We’ve updated the housing data through October of 2007 and there were a few surprises in the month of October.
↑The median single family home price home price rose 7% in San Mateo County, up $75,000 to $1,075,000 over September’s $1,000,000 median price and up 13,7% over October a year ago when the median home price was $945,500.
↓Fewer sales mean homes are staying on the market longer. Last October a home sold in 39 days—this year 41.
↑The average home sold for 98% of what a seller asked, up 2% from last October.
↓Total available homes for buyer’s to pick from was 1,738 as compared to last year’s 1,441
↔What is not available is what size homes sold. Clearly all indicators are that larger homes must be selling (surprisingly that data is not tracked by any group) since it’s clear the market has slowed some.
It’s not the bloodletting the media has portrayed it to be but nevertheless some buyers continue to wait on the sideline hoping for lower prices and others are taking advantage of the softer market with more choices and less competition.
You can read more about what accounts for the seemingly incongruent market data on our blog. BeautifulMountainBlog.org
· Source-Multiple Listing Service for San Mateo County
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