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.
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.
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.
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.