Market Update

Bay Area Real Estate Market Newsletter

San Mateo County

November 2001

Section IIa - November 2001 - Houses

AVAILABLE	Jun-01	Jul-01		Aug-01	Sep-01	Oct-01		Oct-00	Oct-99
DOI^2,3	82.9	89.3		89.3	129.6	87.4		n/a	n/a
Inventory²	1357	1378		1329	1422	1316		n/a	n/a
Sale/day^2,3	16.4	15.4		14.9	11	15.1	R	n/a	n/a
DOM med²	50	51	C	51	57	59	I	n/a	n/a
DOM ave²	62	66	Y	71	73	80	C	n/a	n/a
			N				H
SALES⁴	Jun-01	Jul-01	T	Aug-01	Sep-01	Oct-01	A	Oct-00	Oct-99
SP 10%¹	$402,500	$407,400	I	$399,000	$411,278	tbd	D	$384,778	$310,200
SP 50%med¹	$595,000	$590,000	A	$560,000	$582,676	tbd	C	$629,000	$451,500
SP 90%¹	$1,330,000	$1,253,600	H	$1,225,600	$1,159,000	tbd	A	$1,440,000	$954,500
LP med²	$599,250	$599,000	I	$579,725	$599,000	$579,725	H	$599,000	$459,000
SP/LP ave¹	97.4%	97.4%	N	97.6%	96.9%	tbd	O	103.7%	101.0%
%SP>LP¹	19.4%	18.8%	E	20.9%	14.8%	tbd	U	54.7%	41.2%
%SP<LP¹	67.9%	68.9%	S	66.5%	74.8%	tbd	N	31.1%	41.6%
DOM med²	37	43	@	40	42	44	@	15	22
DOM ave²	47	55	C	54	58	63	C	29	43
# Sales²	512	513	R	516	314	498	R	519	547
% TFT¹	5.1%	5.1%	E	8.1%	5.1%	tbd	E	3.9%	4.4%
			E				E
CLOSINGS	Jun-01	Jul-01	K	Aug-01	Sep-01	Oct-01	K	Oct-00	Oct-99
SP 10%²	$400,000	$405,000	I	$410,200	$398,900	$400,200	I	$374,300	$310,000
SP50% med²	$590,000	$595,000	D	$575,000	$571,000	$586,500	D	$620,000	$482,500
SP 90%²	$1,200,000	$1,325,000	E	$1,374,500	$1,155,000	$1,247,400	E	$1,558,500	$875,000
LP med²	$599,000	$599,000	E	$596,500	$588,944	$599,000	E	$599,000	$479,000
SP/LP ave²	98.6%	97.6%	A	97.5%	97.3%	96.9%	A	103.9%	100.5%
%SP>LP²	26.5%	19.8%	L	20.5%	17.9%	15.5%	L	57.7%	39.5%
%SP<LP²	60.1%	64.7%	T	68.2%	69.2%	72.0%	T	27.5%	42.8%
DOM med²	26	33	Y	41	39	39	Y	16	20
DOM ave²	37	43	.	54	56.	55	.	31	38
#Closings²	461	445	C	522	390	343	C	518	537
Updated#¹	477	457	O	541	411	tbd	O	534	544
			M				M
OFFMARKET	Jun-01	Jul-01		Aug-01	Sep-01	Oct-01		Oct-00	Oct-99
DOM med²	97	103		115	106	109
DOM ave²	106	121		125	114	127
#Off mark²	103	130		152	185	240

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 IIb - November 2001 - Condos

