SAN MATEO, CA, August 29, 2009
/24-7PressRelease/ -- The RayChel Realty Group's July monthly San Mateo County Real Estate Price Report, released today, shows signs of fairly balanced market looking to resurge. In year-over-year comparisons pending sales rose to 768 units, a 141 unit increase from July of 2008 leaving only 1563 San Mateo County homes on the market compared to 1886 in July of 2008.
"We are again seeing overbids and multiple offers on homes in the lowest price tier of the market, which shows me consumer confidence is being restored" says Raymond Stoklosa, Broker and Co-Owner of The RayChel Realty Group. "With mortgage interest rates at historically low levels, San Mateo County real estate is at some of its most affordable levels in years."
Further analysis of the data reveals bank owned homes received on average 102.25% of their original list price while traditional sellers received on average 93.19% of their original list price in July of 2009. "Most banks do their homework, know how much these properties are worth and are pricing them to sell. Buyers can no longer low ball these bank owned properties and expect to get an acceptance," said Raymond Stoklosa.
While bank owned homes represent only a small number of the overall single family home inventory in San Mateo County, the greatest percentage is among the least costly homes on the market. Accordingly, bank owned homes dilute the statistical calculation lowering the median price for the County of San Mateo which remained steady for a second straight month at $765,000.
"Consumer confidence appears to be building and the employment outlook is quite sanguine especially when compared to the doldrums of Fall of 2008," concludes Raymond Stoklosa. "With the first time home buyer tax credit deadline looming, availability of affordable housing and interest rates at historic lows, the next few months will be a prime market for San Mateo County first time home buyers."
A complete version of The San Mateo Real Estate Price Report for July 2009 can be viewed at http://www.LivingWellinSanMateo.com/san-mateo-market-reports.
About The RayChel Realty Group
The RayChel Realty Group has been coaching clients through smooth real estate transactions by providing unparalleled expertise, superior guidance and sound advice for over 30 years. For more information, please contact us at (650) 655-2500.
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