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.
August 2008 Troubled Sellers Update Part 3 – Redwood City to Woodside
City of Redwood City
The biggest loser in July for Redwood City goes to 590 Hurlingame. This home in the Dumbarton neighborhood is listing for $269k below its May 2007 sale price of $579k. Check out the full list of 70 troubled properties here: rwc831.csv
City of San Bruno
58 properties are available in San Bruno. The biggest loser for August in San Bruno is 244 East Ave. This four bedroom home is down $350k since its last sale price.
Raw data: sanbruno831.csv
City of San Carlos
The number of troubled sellers in San Carlos is now 5. The new addition is 2743 San Carlos Ave and it is listing for 120k below its last price.
Raw data: sancarlos831.csv
City of San Mateo
Quite a few properties were taken off market in San Mateo so now the total number of troubled sellers is down a bit to 78.
Raw data: sanmateo831.csv
City of South San Francisco
More than thirty properties were taken off market in South San Francisco. I have sales stats for some of them. There are a total of 86 troubled homes in this update. One notable property is 779 Park Way, which had an asking price of 915k but exchanged hands for only a little above $600k. 602519 Raw data: ssf831.csv
City of Woodside
5 Stadler Dr is still $27k below its 2005 sale price of $1.825 million.
Final Summary:
Atherton:0
Belmont:7
Brisbane:7
Burlingame:7
Colma:3
Daly City: 187
East Palo Alto:93
Foster City: 8
Coastside: 24
Hillsborough: 5
Menlo Park: 16
Millbrae:6
Pacifica: 35
Redwood City:70
San Bruno: 58
San Carlos:5
San Mateo: 78
South San Francisco: 86
Woodside: 1
Total: 689 properties in trouble
This is a decrease of 33, or 4.6% from last month. It may be due to the fact that there are fewer listings now since the prime selling season is over. Additionally, a lot of homes were taken off market.
August 2008 Troubled Sellers Update Part 2 – Foster City to Pacifica
City of Foster City
Once again, all eight of Foster City’s troubled properties are townhouses and condominiums. The new addition in August is 924 Beach Park Blvd #14. It is listing for about $52k below its last sale price. Also, congratulations to the dude that sent me some hate mail. His home sold at the end of July.
Raw data available: fostercity831.csv
Coastside Properties – Half Moon Bay, Moss Beach, Montara, and El Granada
The amount of coastside properties increased a bit since last month. As of 8/31, there are 19 troubled properties in Half Moon Bay, 3 in Moss Beach, and 2 in El Granada. Of note is 2340 Burning Tree Rd in Half Moon Bay. This Ocean Colony mansion on a golf course reduced its price by $300k in August, and is now listing for $234k below its last sale price.
Raw data available: coastside831.csv
City of Hillsborough
The mansion at 180 Robin Rd is still for sale for 950k under its 2001 price. Additionally, the listing at 15 Crystal TE Spgs dropped its price by around $300k in August so it is now $301k below its last sale price in 2004. 2795 Summit Dr is still about $100k under its 2006 price and finally 10 Crystal Springs Ter is still $600k below its last sale price in 2006. Additionally, 1115 Bromfield Rd seems to be a bank owned property since it last sold for $1531201 in May 2008.
City of Menlo Park
Menlo Park added a couple more troubled properties in August and the total number of troubled properties is now 16. One of them is a relisting of 1055 Berkeley Ave. This property first showed up at least 4 months ago. The biggest loser is 1120 Madera Ave. It is listing for $261k below its last sale price.
Raw data available: menlo831.csv
City of Millbrae
Of the six properties in Millbrae, the biggest loser is definitely 1160 Glenwood Dr. Frankly I cannot believe that someone paid $1068888 in 2005 for this 1240 square foot mid century house. I mean, it doesn’t seem like the toilets are made out of gold. It is now listing for $749000, which is only $24000 above its 2002 sale price.
Raw data available: millbrae831.csv
City of Pacifica
Pacifica currently has 35 properties in trouble after a dozen or so went off the market. One property of note is 397 Lynbrook. It went off the market last month after not selling for $509k, but now it is back for $549k. I guess freshening up a stale fish is a common strategy. The latest sales data shows that 13 Moon Gate Ct sold for $428k on 8/4/2008, and that’s a huge discount from its asking price of $645k. Is this a foreclosure sale?
Raw data available: pacifica831.csv
More to come!
August 2008 Troubled Sellers Update Part I – Atherton to East Palo Alto
The later part of August was quite busy for me again so I didn’t update this blog as much as I would have liked to, but I still managed to gather the data for August’s home sellers in trouble. The general vibe I am getting is that a lot of these troubled homes are being sold recently so the number of active troubled properties seem to be holding still. Anyway, here is the data for Atherton through East Palo Alto
City of Atherton
Atherton currently has no active home sellers in trouble. There are a couple properties that are selling only slightly above their last prices, but they’re not technically in trouble.
City of Belmont
On 8/31 seven properties are in trouble, and one of them is pending. The newest additions are 2002 Forest Ave and 1134 North Ct (this property is pending). Another property of interest at 15 Kittie Ln, as expected, this property came back on the market after being taken off last month.
Raw data available: belmont831.csv
City of Brisbane
Brisbane had a bit of an increase in troubled properties and now the total is 7. The newest troubled listing is a condo at 211 Swallotail Ct, and the property with the largest loss is 45 Lupine Valley Ct with a listing price of $400000 below its last sale price.
Raw data available: brisbane831.csv
City of Burlingame
This month the number of troubled properties rose from 3 to 7 in Burlingame. Several homes over the $1 million mark dropped their prices. The newest price reduction happened to 340 Occidental Ave, and now it is below its 2006 sales price. Additionally, an old favorite at 123 Fey Dr was relisted for $1895000.
