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San Mateo County Market Update - Septemebr 2011

San Mateo County Market Update - Septemebr 2011

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Published by Gwen Wang
Latest real estate market update for San Mateo county
Latest real estate market update for San Mateo county

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Published by: Gwen Wang on Sep 29, 2011
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09/29/2011

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The Real Estate Report
local market trends
S
AN
M
ATEO
C
OUNTY
 
Keller Williams Realty
505 Hamilton Ave., Ste. 100Palo Alto, CA 94301(650) 454-8568(415) 225-4936Gwen.Wang@kw.comhttp://www.MenloRealEstate.comhttp://homes-for-sale-PaloAlto-today.com
DRE #01393647
Gwen Wang
 
Gwen Wang | Gwen.Wang@kw.com | (650) 454-8568
The banks are being very judicious about sellingtheir REO property.For a more complete report on San Mateo Countyforeclosures, see the article on page three.
M
ARKET
S
TATISTICS
 
Home sales were quite strong in August. The saleof single-family, re-sale homes rose 14.1% fromJuly and were up 9.4% year-over-year. Year-to-date, home sales are up 7.2%.Condo sales were also strong in August, up 17.6%from July and up 17.3% year-over-year. Year-to-date, condo sales are up 11.2%. There have beenmore condos sold this year than any year since2007.The median price for homes was up 3% from July,but down 5.1% year-over-year.The median price for condos rose 22.1% comparedto July, but was down 9.6% year-over-year. That’ssixteen months in a row the median price has beenlower than the year before.Inventory of both homes and condos continues tobe weak. Home inventory was down 19.5%compared to last August: 2,222 homes activelyWith all the pundits talking about phantominventory and the huge surplus of foreclosures, onewould expect a massive number of bank-ownedproperties to be on the market.They are not. Enquiring minds want to know whynot.First, let’s look at some numbers. According tohttp://foreclosureradar.com, the number of bank-owned properties, called REOs, in San MateoCounty have averaged about 1,100 for the pastthirteen months.Yet, in the MLS, only about 110 properties for saleare listed as REO. There are an additional 126REO properties in escrow. Now, remember, banksare not in the real estate business so they won’t beselling these properties themselves. They will belisting them with real estate brokers.Which begs the question, why aren’t the rest of theREOs on the market?Well, it’s pretty simple. The banks don’t like to losemoney. If they put all these properties on themarket at once, prices would plummet.
Should I Buy a Home Now?
listed. Please note, only active listings are includedin this figure. Numbers from the local associationsinclude properties that are also in a pending status,meaning they have an accepted offer, but haven’tbeen taken off the market.Condo inventory was down 21.6% year-over-year.Please remember, while statistics are nice, they willnot determine the price you pay or get for aproperty. That will come down to you and the buyer or seller.
S
EPTEMBER
/O
CTOBER
2011
Inside This Issue
>
L
OCAL
M
 ARKET
T
RENDS
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1
 
>
M
ORTGAGE
R
 ATE
O
UTLOOK
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2
 
>
H
OME
S
TATISTICS
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2
 
>
F
ORECLOSURE
S
TATS
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3
 
>
C
ONDO
S
TATISTICS
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3
 
>
 A
NNUAL
T
 ABLES
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4
 
 
Aug 11Jul 11Aug 10
Median Price:750,000$ 728,400$ 790,000$  Average Price:943,935$ 947,452$ 1,007,260$ Home Sales:429376392Pending Sales: 686716604Inventory:1,1401,2021,417Sale/List Price Ratio:98.4%98.6%98.6%
Trends at a Glance
(Single-family Homes)
-50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%06FMAMJJASOND07FMAMJJASOND08FMAMJJASOND09FMAMJJASOND10FMAMJJASOND11FMAMJJA
San Mateo County Homes:
Sales MomentumSalesPendingMedian
© 2011 rereport.com
 
