The following data has been pulled out of the San Mateo Multiple Listing Service, and the search criteria are all single family residences over the past one year window. First, the good news. The median sales price data is encouraging!
In November, the median sold price of a single family residence spiked. While it remained stable over the past few months, November saw some really good lift in the median price. This is good news for San Bruno property owners, and reflects well for San Bruno real estate that the median prices are only slightly down from November ’08 levels.
To continue this trend of good news, the average days on the market for homes in San Bruno has dropped.
The average days on the market, a good sign of a robust sales market, is down 19% from last month and nearly 40% from this time last year. Properties are spending less time on the market before being sold, and this bodes well for sellers of San Bruno real estate.
Ouch! The number of sold homes in San Bruno dropped significantly in November, and is down sharply from this time last year. While the graph does an excellent job of depicting a painful decline in real estate sales activity in November, the reality is that the number of sales dropped from 18 to 11. Still, this represents a 39% drop from October and a 31% drop from this time last year. As small as the overall number of units may be, this does not bode well for San Bruno’s real estate recovery efforts.
Supply vs. Demand can tell how much housing is available on the market vs. how much demand there are for them. Again, the statistics are less than flattering.
The number of units available still well exceeds the demand for them. While the demand is stable from the same time last year, the supply has dropped significantly from the same period a year ago. Despite the fact that the average number of days on market for properties in San Bruno has dropped, properties are still spending a good amount of time on the market before being sold. On the flipside, if buyers are able and willing they do have a good supply of properties to choose from. Overall, these numbers need to align more tightly in order to signify a better market.
Of the 48 single family homes, townhomes and condos available for sale on the market at the time of this writing, 18 are short sales and 10 are foreclosure properties. That means that of the available homes on the market, 58% are foreclosures or short sales. The amount of foreclosures and short sales as a part of the available properties is up 20% from October. This goes to show that the amount of distressed properties continues to take a bigger share of the marketplace. That being said, there are 13 fewer units for sale on the market over tha time.
Overall the San Bruno real estate market continues to send a mixed message. While indicators such as sales price, average days on market and median list price to median sales prices indicate the market is headed in the right direction, other indicators tell a different story. Indicators such as number of units for sale vs. sold, number of sold homes in San Bruno and number of new properties listed indicate the market is trending downward. So where is San Bruno? Perhaps somewhere in the middle. However, these numbers to continue to support the feeling of hope that next year will begin to see greater activity in the real estate market than there has been in recent years, and that buyers with the means (and job stability) will come out of the woodwork to invest in the increasing numbers of distressed homes available in the market.