Raw data available: burlingame831.csv
City of Colma
Two troubled properties left on B Street! They are 531 B St and 528 B St.
Additionally, 321 Hoffman St was listed in August for more than $130k below its last sale price.
City of Daly City
The number of troubled properties in Daly City is now 187, and that’s a decrease of 1 from last month. Sales data shows that a lot of troubled properties were bought in July and quite a few went for over the asking price. The biggest loser in August by dollar amount is 310 A St.
Anyway, here’s the full data: dalycity831.csv
East Palo Alto
East Palo Alto didn’t receive very many new listings, and additionally a lot of listings went off market. The total number of troubled homes is now 93, and that’s down from 103 since last month. The biggest loser by far is 1175 Cypress St, which is down $401k since its last sale.
Raw data available: epa831.csv
More to come!
July 2008 Troubled Sellers Update Part 3 – Pacifica to Woodside
Here is the final part of the July 2008 update featuring the following cities.
City of Pacifica
Pacifica is seeing quite a bit of price reductions. A good example is 340 Monterey, which has dropped its price by $50k every month for the last three month. That’s a deduction of $1.6k a day. For detailed information on all 42 properties you can look at the raw data: pacifica731.csv
City of Redwood City
The biggest loser in July for Redwood City goes to 559 Scott Ave. This home in the Dumbarton neighborhood is listing for $265k below its January 2007 sale price of $750k. Check out the full list of 65 troubled properties here: rwc731.csv
City of San Bruno
62 properties are available in San Bruno. I noticed that quite a few of the condos in the Shelter Creek address are selling because they’ve been priced fairly low. Most of the listings older than 2 months have been reduced. Take a look at the spreadsheet for details.
Raw data: sanbruno731.csv
City of San Carlos
The number of troubled sellers went down to 4 in San Carlos. The cheapest one is a condominium at 3354 Brittan Ave #9.
Raw data: sancarlos731.csv
City of San Mateo
San Mateo experienced more than two dozen price reductions and now the total number of troubled sellers grew to 85. There are troubled homes in all neighborhoods and the inventory is still growing. Take a look at the raw data for all homes.
Raw data: sanmateo731.csv
City of South San Francisco
Quite a few troubled properties actually sold in July for South City. Some notable properties include 404 Fairway Dr and 38 Northcrest Dr. Both of these properties sold for about $50k below asking. More details are available in the spreadsheet. There are a total of 103 troubled homes in this update.
Raw data: ssf731.csv
City of Woodside
855 Canada finally sold in July, but 5 Stadler Dr has cut its price by $77k in July and now it’s $27k below its 2005 sale price of $1.825 million.
Final Summary:
Atherton: 1
Belmont: 4
Brisbane: 5
Burlingame: 3
Colma: 2
Daly City: 188
East Palo Alto: 105
Foster City: 8
Coastside: 20
Hillsborough: 4
Menlo Park: 14
Millbrae:5
Pacifica: 42
Redwood City: 65
San Bruno: 62
San Carlos: 4
San Mateo: 86
South San Francisco: 103
Woodside: 1
Total: 722 properties in trouble
As you can see, the number of troubled properties did not increase dramatically. Some homes and condos are actually priced close to rent equivalent so people are snatching those up quickly. I think a lot of inventory is still being withheld by the banks that own foreclosures because not a lot of these are actually foreclosures. Anyway, this also correlates with the San Mateo Realtor Association’s data that sales went up and inventory is reduced. Overall, this is a good thing for the real estate market. However, we will have to see if this trend lasts.
July 2008 Troubled Sellers Update Part 2 – East Palo Alto to Millbrae
Here is part two of the troubled home sellers situation in July 2008.
City of East Palo Alto
In East Palo Alto it is really hard to find a listing that doesn’t belong to a home seller in trouble. I estimate that 90% of the listings on the market are foreclosures. Some notable additions in July include 1827 Stevens Ave, 1678 Purdue Ave, and 2231 Terra Villa St. All three of these homes lost up to 50% of their original value. A lot of properties went off the market so now the total is 105 troubled properties. This is not very different from last month.
Raw data available: epa731.csv
City of Foster City
Once again, all eight of Foster City’s troubled properties are townhouses and condominiums. A couple additions include 1024 Helm Ln and 42 E Court Ln. Both of these homes have been reduced into troubled territory.
Raw data available: fostercity731.csv
Coastside Properties – Half Moon Bay, Moss Beach, Montara, and El Granada
The amount of coastside properties did not change very much. As of 7/31, there are 15 troubled properties in Half Moon Bay, 3 in Moss Beach, and 2 in El Granada. A handful of listings went off the market and a couple of them sold.
Raw data available: coastside731.csv
City of Hillsborough
The mansion at 180 Robin Rd is still for sale for 950k under its 2001 price. Additionally, a couple more troubled sellers turned up. One listing at 15 Crystal TE Spgs is listed $1 under its 2004 price. The sellers of 2795 Summit Dr lowered its price by more than $500k and now it’s about $100k under its 2006 price. Finally, the sellers of 10 Crystal Springs Ter lowered their listing price by $400k in July so the property is now $600k below its last sale price in 2006. This property has the words “pending litigation” under the HOA information. I’m not quite sure what that means but it doesn’t sound nice.
City of Menlo Park
All 14 of the properties I found in Menlo Park are in East Menlo Park near East Palo Alto. I guess it’s not the best part of town.
Raw data available: menlo731.csv
City of Millbrae
Of the five properties in Millbrae, one standout property in Millbrae is 1116 Landing Ln. It went through a $250k pricecut in July. I think that qualifies as a HUGE price reduction.
Raw data available: millbrae731.csv
More to come!
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