The Real Estate Report
Page 2
Mortgage Rate Outlook 
3.0%4.0%5.0%6.0%7.0%8.0%01-0504-0507-0510-0501-0604-0607-0610-0601-0704-0707-0710-0701-0804-0807-0810-0801-0904-0907-0910-0901-1004-1007-1010-1001-1104-1107-11
30-Year Fixed Mortgage Rates
The chart above shows the Nationalmonthly average for 30-year fixedrate mortgages as compiled byHSH.com. The average includes mort-gages of all sizes, including conforming,"expanded conforming," and jumbo.
Sep. 09, 2011
--Labor Day came and went this week,and the administration has turned an eye toward oneof the two most intractable problems facing the econ-omy: joblessness. The other problem is the poor state of the housing market, and there are somerumors that a new plan may be afoot, either from theadministration or perhaps in conjunction with other agencies, to promote a refinance plan for potentiallymillions of borrowers. The Federal Reserve isthought to be pondering a plan to foster economicgrowth. Meanwhile, the European debt crisis pressedinterest rates down to record lows.HSH.com's broad-market mortgage tracker -- our weekly Fixed-Rate Mortgage Indicator (FRMI) --found that the overall average rate for 30-year fixed-rate mortgages decreased by seven basis points(0.07%) from last week, moving to a new record-lowaverage of 4.42%. FHA-backed 30-year fixed-ratemortgages, especially important to first-time home-buyers and low-equity refinancers, have shed a fulltenth percentage point. closing the week at just4.06% Hybrid 5/1 ARMs might interest a few borrow-ers, with five-year fixed-rate periods slipping by an-other four basis points this week to average an ultra-low 3.13%.It goes without saying that conforming 30-year FRMsare sporting a new record low, too. The eight basispoint decline this week puts the average at 4.23%.There are few signs that the economy is building thekind of momentum needed to significantly lower un-employment, and time is running short on hopes of seeing aggregate GDP growth near 3% for the year.The third quarter comes to a close in just a fewweeks' time, and there has been little strength to talkabout, but only perhaps less-bad-than-feared figuresas growth stumbles along. Anyone looking for a quick fix for the economic woeswill need to keep looking. We are years into thismess at this point, and by some reckonings are inmuch better shape now, relative to both the depths of the mess and many other countries. That said, weare or have been in a near stasis for the recovery for 6-8 months, and the risk of faltering back into reces-sion is a real one at this moment. Low interest rates -- whether at new record lows or only near them -- arelikely to be with us for a long while yet as these diffi-cult troubles slowly sort themselves out or otherwisecome to resolution. Expect more of the same againnext week.
CitiesMedianAverageSalesPendInvenDOISP/LPMedAveSales Pend2Inven
County,,,.%-.%-..%.%-.% Atherton4,515,000$ 4,422,000$ 573621697.3%61.5%29.6%-44.4-12.5%-29.4%Belmont,,.%-.%-.-..%-.%Burlingame,,,,.%.%.%.%-.%-.%Daly City450,000$ 491,781$ 43831188297.8%-16.2%-9.538.7%22.1%-11.9%El Granada,,.%.%.%-..%-.%East Palo Alto,,.%.%.%-..%-.%Foster City945,000$ 990,820$ 2012294497.6%5.6%7.0%53.8%-29.4%26.1%Hillsborough,,,,.%.%-.-.-.%-.%Half Moon Bay,,,.%.%.%.%-.%-.%Millbrae845,000$ 873,194$ 2217182599.0%-7.7%-3.383.3%-19.0%-53.8%Menlo Park,,,.%-.%-.-.%-.%-.%Montara--.%n/an/an/an/an/aMoss Beach587,500$ 545,833$ 3377097.5%-2.9%-9.850.0%-50.0%-61.1%Pacifica,,.%-.%-..%-.%.%Portola Valley,,,,.%-.%-..%.%-.%Redwood City808,888$ 883,724$ 41731259198.1%0.5%3.1%10.8%4.3%-22.4%Redwood Shores1,040,440$ 1,138,310$ 611105098.4%0.3%7.7%0.0%175.0%-41.2%San Bruno,,.%-.%.%-.%.%-.%San Carlos1,007,500$ 1,040,140$ 2631445199.2%11.4%5.6%0.0%29.2%-21.4%San Mateo689,000$ 746,282$ 591041095599.2%-5.6%-11.43.5%65.1%-30.6%S. San Francisco,,.%-.%-..%.%.%Woodside,,,,.%.%.%.%.%-.%
San Mateo County - August 2011
Single-Family Homes% Change from Year Before
PricesPrices
 
