SAN MATEO, CA November 21, 2009
/24-7PressRelease/ -- The latest San Mateo County Real Estate Price Report by The RayChel Realty Group, released today, indicates that San Mateo County homes are starting to move quickly. San Mateo County homes saw a 26% reduction in marketing time from September 2009.
"October statistics confirm what we've been seeing everday on the street - the most affordable segment of the San Mateo County real estate market is booming," says Raymond Stoklosa, Co-Owner and Managing Broker of The RayChel Realty Group, "Volume declined in October 2009 by $62.4 million dollars even though 20 more homes sold compared to June, 2009."
The report also indicates the median price of San Mateo County single family homes nudged up a bit in October 2009 to $702,000 indicating the county's continued resurgence off its low in January, 2009. Newly initiated sales (also known as pending sales) outpaced new listings in October by 209 units confirming again that inventory is being absorbed faster than it is being added.
"It's notable that 38% of San Mateo County homes sold received more than their original list price. Of those homes that sold for more than their original list price, 58% sold in less than 30 days. Buyers need to understand the best homes sell fast and for more than list price, so undercutting the price may not be a winning strategy. And, it is possible to sell your home fast in today's market as long as they price their homes right from the start."
A complete version of The San Mateo County Real Estate Price Report for October 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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