Dec 17 2008
San Mateo Home Sales Figures for November 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
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