Real Estate Report presented by Mary Pope-Handy

The median sales price of single-family, re-sale homes fell year-over-year for the second month in a row. Year-over-year, the median price was down 1.7%. The average sales price was up 1.5% year-over-year.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, continued falling in January. It was down 0.1% of a point to 102.4%.

Home sales were down 4.8% from last January.

Inventory continues to expand. It has been higher than the year before eight months in a row. In January it was up 81.5% over last year. 

As of February 5th, there were 372 homes for sale in San Mateo County.

Days of, or the number of days it would take to sell the current inventory divided by home sales, jumped thirty-four days to seventy-one days.   Since January 2003, San Mateo County has averaged eighty days of inventory.

It is taking thirty-seven days to sell a home. That is the time from when a home is listed to when it goes into contract.

The median sales price for re-sale condos was up 23.3% last month, year-over-year. The average sales price was up 5.2%.

The sales price to list price ratio rose 0.5% of a point to 101.7%.

Condo sales were up 22.9% in January. 

Inventory continues to expand. It has been higher than the year before six months in a row. In January it was up 138.3% over last year. 

As of February 5th, there were 112 condos for sale in San Mateo County.

Days of inventory more than doubled to seventy-eight.

It is taking thirty-three days to sell a condo.

If you are planning on selling your property, call me for a free comparative market analysis.