Bay Area Real Estate Market Newsletter
 
San Mateo County
August 2001
 
Please note: The monthly Bay Area Real Estate Market Newsletter is available via e-mail. Just send an e-mail to Subqcription@CreeksideRealty.com and you will be added to the distribution list.
 

1a) San Mateo County (SMC)

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

DOI increased significantly earlier this year, indicating a worsening market. DOI started at 30.4 on January 1st. On August 5th overall DOI was 102; for homes under $500K DOI was 59; for homes in the $500K to $1M range DOI was 91; and for homes over $1M DOI was 153. Home sales over $5+ Million are dead, with 34 homes available and only 3 home sales yields a DOI of 397.

SMC inventory grew rapidly from 279 on January 1st to 1381 on May 8th. Inventory has since stabilized and has been fluctuating between 1344 and 1437, and was at 1378 on August 5th. Inventory for SMC was about half the level of 2800 in mid-1995.

The number of sales per day has increased at a slower pace compared with sales per day figures for the past two years. Currently SMC is selling 15.4 homes per day.

Days on the market (DOM) for currently available listings (status 1) continues to grow and has reached 51/66 days (median/average). This is longer than the DOM for sales at 43/55 days and longer than DOM for closings at 33/43 days.

DOI (102) is greater than DOM (66) 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.

Although the median LIST price is$599,000 which is $24,000 higher compared to last year. However, it is really basically at the same level as a year ago because of less over bidding and the monthly fluctuations that occur.

Notice the increase in DOM for sales during the past five months; March 15/27, April 21/33, May 28/41, June 37/47, and July 43/55. That is about a seven day increase each month.

The number of sales was flat with 512 in June versus 513 for July sales. Sales/day decrease by 3% as July has 31 days.

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 remains basically unchanged for the 4th month. This is welcome news after the $84K drop that occurred from February to April. Property values have fallen more significantly than the $84,000 drop since February.

The trend of fewer homes selling over their asking price and more homes selling below the asking price continues. A year ago Sellers were getting 103.3% of their asking price and now they are getting 97.3%. It is noteworthy that even in this buyer’s market a significant number (nearly one fifth) of the properties are still selling over the asking price.

The DOM for closings in May was 21/32, June was 26/37, and July increased to 26/37. These figures show how quickly marketing time is increasing.

July closings at 445 is about 90% of 2000, 75% of 1999 levels. Updated# is an adjusted number of reported closings


  
 

1b) San mateo County (SMC)

Request your own copy by sending an e-mail to Subcription@CreeksideRealty.com The data is gathered, compiled and published by Creekside Realty. Back editions are available at: http://www.creeksiderealty.com/market_update_new/market_index.htm.

Warning - The real estate market is cyclical and there will continue to be additional ups and downs. Past performance cannot determine future performance. The purpose of this Newsletter is to give you current market conditions and not forecasting. Information is deemed to be reliable but not guaranteed.

**HOUSES**

AVAILABLE

Mar-01

Apr-01

 

May-01

Jun-01

Jul-01

 

Jul-00

Jul-99

DOI2,3

81.8

92.8

 

89.4

98.71

102.1

 

n/a

n/a

Inventory2

1064

1342

 

1404

1357

1378

 

n/a

n/a

sales/day2,3

13

14.5

 

15.7

16.1

15.4

 

n/a

n/a

DOM med/av2

n/a

33/37

 

43/55

50/62

51/66

 

n/a

n/a

SALES

Mar-01

Apr-01

 

May-01

Jun-01

Jul-01

 

Jul-00

Jul-99

Sale price1

$620,000

$585,000

 

$579,000

$600,000

tbd

 

$580,000

$470,000

List price2

$599,516

$589,000

 

$599,000

$599,250

$599,000

 

$575,000

$474,975

sp/lp ave1

101.2%

98.9%

 

98.3%

97.5%

tbd

 

102.2%

100.7%

%sp>lp1

51%

32%

 

26%

19%

tbd

 

51%

41%

%sp<lp1

36%

56%

 

60%

68%

tbd

 

33%

41%

DOM med/av2

15/27

21/33

 

28/41

37/47

43/55

 

20/31

19/34

# sales2

401

442

 

