Real Estate Report presented by Mary Pope-Handy

June 2015 Report

Single Family Homes in San Mateo County, Redwood City, All Neighborhoods Change >


Median Price
$1,475,000
+9.8%
Average Price
$1,581,000
+6.7%
No. Sold
61
+22.0%
Pending Properties
45
-6.3%
Active
49
+4.3%
Sale/List Price Ratio
113.9%
-0.2%
Days on Market
13
-2.9%
Days of Inventory
24
-11.6%

Market Barometer

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Market Commentary

Home Prices at All-time Highs, Again

The median price for single-family, re-sale homes stayed over $1,000,000 for the fifth month in a row and fourteen of the past fifteen months.

Sales of single-family, re-sale homes fell, year-over-year, and were lower than the month before, which is unusual.

Active listings continue to be anemic, down by double-digits for the eleventh month in a row. Pending sales showed double-digit losses for the ninth month in a row.

Anecdotally, we’ve been hearing that multiple offers are declining. Rather than eight to ten offers on a home, many homes are selling with less than three offers.

This could be a result of buyers’ exhaustion, and could portend a slowing of the market.

Although, with a sales price to list price ratio of 111.1% last month, which is a record high, demand seems to be strong.

The sales price to list price ratio has been over 100% for thirty-seven months in a row.

May Market Statistics

Year-Over-Year

  • Median home prices increased by 17.8% year-over-year to $1,325,000 from $1,125,000.
  • The average home sales price rose by 7.4% year-over-year to $1,659,460 from $1,544,650.
  • Home sales fell by 14.1% year-over-year to 385 from 448.
  • Total inventory* fell 31.8% year-over-year to 765 from 1,122.
  • Sales price vs. list price ratio rose by 4.2% year-over-year to 111.1% from 106.7%.

Month-Over-Month

  • Median home prices improved by 2.1% to $1,325,000 from $1,297,500.
  • The average home sales price rose by 2.5% to $1,659,460 from $1,619,040.
  • Home sales down by 2.3% to 385 from 394.
  • Total inventory* increased 5.8% to 765 from 723.
  • Sales price vs. list price ratio increased by 1.2% to 111.1% from 109.8%.

Condominiums

Year-Over-Year

  • Median condo prices increased by 15.1% year-over-year to $722,500 from $627,500.
  • The average condo sales price rose by 20.4% year-over-year to $778,789 from $646,836.
  • Condo sales fell by 18.9% year-over-year to 120 from 148.
  • Total inventory* fell 37.8% year-over-year to 181 from 291.
  • Sales price vs. list price ratio rose by 5.4% year-over-year to 110.5% from 104.8%.

* Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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