SAN MATEO, CA, March 14, 2009
/24-7PressRelease/ -- The RayChel Realty Group's February monthly San Mateo County Real Estate Price Report, released today, shows early signs of a market that is possibly looking to resurge. The average San Mateo County price rose from $683,900 last month to $763,741 and median price went from $553,750 last month to $574,960 while maintaining nearly three months of inventory of homes available for sale
"A continued improvement of the average and median price may be an early signal that the San Mateo County single family home market is climbing upward," says Raymond Stoklosa, Managing Broker of The RayChel Realty Group.
Delving deeper, sellers of homes that actually closed escrow received 99.1% of their final asking price, which is a 1.9% increase from the previous month. "Typically, the narrow gap means sellers are becoming more realistic about their asking price while buyers are reluctant to lose the home because of overly aggressive negotiations," Raymond said.
"Although prices remain lower than we've seen in years, credit worthy consumers looking to establish roots for the long term, or trade up to a home they were unable to afford just a few years back, will reap the rewards when the market rebounds."
A complete version of The San Mateo Real Estate Price Report for February 2009 can be viewed at LivingWellinSanMateo.com/san-mateo-market-reports/.
The RayChel Realty Group's San Mateo Real Estate Price Report is based on data compiled from MLS Listings, Inc.
San Mateo County data on average price, median price, number of homes sold, current inventory, new listings, sales under contract, percent list price received, average days on market and total sales volume are analyzed on a monthly basis.
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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