San Bruno Views

The Numbers, dry statistical data and key performance indicators, in a nutshell.

Median sold price up over 24% from this point last year:

Median for sale price down 8%, median sold price up 24%.

Median sold properties per month is down 11%, but this is the difference between 18 units and 16 units.

The number of under contract properties per month is up 33%, meaning more transactions are closing by comparison to units sold from last year. This number remains flat since November.

New properties listed per month is up a whopping 64%!

I have officially reached the limit for charts and graphs in the dry statistical data and key performance indicator section. I do, however, have other metrics to present. 

The number of for sale properties is down a whopping 44%. Interestingly, expired properties has not changed since this time last year. There is still more supply than demand on the market, as 60 properties for sale on the market vs. 16 properties sold. Average days on the market per month is down 22% to 60 days. Lastly, a month’s supply of inventory is down almost %75.

As stated earlier, San Bruno is ripe with distressed properties.  The number of single family residences/condos that are REO’s and Short Sales currently on the market are 32. This number represents 55% of the availble single family/condo listings on the market. That percentage is up 5% from last month.

Overall, San Bruno is supporting a moderately healthy housing market. Median home prices are rising, indicating a good demand for properties that represent value for money. Average days on the market continues to decrease. New properties listed is way up over this time last year, while the inventory is down which indicates properties are moving. These are good signs, but the rising trend of distressed properties creates a concern. There are a lot of private investors snatching these up, distorting the data. Experts agree that a healthy housing market is supported by owner-occupied homeowners of the first or move-up variety. A large unknown is that in the coming year is whether or not distressed properties on the market dwindle as lenders continue to make breakthroughs in working with distressed borrowers. Although job conercens and consumer confidence continue to keep housing recovery at bay, there is lots of good activity on the market. Most real estate firms are reporting good activity and ringing phones, citing an optimism for the next year that was missing over the last few.

The timing for buying and selling has been better than it has over the past few years. Buyers should understand interest rates remain low and that value for money is out there in the market. Lenders are beginning to loosen guidelines a bit. Heck, I even spoke to a lender represntative today who reinstated a 20% down no income verification loan program on a less than perfect property!  Home sellers can begin to see that this year may mark the continued increase in median prices and a reduced time on market that has been missing in this economy. Sellers should take this to note that properties that are not priced in alignment with the market will continue to stagnate.

For even more information, contact your real estate pro today!