San Mateo County Califoria Real Estate Market Trends

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San Mateo County Houses as of February 5, 2002

AVAILABLE	Aug-01	Sep-01		Oct-01	Nov-01	*Dec-01*		Dec-00	Dec-99
DOI^2,3	89.3	129.6		87.4	70.5	*71.3*	r	40.8	n/a
Inventory²	1329	1422	c	1316	1046	*748*	i	331	n/a
Sale/day^2,3	14.9	11.0	y	15.1	14.8	*10.5*	c	8.1	n/a
DOM med²	51	57	n	59	68	80	h	n/a	n/a
DOM ave²	71	73	t	80	90	*101*	a	n/a	n/a
			h				r
SALES⁴	Aug-01	Sep-01	i	Oct-01	Nov-01	*Dec-01*	d	Dec-00	Dec-99
SP 10%¹	$399,000	$419,300	a	$390,000	$404,879	*tbd*	c	$397,500	$325,000
SP50%med¹	$559,000	$586,250	h	$564,000	$577,436	*tbd*	a	$599,500	$500,000
SP 90%¹	$1,228,000	$1,145,500	a	$1,199,500	$1,200,000	*tbd*	l	$1,090,000	$1,105,000
LP med²	$579,725	$599,000	i	$579,725	$589,988	*$559,000*	h	$585,000	$486,225
SP/LPave¹	97.5%	96.9%	n	96.3%	96.4%	*tbd*	o	102.1%	101.2%
%SP>LP¹	20.2%	14.5%	e	14.9%	10.9%	*tbd*	u	53.9%	42.8%
%SP<LP¹	67.0%	72.7%	s	72.7%	77.2%	*tbd*	n	35.2%	40.9%
DOM med²	40	42	@	44	53	59	@	21	24
DOM ave²	54	58	c	63	70	79	c	37	47
# Sales²	516	314	r	498	449	*328*	r	269	338
% TFT¹	8.7%	6.4%	e	3.2%	4.0%	*tbd*	e	4.8%	5.3%
			e				e
CLOSINGS	Aug-01	Sep-01	k	Oct-01	Nov-01	*Dec-01*	k	Dec-00	Dec-99
SP 10%²	$410,200	$398,900	s	$400,200	$400,000	*$400,000*	s	$400,000	$315,000
SP50%med²	$575,000	$571,000	i	$586,500	$569,500	*$575,500*	i	$625,000	$499,900
SP 90%²	$1,374,500	$1,155,000	d	$1,247,400	$1,195,500	*$1,130,000*	d	$1,242,000	$981,500
LP med²	$596,500	$588,944	e	$599,000	$599,000	*$589,000*	e	$599,000	$479,475
SP/LPave²	97.5%	97.3%	r	96.9%	96.3%	*96.7%*	r	103.6%	101.1%
%SP>LP²	20.5%	17.9%	e	15.5%	12.4%	*12.8%*	e	57.3%	44.8%
%SP<LP²	68.2%	69.2%	a	72.0%	73.2%	*75.4%*	a	30.9%	40.5%
DOM med²	41	39	l	39	43	52	l	17	24
DOM ave²	54	56	t	55	62	66	t	31	43
#Closings²	522	390	y	343	380	*431*	y	362	523
Updated#¹	538	394	.	351	391	*tbd*	.	375	538
			c				c
OFFMARKET	Aug-01	Sep-01	o	Oct-01	Nov-01	*Dec-01*	o	Dec-00	Dec-99
DOM med²	115	106	m	109	124	*143*	m	n/a	n/a
DOM ave²	125	114		125	138	*157*		n/a	n/a
#Off mark²	152	185		240	217	*234*		n/a	n/a