Table Definitions _______________ 
Median Price
The price at which 50% of priceswere higher and 50%were lower.
Average Price
Add all prices and divide by thenumber of sales.
SP/LP
Sales price to list price ratio or theprice paid for the property divided bythe asking price.
DOI
Days of Inventory, or how manydays it would take to sell all theproperty for sale at the current rateof sales.
Pend
Property under contract to sell thathasn’t closed escrow.
Inven
Number of properties actively forsale as of the last day of the month.
Page 3
Notices of default, the first step in the foreclosure pro-cess, in San Mateo County fell 17.1% in July from June.Year-over-year, notices were down 2.5%.Notices of sale, which set the date and time of an auc-tion, and serve as the homeowner's final notice beforesale, were down 4.2% year-over-year, and down 9.9%from June. This is the second month in a row noticeshave been lower than the month before. After the filing of a Notice of Trustee Sale, there areonly three possible outcomes. First, the sale can becancelled for reasons that include a successful loanmodification or short sale, a filing error, or a legal re-quirement to re-file the notice after extended postpone-ments. Alternatively, if the property is taken to sale, thebank will place the opening bid. If a third party, typicallyan investor, bids more than the bank's opening bid, the
F
ORECLOSURE
 
STATISTICS
 
property will be sold to the third party; if not, it will goback to the bank.In July, cancellations were down 21.6% year-over-year,but up 15.6% from June.Properties going back to the bank were up in July fromJune by 11.3%. Year-over-year, properties going backto the back decreased 8.1%.The total number of homes that have had a notice of default filed increased by 5.4% in July compared to July2010.The total number of homes scheduled for sale declinedby 6% year-over-year Unfortunately, the total number of homes owned by thebank was up 25.7% year-over-year. The banks nowown 1,165 properties in San Mateo County.
CitiesMedianAverageSalesPendInvenDOISP/LPMedAveSales Pend2Inven
County,,.%-.%-..%.%-.%Burlingame,,.%.%.%-..%-.%Daly City,,.%-.%-..%.%.%oster ty,,.-.-...-.Menlo Park,,.%.%.%.%-.%-.%Redwood City,,.%.%.%-.-.%-.%Redwood Shores,,.%.%.%-..%-.%San Bruno,,.%-.%-..%.%-.%San Carlos,,.%-.%-.-..%-.%San Mateo,,.%-.%-..%.%.%S. San Francisco,,.%-.%-.-..%-.%
San Mateo County - August 2011
Condos/Townhomes% Change from Year Before
PricesPrices
100150200250300350400450500$100$300$500$700$900$1,100$1,300$1,50007FMAMJJASOND08FMAMJJASOND09FMAMJJASOND10FMAMJJASOND11FMAMJJA
   S   i  n  g   l  e  -   f  a  m   i   l  y   H  o  m  e   S  a   l  e  s   M  e   d   i  a  n   &   A  v  e  r  a  g  e   P  r   i  c  e  s
San Mateo County Homes
-Prices & Sales
(3-month moving average—prices in $000's)020406080100120140160$100$200$300$400$500$600$70007FMAMJJASOND08FMAMJJASOND09FMAMJJASOND10FMAMJJASOND11FMAMJJA
   C  o  n   d  o   S  a   l  e  s   M  e   d   i  a  n   &   A  v  e  r  a  g  e   P  r   i  c  e  s
San Mateo County Condos
-Prices & Sales
(3-month moving average—prices in $000's)

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