San Mateo County median home prices dip to new low of $537k

Dataquick just released its new statistics for December 2008 with a full article about bargain hunters. I like that they are adding some commentary to their stats now. San Mateo’s median sales price slipped to $537,000 compared to $770k in December 2007 and sales are still 7.1% down from December 2007.  Usually December is the worst month for transactions so it was expected that prices would be down.  However, you can see a correlation between the sales pace and the median prices.  The areas that are hardest hit with price reductions are seeing the most gain in sales.  The expensive areas like Marin, San Francisco, and San Mateo are still seeing sales declines, which means the price has room to fall.

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