In my recent market update I wrote that buyers are currently having to act fast for the chance to purchase and move into our wonderful Beresford and Hillsdale neighborhoods in San Mateo.
At the date of publish of my January market update on the 8z blog, I wrote that, of the ten listings on the market, seven are under contract and only three are active, available listings.
Not only are many of the homes under contract, but homes are going under contract quickly too. A listing at 654 Ventura Avenue, went under contract after only 13 days and received multiple offers.
More demand has caused properties to sell much faster and increase in price per square footage in the Beresford/Hillsdale neighborhood. While days on market fell drastically, average price per square footage jumped from $447.49 for single family homes in January 2012, to $532.70 in January 2013.
Last month, January 2013, 2 single family homes & 2 condominiums sold for a total sold volume of $2,422,000. The average days on market for single family homes was 5 days, and the average for condos was 47 days.
A year ago, in January, 2012, 5 single family homes, and no condos, sold for a total volume of $3,748,500 and an average days on market of 95.
These indicators all point to a “sellers market.” If you are considering selling your home or want to know how it would be best priced in this market, I would be glad to do a comparative market analysis, as your local real estate broker and neighbor. You can contact me through FrancesBoscacci.8z.com.