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

Section IIa) San Mateo County (SMC)

*Houses*

AVAILABLE

Apr-01

May-01

 

Jun-01

Jul-01

Aug-01

 

Aug-00

Aug-99

DOI2,3

92.8

89.4

 

82.9

89.3

89.3

 

n/a

n/a

Inventory2

1342

1404

 

1357

1378

1329

 

n/a

n/a

Sale/day2,3

14.5

15.7

 

16.4

15.4

14.9

R

n/a

n/a

DOM med2

33

43

C

50

51

51

I

n/a

n/a

DOM ave2

37

55

Y

62

66

71

C

n/a

n/a

 

 

 

N

 

 

 

H

 

 

SALES4

Apr-01

May-01

T

Jun-01

Jul-01

Aug-01

A

Aug-00

Aug-99

SP 0% min1

$280,000

$300,000

H

$270,000

$198,000

tbd

R

$40,000

$225,000

SP 10%1

$401,880

$400,000

I

$405,000

$412,570

tbd

D

$360,000

$300,000

SP 50%med1

$585,000

$577,950

A

$600,000

$590,000

tbd

C

$581,000

$459,500

SP 90%1

$1,200,000

$1,305,000

H

$1,330,000

$1,318,400

tbd

A

$1,431,000

$981,000

SP100%max1

$7,150,000

$8,675,000

A

$7,000,000

$10,500,000

tbd

L

$8,250,000

$4,500,000

LP med2

$589,000

$599,000

I

$599,250

$599,000

$579,725

H

$554,500

$449,500

SP/LP ave1

98.8%

98.3%

N

97.5%

97.5%

tbd

O

103.7%

100.6%

%SP>LP1

31.8%

26.1%

E

19.3%

19.6%

tbd

U

55.8%

39.5%

%SP<LP1

56.3%

59.3%

S

67.3%

68.6%

tbd

N

29.8%

42.3%

DOM med2

21

28

@

37

43

40

@

18

18

DOM ave2

31

41

C

47

55

54

C

33

34

# Sales2

442

501

R

512

513

516

R

580

586

% TFT1

6.8%

6.2%

E

4.3%

3.9%

tbd

E

4.0%

2.7%

 

 

 

E

 

 

 

E

 

 

CLOSINGS

Apr-01

May-01

K

Jun-01

Jul-01

Aug-01

K

Aug-00

Aug-99

SP 0% min2

$277,500

$270,000

S

$275,000

$283,300

$198,000

S

$205,000

$189,111

SP 10%2

$400,000

$415,000

I

$400,000

$405,000

$410,200

I

$370,000

$310,400

SP50% med2

$596,000

$589,000

D

$590,000

$595,000

$575,000

D

$607,500

$481,000

SP 90%2

$1,350,800

$1,296,500

E

$1,200,000

$1,325,000

$1,374,500

E

$1,396,000

$1,107,200

SP100%max2

$8,300,000

$7,150,000

R

$8,675,000

$10,500,000

$7,150,000

R

$7,900,000

$4,925,000

LP med2

$599,000

$598,500

E

$599,000

$599,000

$596,500

E

$598,000

$479,000

SP/LP ave2

100.6%

99.2%

A

98.6%

97.6%

97.5%

A

102.4%

100.7%

%SP>LP2

47.6%

34.7%

L

26.5%

19.8%

20.5%

L

51.1%

39.9%

%SP<LP2

38.7%

52.7%

T

60.1%

64.7%

68.2%

T

33.3%

39.4%

DOM med2

17

21

Y

26

33

41

Y

19

19

DOM ave2

33

32

.

37

43

54

.

30

36

#Closings2

313

445

C

461

445

522

C

552

595

Updated#1

322

448

O

471

450

tbd

O

579

612

 

 

 

M

 

 

 

M

 

 

OFFMARKET

Apr-01

May-01

 

Jun-01

Jul-01

Aug-01

 

Aug-00

Aug-99

DOM med2

 

 

 

 

 

 

 

 

 

DOM ave2

 

 

 

 

 

 

 

 

 

#Off mark2

 

 

 

 

 

 

 

 

 

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

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.

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 the BAREMN is to give you current market conditions and not forecasting. Information is deemed to be reliable but not guaranteed.

Request your own copy by sending an email to Subscription@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.

*Condos*

AVAILABLE

Apr-01

May-01

 

Jun-01

Jul-01

Aug-01

 

Aug-00

Aug-99

DOI2,3

111.1

127.3

 

126.9

98.5

100.4

 

n/a

n/a

Inventory2

454

509

 

486

473

462

 

n/a

n/a

Sale/day2,3

4.09

4

 

4.43

4.8

4.6

R

n/a

n/a

DOM med2

30

43

C

55

55

58

I

n/a

n/a

DOM ave2

38

49

Y

60

65

70

C

n/a

n/a

 

 

 

N

 

 

 

H

 

 