AVAILABLE	Aug-01	Sep-01		Oct-01	Nov-01	*Dec-01*		Dec-00	Dec-99
DOI^2,3	100.4	143.5		112.4	89.8	*76.7*	r	30.8	n/a
Inventory²	462	492	c	456	408	*296*	i	80	n/a
Sale/day^2,3	4.6	3.43	y	4.06	4.54	*3.86*	c	2.60	n/a
DOMmed²	58	53	n	58	64	71	h	n/a	n/a
DOM ave²	70	69	t	75	75	83	a	n/a	n/a
			h				r
SALES⁴	Aug-01	Sep-01	i	Oct-01	Nov-01	*Dec-01*	d	Dec-00	Dec-99
SP 10%¹	$198,200	$210,000	a	$218,600	$209,462	*tbd*	c	$220,000	$156,600
SP50%med¹	$366,750	$345,000	h	$399,500	$355,000	*tbd*	a	$372,000	$285,500
SP 90%¹	$539,880	$547,200	a	$576,400	$576,400	*tbd*	l	$628,229	$549,500
LP med²	$379,450	$359,000	i	$408,000	$370,000	*$394,500*	h	$369,000	$280,000
SP/LPave¹	97.5%	96.9%	n	97.3%	97.1%	*tbd*	o	102.1%	101.5%
%SP>LP¹	12.8%	9.9%	e	7.6%	12.5%	*tbd*	u	57.0%	47.7%
%SP<LP¹	72.3%	81.3%	s	76.3%	79.5%	*tbd*	n	19.0%	28.8%
DOMmed²	53	69	@	55	62	64	@	14	14
DOM ave²	63	78	c	70	82	83	c	24	28
# Sales²	152	97	r	133	133	*122*	r	81	121
% TFT¹	6.6%	5.2%	e	6.8%	4.5%	*tbd*	e	2.5%	7.4%
			e				e
CLOSINGS	Aug-01	Sep-01	k	Oct-01	Nov-01	*Dec-01*	k	Dec-00	Dec-99
SP 10%²	$232,600	$214,200	s	$210,000	$218,600	*$207,700*	s	$221,200	$159,900
SP50%med²	$382,350	$369,000	i	$377,500	$400,000	*$372,500*	i	$381,500	$292,500
SP 90%²	$538,940	$538,100	d	$594,000	$565,600	*$555,500*	d	$606,000	$491,800
LP med²	$389,389	$379,900	e	$380,000	$409,000	*$383,850*	e	$370,000	$287,000
SP/LPave²	97.6%	97.3%	r	96.9%	97.5%	*97.2%*	r	102.4%	101.0%
%SP>LP²	17.5%	9.7%	e	7.4%	10.6%	*9.2%*	e	55.6%	54.4%
%SP<LP²	66.9%	80.5%	a	75.8%	80.9%	*77.5%*	a	23.0%	26.1%
DOMmed²	45	62	l	65	48	67	l	14	11
DOM ave²	54	70	t	72	66	84	t	26	29
#Closings²	154	113	y	95	94	*120*	y	120	172
Updated#¹	160	115	.	102	98	*tbd*	.	127	180
			c				c
OFFMARKET	Aug-01	Sep-01	o	Oct-01	Nov-01	*Dec-01*	o	Dec-00	Dec-99
DOMmed²	100	95	m	96	144	*137*	m	n/a	n/a
DOM ave²	111	112		115	146	*152*		n/a	n/a
#Off mark²	54	64		90	81	90		n/a	n/a

Available - data in this category is based on properties currently available for sale, status 1.

Days of Inventory (DOI) started at 30 on January 1, 2001 and increased to 88 on April 10^th, indicating a worsening market. DOI had been relatively level until WTC. DOI then spiked to 130 on October 6^th. DOI has been falling ever since. On February 5th overall DOI was 71. Homes under $500K DOI was 49; for homes in the $500K to $1M range DOI was 72; and for homes over $1M DOI was 149. Home sales over $5+ Million remained dead with 20 homes available and 0 sales yields a DOI of infinite.

SMC inventory grew rapidly from 279 on February 5, 2001 to 1381 on May 8^th. Inventory has since stabilized and has been fluctuating between 1316 and 1437. Inventory was at 1316 on November 5^th and decreasing. Inventory reached 748 on February 5, 2002.

The number of sales per day was increasing until the holiday effect caused a decrease. Currently SMC is selling 10.5 homes per day.

Days on the market (DOM) for available listings continues to grow but at a slower rate. DOM reached 80/101 days (median/average).

DOI (71) is now lower than the average DOM (101). This means that the market is actually better than people think.

Sales - data in this category is based on properties with an initiated sale (offer accepted) during the month.

The median LIST price dropped to $559,000 which is $25,000 below last year. The difference is really greater because a year ago there was more over-bidding and this comparison is based on LIST price.

DOM for sales that had been climbing by about seven days each month was leveling off prior to WTC put since resumed its climb reaching 59/79 for December. Remember DOM takes time to reach its appropriate level and therefore lags changes in DOI.

Sales normally drop because of the holidays. The drop this year was much later than normal and not as deep. This resulted in extra sales. The number of sales at 328 for December 2001 is greater than 2000 at 269 and about the same as 1999 at 338.

Percent of transactions fallen through ( %TFT) increased in 2001 compared with 1999 and 2000.

Closings - data in this category is based on properties that closed escrow during the month.

After remaining unchanged for four months August�s median Sold price dropped $20,000, bring it to the lowest level since February 2000. September maintained this level at $571,000. October saw a fluctuation to $586,5000 with November returning to $569,500, a new low for the year. December rebounded to $575,500. This is still a $100,000 drop from the peak price of $683,750 that occurred in February 2001 and $50,000 below December 2000. Typically, property values will fall more significantly than median price.

The trend of fewer homes selling over the asking price and more homes selling below the asking price appears to be leveling out. There was a slight increase from 12.4% to 13.0% of properties selling for more than their asking price. A year ago Sellers were getting 103.6% of their asking price and now they are realizing 96.7%. This is a slight increase from November at 96.3%. This percentage will likely increase as more people realize the market continues to improve and SMC leaves the Buyer�s market and enters a balanced market.

The DOM for closings in May was 21/32, June was 26/37, July was 33/43, August increased to 41/54. September, October was similar at 39/55. November resumed the increase of DOM coming in at 43/62 and December at 52/66. These figures show the marketing time was increasing earlier in the year and tried to level off prior to WTC but is increasing again. DOM increased because of the temporary slowdown caused by WTC.