San Mateo County Homes Sold Report December 2014

SM SPLP

San Mateo County Citywise Report for December 2014

The actual numbers show homes sold in Dec 2014 was less than Dec 2013. However, looking closely at the Sales Price/List Price % and Days on market shows that the market is very much a sellers market. Like other Counties Buyers were chasing less inventory and offering way over asking prices to get into contract. It took less days to sell a home as compared to Dec 2013.

San Mateo County Citywise  Homes Sales

Number of homes sold was analyzed for 18 cities.

  • 14 cities saw a drop or equal in volume  or equal compared to corresponding period in Dec 2013.
  • 13 cities also saw a drop or equal  in volume in Dec 2014 compared to Nov 2014.
  • On the flip side 7 cities saw an increase or equal in volume in Dec 2014 compared to Dec 2013
  • Total homes sold in Dec 2013 was 471, Nov 2014 was 457 and Dec 2014 was 405.
  • The drop in homes sold is misleading. Since Days on Market and SP/LP% compare favorably with last year,the drop can be reasonably attributed to lack of inventory.

SM Sold

San Mateo County Cities

  • Every City evaluated had sales closings at over asking price in Dec 2014.
  • The situation was similar in Dec 2013 every City having sales over asking.
  • Average SP/LP % ( Sales Price/List Price %) in Dec 2013 was 100.67% and average SP/LP% in Dec 2014 was 102.37%.
  • Overall: The increase is substantial indicating strong buyer demand coupled with low inventory.

SM SPLP

San Mateo Cities Days on Market ( DOM)

  • Listings in 11 cities out of 22 cities reviewed took equal or less time to sell, as compared to listings sold in Dec 2013.
  • Listings in 6 cities of Belmont(41), East Palo Alto (43), El Granada (39), Foster City (50), Montana (29) and San Carlos (40) took 50 or less days to sell .
  • Listings in 5 cities of Atherton (117), Hillsborough (82), Moss Beach (127), Redwood City (85) and Woodside (162)  took 80 or more days to sell.
  • All other cities fell between  an average between 51-79 days.
  • The average listing days last Dec 2013 was 77 Days. This moved down to 69 Days in Dec 2014.

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San Mateo County Citywise Average Prices

  • Citywise Average sales price was analysed for 9 cities in San Mateo county for last 1 year.
  • Every City except San Carlos saw a price increase in Dec 2014  compared to last Dec 2013.
  • However, Daly City, Redwood City and San Carlos saw small price “cool offs”compared to previous month of Nov 2014.
  • Average price in Dec 2013 was $1,227,441. Average price in Dec 2014 was significantly higher at $1,639,184.

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