest value in years. Seeing a drop in volume this time of year is not abnormal, but the severity of the drop is. However, note that similar results were seen in neighboring communities. If there’s any good news, prices seem to be stabilizing — we’re not seeing double-digit drops in the average and median prices. Hopefully, this means the bottom is starting to approach. See the data below.
Summary
| Trends |
Nov 2008 |
Previous Month |
Year-over-Year |
| Median Price |
$868,500 |
$786,000 (+10.5%) |
$877,000 (-1.0%) |
| Average Price |
$1,025,600 |
$873,118 (+17.5%) |
$1,032,160 (-0.6%) |
| No. of Sales |
29 |
44 (-34.1%) |
44 (-34.1%) |
| Pending Properties |
27 |
46 (-41.3%) |
39 (-30.8%) |
| Active |
147 |
141 (+4.3%) |
136 (+8.1%) |
| Sale vs. List Price |
96.2% |
98.5% (-2.3%) |
98.8% (-2.7%) |
| Days on Market |
51 |
66 (-22.6%) |
34 (+51.1%) |
Here’s a graphical representation of the monthly unit volume, average sales price, and median sales price. Note that this is a 3-month rolling average, which is used to normalize spikes and drops in the data.
Price and Volume Trends
Finally, here’s a snapshot of the year-to-date sales volume. Simply put, the figures speak for themselves.
YTD Sales
Dec
05
2008
This is a great question, and one that you should know the answer to before you decide to start tearing walls down in your home, or digging a hole in the back yard for a pool. Now while this information may not change your plans, it certainly gives you an idea on what the impact may be to the value of your home.
So which remodel projects bring the highest return? Realtor Magazine published an excellent summary of a study that was conducted by Remodel Magazine — some of the results are what you might expect, and some will surprise you. Here’s the link to the article:
Remodeling Projects with the Highest Return
Regardless of what project you decide to do, here’s a critical piece of advice: Be sure to get any and all required permits. The resale value of your work will drop dramatically if it’s disclosed as “un-permitted.”
Dec
02
2008
We’ve had it ingrained in our heads for years that we’re supposed to dial 9-1-1 from a land-line phone when we have an emergency situation. That system generally works flawlessly, even when there’s a natural disaster.
But what happens when all you have is a cell phone? When you dial 9-1-1 from a cell phone, the call is routed to the California Highway Patrol (CHP) dispatch center in Vallejo, which is a long way from anywhere on the Peninsula. Depending on their workload at the time you call, you may end up on hold for a significant amount of time before you speak to anyone. And if you’re lucky enough to reach a dispatcher, there’s no guarantee that they can route you to the proper local emergency bureau.
One of the smartest things you can do for yourself is to program your local police dispatch number into cell phone under the name “EMERGENCY.” When you dial this number, it’s virtually the same as calling 911 from a land-line phone, and even if you’re not in the same city at that moment they can still transfer you to the right place immediately. Here are the direct dial emergency numbers for some San Mateo County communities:
Belmont: 650-595-7400
Burlingame: 650-692-0310
Foster City: 650-573-3333
Redwood City: 650-369-3331
San Bruno: 650-877-8989
San Carlos: 650-802-4321
San Mateo: 650-522-7700
San Mateo County Sheriff: 650-363-4911
Take a moment right now and program the appropriate number(s) above into your cell phone. You never know when you might need it. I used mine only yesterday!!!
