SAN MATEO COUNTY HOMES SOLD REPORT JANUARY 2015

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San Mateo County Citywise Report for January 2015

The actual numbers show homes sold in Jan 2015 was less than Jan 2014. 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 Jan 2014.

San Mateo County Citywise  Homes Sales

Number of homes sold was analyzed for 16 cities.

    • Each City except Burlingame saw a drop or equal in volume  or equal compared to corresponding period in Jan 2014.
    • Each City also saw a drop or equal  in volume in Jan 2015 compared to Dec 2014.
    • On the flip side Burlingame saw an increase or equal in volume in Jan 2015 compared to Jan 2014
    • Total homes sold in Jan 2014 was 349, Dec 2014 was 418 and Jan 2015 was 220.
    • 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.

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San Mateo County Cities

      • Listings in 13 Cities evaluated had sales closings at over asking price in Jan 2015.
      • The situation was similar in Jan 2014 with 11 out of 15 Cities having sales over asking.
      • Average SP/LP % ( Sales Price/List Price %) in Jan 2014 was 102.087% and average SP/LP% in Jan 2015 was 101.00%.
      • Overall: The increase is substantial indicating strong buyer demand coupled with low inventory.

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San Mateo Cities Days on Market ( DOM)

        • Listings in 16 cities out of 23 cities reviewed took equal or less time to sell, as compared to listings sold in Jan 2014.
        • Listings in Portola Valley (45) took 50 or less days to sell .
        • Listings in 4 cities of Atherton (179), Hillsborough (170), La Honda (120), and Woodside (162)  took 100 or more days to sell.
        • All other cities fell between  an average between 51-99 days.
        • The average listing days last Jan 2014 was 84 Days. This moved down to 101 Days in Jan 2015.

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San Mateo County Citywise Average Prices

          • Citywise Average sales price was analysed for 15 cities in San Mateo county for last 1 year.
          • Listings in 12 cities saw a price increase in Jan 2015  compared to last Jan 2014.
          • However, all cities except Foster City, Menlo Park, Redwood City, San Carlo and South San Francisco saw small price “cool offs”compared to previous month of Dec 2014.
          • Average price in Jan 2014 was $1,265,230. Average price in Jan 2015 was significantly higher at $1,514,820.

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