According to the March 2012 MLSLisitings data, the number of new listings and overall inventory continue to decline in all five counties compared to last year. New listings in Santa Clara County have dropped every month from October 2010, and came in 15 percent down from the same month last year. For Santa Clara and San Mateo counties, inventory has dropped every month since June of last year; this month, both are down 29 percent compared to March 2011.
The median price for a single-family home in San Mateo is currently $821,000, compared to $855,000 in March 2011, a 4% decrease, according to historical statistics from the San Mateo County Association of REALTORS.
MLS data states that homes are not coming onto the market as quickly as they were a year ago, but they are flying off the market in San Mateo with days on the market at only 34 days last month, compared with 113 in Pacifica. There were 63 closed single-family sales in March 2012 vs. 51 in 2011, a 15% increase in the number of sales for the city.
Along the Peninsula, the market is definitely heating up with numerous reports of multiple offers and cash deals, some from Facebook employees, eager to put their money to work for them.
Countywide, the largest price increases for single-family, re-sale homes were in Belmont, which saw the home prices increase 7% from $840,000 in March 2011 to $900,000 in March 2012. Overall, the county median price was $689,444.
If you are wondering if the time to buy is now, the first thing you should look at is how much you can afford for a mortgage. Please contact us to help you determine your buying power! Contact me for directly at 408.615.0655 or email firstname.lastname@example.org.