501

512

513

R

565

626

 %TFT1

5.2%

6.6%

C

6.4%

3.7%

tbd

I

2.8%

3.4%

CLOSINGS

Mar-01

Apr-01

Y

May-01

Jun-01

Jul-01

C

Jul-00

Jul-99

Sold price2

$625,000

$596,000

N

$589,000

$590,000

$595,000

H

$599,975

$505,000

List price2

$600,000

$599,000

T

$598,500

$599,000

$599,000

A

$589,450

$499,000

sp/lp ave2

102.6%

100.6%

H

99.2%

98.6%

97.3%

R

103.3%

101.5%

%sp>lp2

57%

48%

I

35%

26%

19%

D

58%

50%

%sp<lp2

28%

39%

A

53%

60%

68%

C

27%

35%

DOM med/av2

14/27

17/33

H

21/32

26/37

33/43

A

17/26

15/30

#closings2

367

313

A

445

461

445

L

498

591

updated #1

380

318

I

451

468

tbd

H

510

606

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

 

 

*CONDOS*

 

 

@

 

 

 

@

 

 

AVAILABLE

Mar-01

Apr-01

C

May-01

Jun-01

Jul-01

C

Jul-00

Jul-99

DOI2,3

79.9

111.1

R

127.3

137.5

112.6

R

n/a

n/a

Inventory2

338

454

E

509

486

473

E

n/a

n/a

sales/day2,3

4.2

4.1

E

4

4.4

4.8

E

n/a

n/a

DOM med/av2

n/a

30/38

K

43/49

55/60

55/65

K

n/a

n/a

SALES

Mar-01

Apr-01

S

May-01

Jun-01

Jul-01

S

Jul-00

Jul-99

Sale price1

$428,000

$366,000

I

$394,500

$375,000

tbd

I

$350,000

$275,000

List price2

$409,000

$369,000

D

$402,475

$379,250

$384,950

D

$349,000

$279,000

sp/lp ave1

100.8%

99.3%

E

98.3%

97.4%

tbd

E

102.3%

99.7%

%sp>lp1

39%

29%

R

18%

14%

tbd

R

53%

36%

%sp<lp1

33%

55%

E

57%

74%

tbd

E

27%

39%

DOM med/av2

14/22

21/31

A

31/37

40/45

55/61

A

18/23

17/27

# sales2

132

126

L

136

132

145

L

174

197

 %TFT1

8.3%

5.6%

T

5.9%

3.8%

tbd

T

2.9%

2.5%

CLOSINGS

Mar-01

Apr-01

Y

May-01

Jun-01

Jul-01

Y

Jul-00

Jul-99

Sold price2

$409,500

$390,000

.

$375,000

$393,500

$370,000

.

$365,000

$280,444

List price2

$400,000

$379,000

C

$369,950

$405,000

$370,000

C

$359,000

$279,394

sp/lp ave2

101.4%

101.0%

O

99.2%

98.1%

98.0%

O

102.5%

100.7%

%sp>lp2

48%

51%

M

23%

17%

17%

M

56%

44%

%sp<lp2

28%

33%

 

52%

61%

71%

 

23%

34%

DOM med/av2

13/20

15/24

 

21/30

30/38

41/48

 

14/21

12/23.

#closings2

144

103

 

115

132

129

 

145

202

updated #1

151

105

 

116

133

tbd

 

153

214

OFF-MARKET

Mar-01

Apr-01

 

May-01

Jun-01

Jul-01

 

Jul-00

Jul-99

# off2

 

 

 

 

 

 

 

 

 

DOM med/av2

 

 

 

 

 

 

 

 

 

 

1) Data related to sold price is re-compiled early during the current month to incorporate recent closings without delaying this Newsletter.

2) Data is compiled on the 5th day of following month to agree with MLS policy.

3) DOI & Sales per day calculations use recent sales activity.

4) The data is still subject to change as these sales continue to close and the sold prices are reported.

Request your own copy by sending an e-mail to Subcription@CreeksideRealty.com The data is gathered, compiled and published by Creekside Realty. Back editions are available at: http://www.creeksiderealty.com/market_update_new/market_index.htm.

Warning - The real estate market is cyclical and there will continue to be additional ups and downs. Past performance cannot determine future performance. The purpose of this Newsletter is to give you current market conditions and not forecasting. Information is deemed to be reliable but not guaranteed.

The information contained herein cannot be used without give RichardCalhoun@CreeksideRealty.com credit.

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