AVAILABLE	Jun-01	Jul-01		Aug-01	Sep-01	Oct-01		Oct-00	Oct-99
DOI^2,3	126.9	98.5		100.4	143.5	112.4		n/a	n/a
Inventory²	486	473		462	492	456		n/a	n/a
Sale/day^2,3	4.43	4.8		4.6	3.43	4.06	R	n/a	n/a
DOM med²	55	55	C	58	53	58	I	n/a	n/a
DOM ave²	60	65	Y	70	69	75	C	n/a	n/a
			N				H
SALES⁴	Jun-01	Jul-01	T	Aug-01	Sep-01	Oct-01	A	Oct-00	Oct-99
SP 10%¹	$239,600	$235,400	I	$197,910	$210,000	tbd	D	$220,000	$178,000
SP 50%med¹	$380,000	$380,000	A	$365,000	$345,000	tbd	C	$385,000	$340,000
SP 90%¹	$518,200	$553,600	H	$539,760	$547,200	tbd	A	$620,000	$511,800
LP med²	$379,250	$384,950	I	$379,450	$359,000	$408,000	H	$377,000	$327,000
SP/LP ave¹	97.7%	97.7%	N	97.5%	96.6%	tbd	O	103.3%	100.6%
%SP>LP¹	14.2%	13.9%	E	13.1%	9.0%	tbd	U	63.8%	41.5%
%SP<LP¹	74.8%	71.5%	S	71.5%	84.6%	tbd	N	17.4%	40.9%
DOM med²	41	55	@	53	69	55	@	13	14
DOM ave²	45	61	C	63	78	70	C	21	29
# Sales²	132	145	R	152	97	133	R	142	163
% TFT¹	3.8%	5.5%	E	5.9%	5.2%	tbd	E	2.8%	2.5%
			E				E
CLOSINGS	Jun-01	Jul-01	K	Aug-01	Sep-01	Oct-01	K	Oct-00	Oct-99
SP 10%²	$220,800	$226,850	I	$232,600	$214,200	$210,000	I	$205,000	$155,625
SP50% med²	$393,500	$370,000	D	$382,350	$369,000	$377,500	D	$369,999	$300,250
SP 90%²	$606,000	$515,000	E	$538,940	$538,100	$594,000	E	$591,900	$512,500
LP med²	$405,000	$370,000	E	$389,389	$379,900	$380,000	E	$359,000	$299,694
SP/LP ave²	98.1%	98.0%	A	97.6%	97.3%	96.9%	A	102.8%	99.8%
%SP>LP²	16.8%	17.1%	L	17.5%	9.7%	7.4%	L	60.9%	31.3%
%SP<LP²	61.1%	70.5%	T	66.9%	80.5%	75.8%	T	24.5%	41.6%
DOM med²	30	41	Y	45	62	65	Y	14	16
DOM ave²	38	48	.	54	70	72	.	24	27
#Closings²	132	129	C	154	113	95	C	146	162
Updated#¹	139	130	O	161	115	tbd	O	152	166
			M				M
OFFMARKET	Jun-01	Jul-01		Aug-01	Sep-01	Oct-01		Oct-00	Oct-99
DOM med²	81	99		100	95	96
DOM ave²	89	103		111	112	115
#Off mark²	41	61		54	64	90

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.

Section IIc - November 2001

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

Days of Inventory (DOI) started at 30.4 on January 1^st and increased to 88 on April 10^th, indicating a worsening market. DOI has been relatively level until WTC. DOI then spiked to 130 on October 6^th. DOI has been falling ever since and on November 5th overall DOI was 87. Homes under $500K DOI was 66; for homes in the $500K to $1M range DOI was 89; and for homes over $1M DOI was 131. Home sales over $5+ Million also recovered; 28 homes available and 7 sales yields a DOI of only 140.

SMC inventory grew rapidly from 279 on January 1^st 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. About half the level of 2800 in mid-1995.

The number of sales per day has been increasing recently. Currently SMC is selling 15.1 homes per day.

Days on the market (DOM) for available listings continues to grow but at a slower rate. DOM reached 59/80 days (median/average).

DOI (87) is basically equal to the average DOM (80). If off market properties were adjusted for, DOI might be less than DOM.

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 $20,000 lower compared to last year. The difference is really greater because a year ago there was more over-bidding and this comparison is based on LIST price.

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, but after WTC resumed its climb, September reached 42/58 and October 44/63.

The number of sales had been flat with 512 in June, 513 in July and 516 in August plummeted to 314 in September but recovered in October to 498. Sales per day, which is a more accurate reflection of the market as it eliminates the weekly cycles, decreased from 16.4 to 14.9 during the same period. In September this dropped to 11.0 sales/day. Sales/day rebounded to 15.1 for October.

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. September maintained this level at $571,000. October saw an increase to $586,5000.This is still a $100,000 drop from peak price of $683,750 that occurred in February 2001 and $45,000 below October 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 continues. A year ago Sellers were getting 103.9% of their asking price and now they are realizing 96.9%. It is noteworthy that even in this buyer’s market a significant number (one sixth) 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, August increased to 41/54. September and October were similar at 39/55. These figures show the marketing time was increasing earlier in the year and leveled off recently. The trend will be up again next month as a result of the temporarily slow down caused by WTC.

October’s closings at only 343 is only 63% of 1999; and 64% of 2000 levels. Updated# is an adjusted number of reported closings

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