6a) Multi-units

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

Multi-unit (income) properties have been included for both San Mateo County (SMC) and Santa Clara County (SCC). Santa Cruz, Monterey, and San Benito simply don’t have enough data individually. Unfortunately, combining these counties doesn’t work as they are too dissimilar to get meaningful results.

This analysis uses the SCC data. However, you can look at the SMC data as you read this analysis and you will get a good understanding of the market conditions for SMC. The multi-unit market appears to follow the single family market in their respective County with a time lag.

DOI has increased dramatically in July caused by a drastic reduction in the number of sales/day.

Days on the market (DOM) for available listings continues to grow and has reached 68/86 (median/average) days.

DOI (108).is greater than DOM (86) so people think the market is better than it really is.

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

Because of the few sales, expect the median price to bounce quite a bit. The bounce for July is far greater than would be expected and demonstrates the danger of statistical analysis on a small sample. The July bounce could be explained by a couple of high-end (over $885,000) properties coming onto the market and selling quickly. I expect to see lower number next month, but only time will tell. Also this unusual bounce should show in the closing section in the next month or two. Reviewing all data contained in the Newsletter, prices appear to be relatively level and slightly ahead of last year.

Notice the increase in DOM for sales during the past five months; March 21/41; April 22/31; May 30/41; June 68/69; and July 34/44 (surprisingly low). In a stable market, DOI would equal the average DOM. So expect DOM to continue to increase.

The number of sales during the month of July dropped significantly. Although monthly volume does not account for the weekly real estate cycle it is included for completeness as most other reports will compare monthly volume.

Percent of transactions fallen through ( %TFT) increased significantly from 1999 and 2000 to 2001.

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

July’s median sold price has remained basically unchanged for five-months although definitely on the high side,

Fewer properties selling over their asking price and more are selling below the asking price continues. Even in this buyer’s market a significant number (about one tenth) of the properties are still selling over the asking price.

July’s closings at 28 are a`out 60% of last year’q level. Updated# is an adjusted number of reported closings

You may also want to read the statistical analysis for SMC and/or SCC single family home market conditions to gain additional insights on the market conditions. The statistical data is presented in the same format for your review.

**San Mateo County**

AVAILABLE

Mar-01

Apr-01

May-01

Jun-01

Jul-01

Jul-00

Jul-99

DOI^2,3

n/a

n/a

n/a

n/a

86.3

n/a

n/a

Inventory²

n/a

n/a

n/a

78

69

n/a

n/a

sales/day^2,3

n/a

n/a

n/a

n/a

0.8

n/a

n/a

DOM med/av²

n/a

n/a

n/a

69/93

81/108

n/a

n/a

SALES

Mar-01

Apr-01

May-01

Jun-01

Jul-01

Jul-00

Jul-99

Sale price¹

$745,000

$712,500

&lbsp;

$825,000

$750,000

tbd

$662,500

$434,475

List price²

$750,000

$795,000

$767,500

$775,000

$752,500

$682,475

$414,975

sp/lp ave¹

99.7%

97.7%

96.0%

95.0%

tbd

96.6%

98.3%

%sp>lp¹

40%

22%

20%

5%

tbd

13%

28%

%sp<lp¹

50%

56%

70%

75%

tbd

63%

56%

DOM med/av²

12/27.

19/25

28/55

38/50

59/65

40/48

25/39

# sales²

20

19

14

13

26

R

24

32

 %TFT¹

n/a

n/a

C

n/a

7.7%

tbd

I

n/a

n/a

CLOSINGS

Mar-01

Apr-01

Y

May-01

Jun-01

Jul-01

C

Jul-00

Jul-99

Sold price²

$735,000

$830,000

N

$725,000

$720,500

$812,500

H

$757,500

$510,000

List price²

$699,000

$849,000

T

$725,000

$697,500

$862,000

A

$762,500

$499,000

sp/lp ave²

103.1%

100.5%

H

100.3%

97.9%

96.2%

R

99.7%

99.0%

%sp>lp²

50%

47%

I

48%

25%

8%

D

36%

26%

%sp<lp²

40%

53%

A

29%

65%

58%

C

43%

63%

DOM med/av²

22/27

17/37

H

16/18

20/26

18/39

A

39/40

22/52

#closings²

10

17

A

21

20

12

L

28

35

updated #¹

n/a

n/a

I

n/a

20

tbd

H

n/a

n/a

OFF-MARKET

Mar-01

Apr-01

N

May-01

Jun-01

Jul-01

O

Jul-00

Jul-99

# off²

E

U

DOM med/av²

S

N

  *SANTA

COUNTY

*

@

@

AVAILABLE

Mar-01

Apr-01

C

May-01

Jun-01

Jul-01

C

Jul-00

Jul-99

DOI^2,3

129.6

139.2

R

140.8

123.3

182.4

R

51.67

n/a

Inventory²

174

179

E

181

162

172

E

93

100

sales/day^2,3

1.34

1.29

E

1.29

1.31

0.94

E

1.83

n/a

DOM med/av²

n/a

n/a

K

n/a

66/79

68/86

K

n/a

n/a

SALES

Mar-01

Apr-01

S

May-01

Jun-01

Jul-01

S

Jul-00

Jul-99

Sale price¹

$715,000

$663,000

I

$625,000

$670,000

tbd

I

$630,000

$462,500

List price²

$757,500

$662,500

D

$650,000

$696,000

$885,000

D

$615,000

$454,750

sp/lp ave¹

98.2%

98.8%

E

97.8%

95.0%

tbd

E

98.2%

98.5%

%sp>lp¹

21%

17%

R

10%

5%

tbd

R

26%

20%

%sp<lp¹

56%

54%

E

63%

71%

tbd

E

57%

61%

DOM med/av²

21/41

22/31

A

30/41

68/69

34/44

A

29/37

47/62

# sales²

42

26

L

38

39

28

L

47

54

 %TFT¹

4.8%

0.0%

T

2.6%

2.6%

tbd

T

n/a

n/a

CLOSINGS

Mar-01

Apr-01

Y

May-01

Jun-01

Jul-01

Y

Jul-00

Jul-99

Sold price²

$675,000

$692,500

.

$700,000

$632,500

$724,500

.

$618,750

$448,000

List price²

$695,000

$707,500

C

$699,000

$644,975

$760,000

C

$602,250

$460,000

sp/lp ave²

99.6%

98.3%

O

97.8%

99.0%

95.9%

O

98.7%

98.5%

%sp>lp²

32%

17%

M

19%

15%

11%

M

33%

22%

%sp<lp²

41%

57%

51%

59%

68%

48%

62%

DOM med/av²

12/39.

17/39

28/42

23/38

41/53

16/36

27/51

#closings²

37

35

37

34

28

48

55

updated #¹

n/a

n/a

n/a

35

tbd

n/a

n/a

OFF-MARKET

Mar-01

Apr-01

May-01

Jun-01

Jul-01

Jul-00

Jul-99

# off²

DOM med/av²