SALES4

Apr-01

May-01

T

Jun-01

Jul-01

Aug-01

A

Aug-00

Aug-99

SP 0% min1

$159,000

$157,500

H

$154,500

$142,000

tbd

R

$130,000

$92,500

SP 10%1

$225,500

$220,200

I

$239,500

$235,550

tbd

D

$212,600

$148,000

SP 50%med1

$365,500

$400,000

A

$377,500

$382,500

tbd

C

$385,000

$277,000

SP 90%1

$653,000

$580,000

H

$518,500

$552,700

tbd

A

$623,200

$449,000

SP100%max1

$1,626,000

$1,140,000

A

$864,000

$999,000

tbd

L

$1,800,000

$887,500

LP med2

$369,000

$402,475

I

$379,250

$384,950

$379,450

H

$369,000

$278,750

SP/LP ave1

99.3%

98.2%

N

97.7%

97.6%

tbd

O

102.6%

100.3%

%SP>LP1

29.3%

17.6%

E

14.3%

14.4%

tbd

U

56.0%

37.3%

%SP<LP1

55.2%

57.6%

S

74.6%

71.2%

tbd

N

19.4%

41.3%

DOM med2

21

31

@

41

55

53

@

15

15

DOM ave2

31

37

C

45

61

63

C

23

31

# Sales2

126

136

R

132

145

152

R

179

172

% TFT1

5.6%

5.9%

E

3.8%

3.4%

tbd

E

2.2%

6.4%

 

 

 

E

 

 

 

E

 

 

CLOSINGS

Apr-01

May-01

K

Jun-01

Jul-01

Aug-01

K

Aug-00

Aug-99

SP 0% min2

$160,000

$157,500

S

$163,000

$154,500

$132,200

S

$130,000

$95,000

SP 10%2

$245,000

$225,500

I

$220,800

$226,850

$232,600

I

$206,000

$150,400

SP50% med2

$390,000

$375,000

D

$393,500

$370,000

$382,350

D

$384,000

$270,000

SP 90%2

$641,700

$615,000

E

$606,000

$515,000

$538,940

E

$634,000

$449,570

SP100%max2

$1,626,000

$950,000

R

$1,140,000

$999,000

$800,000

R

$2,060,000

$887,500

LP med2

$379,000

$369,950

E

$405,000

$370,000

$389,389

E

$369,900

$269,950

SP/LP ave2

101.0%

99.2%

A

98.1%

98.0%

97.6%

A

102.1%

100.1%

%SP>LP2

50.5%

22.6%

L

16.8%

17.1%

17.5%

L

53.8%

37.1%

%SP<LP2

33.0%

52.2%

T

61.1%

70.5%

66.9%

T

28.2%

38.0%

DOM med2

15

21

Y

30

41

45

Y

17

15

DOM ave2

24

30

.

38

48

54

.

23

26

#Closings2

103

115

C

132

129

154

C

190

197

Updated#1

106

116

O

135

130

tbd

O

195

205

 

 

 

M

 

 

 

M

 

 

OFFMARKET

Apr-01

May-01

 

Jun-01

Jul-01

Aug-01

 

Aug-00

Aug-99

DOM med2

 

 

 

 

 

 

 

 

 

DOM ave2

 

 

 

 

 

 

 

 

 

#Off mark2

 

 

 

 

 

 

 

 

 

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

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.

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 the BAREMN is to give you current market conditions and not forecasting. Information is deemed to be reliable but not guaranteed.

Request your own copy by sending an email to Subscription@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.

 

Section IIc) San Mateo County (SMC)

Available - data in this category is based on properties currently available for sale, status 1.
DOI started at 30.4 on January 1st and increased to 88 on April 10th, indicating a worsening market. DOI has been relatively level since and on September 5th overall DOI was 89. Homes under $500K DOI was 57; for homes in the $500K to $1M range DOI was 93; and for homes over $1M DOI was 162. Home sales over $5+ Million are dead; 26 homes available and only 2 home sales yields a DOI of 455.

SMC inventory grew rapidly from 279 on January 1st to 1381 on May 8th. Inventory has since stabilized and has been fluctuating between 1329 and 1437. Inventory was at 1329 on September 5th, about half the level of 2800 in mid-1995.

The number of sales per day has been decreasing. Currently SMC is selling 14.9 homes per day.

Days on the market (DOM) for currently available listings (status 1) continues to grow and has reached 51/71 days (median/average).

DOI (89) is greater than average DOM (71).

Sales - data in this category is based on properties with an initiated sale (offer accepted) during the month.
The median LIST price is $579,725 which is $25,000 higher compared to last year. This is basically at the same level as a year ago because of less over-bidding and the monthly fluctuations that occur.

Notice that the DOM for sales that had been climbing at about a seven-day increase each month for five months; March 15/27, April 21/33, May 28/41, June 37/47, July 43/55 appeared to level off in August at 40/54.

The number of sales was flat with 512 in June, 513 in July and 516 in August. But sales per day, which is a more accurate reflection of the market as it eliminates the weekly cycles, has been decreasing for the same period.

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

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. This is a $100,000 drop from peak price of $683,750 that occurred in February 2001. Property values have probably fallen more significantly.

The trend of fewer homes selling over the asking price and more homes selling below the asking price continues. A year ago Sellers were getting 102.4% of their asking price and now they are realizing 97.5%. It is noteworthy that even in this buyer's market a significant number (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, July was 33/43 and August increased to 41/54. These figures show how quickly marketing time has increased.

August closings at 522 is about 95% of 2000; 88% of 1999 levels.
Updated# is an adjusted number of reported closings

Request your own copy by sending an email to Subscription@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 the BAREMN is to give you current market conditions and not forecasting. Information is deemed to be reliable but not guaranteed.


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