San Mateo County posted some interesting numbers for June 2008. Looking at the entire county is valuable since itâ€™s a large market representation. In other words, small market sample idiosyncrasies have less impact in skewing the numbers. That said, San Mateo County also is comprised of radically varying micro-markets and therefore the overall numbers do not reflect any one particular cityâ€™s true performance.
For example, while San Mateo Countyâ€™s median home price rose 11.8% in June of 2008 over the prior month of May, in Menlo Park the median price rose 28% while in Daly City it dropped 5.6%. Compared to June of 2007 itâ€™s still down 12% for the county as a whole. So while some areas continue to see appreciation and growth, other areas are dragging down the numbers. Of course another way to look at it is areas like Menlo Park are artificially propping up the drastic drops in areas such as Daly City.
This graph illustrates the huge difference in local markets located within a few short miles of each other. Chances are if you donâ€™t live in either of these two cities, the statistics for your city fall somewhere in between.
Median price comparison for Menlo Park and Daly City dating back six quarters. Source Multiple Listing Service San Mateo County. Â©2008 Drew Morgan all rights reserved.