As your local 8z REALTOR and market expert, it is my pleasure to bring you this monthly update for San Mateo’s Laurelwood and San Mateo Knolls/Laurel Creek neighborhoods. Tune in each month for updated information about one of life’s biggest investments: your home. Or, even better, have it delivered right to your Inbox:
An Interesting thing happened over the last month in our local real estate market. Things actually slowed down a little, and for those of us in the industry, you could feel it happen. Suddenly homes were selling with fewer offers, or some actually did not receive offers on the scheduled offer date. This noticeable difference was in late July and heading into August, but it was there. As strange as this might seem, it is actually pretty normal for this time of year. Summer is coming to an end and families are either vacationing or gearing up for the beginning of school.
Let’s take a look at what did occur in July, both in our local area of Laurelwood and San Mateo Knolls/Laurel Creek and then in San Mateo overall.
This year in July, there were 4 new listings in our community and 4 closed transactions. Of the 4 new listings, 2 are now Pending and waiting to close escrow and the other 2 ended up cancelling. We don’t know the exact reason the listings cancelled, but typically it is due to the sellers not receiving an offer at the price they need in the time needed.
The 4 closed transactions in July were the 4 properties listed in June. 44 Live Oak is new construction overlooking Peninsula Country Club. It was listed at $1,994,677 and ending up selling for slightly less at $1,950,000 with an all cash offer. 3800 Kingridge was originally listed for $1,940,000 but after 3 weeks of not selling the price was reduced to $1,750,000. In 3 days it sold for $1,720,000. 3423 Del Monte St was listed for $1,375,000 and sold quickly for $1,525,000. Finally, 4212 Alameda de las Pulgas was listed for $895,000 and ended up selling for $885,000.
These sales indicate quite a difference from July, 2013. Last year there were 10 new listings and 9 closed sales. Demand was strong and drove prices up. That continued for the entire year. As mentioned in previous posts, an excellent way to compare prices from one year to the next with houses that can be so different is by comparing the average price per square foot paid by buyers. In Laurelwood, that number jumped by 29%, or from $614 per sq. ft. to $796. Keep in mind that the low number of sales can have a huge impact on the numbers. In San Mateo Knolls/Laurel Creek, that number jumped 17.7% from $545 to $642 per sq. ft.
Overall in San Mateo we saw very similar trends that happened in our local neighborhood. The price per square foot for the homes that sold this year went up to $624 from $574 last July. However, because of fewer listings on the market this year, the number of sales dropped from 108 last July to 90 last month. Total sales volume dropped from $96,021,675 last year to $77,715,944 in July 2014. The average sales price this year actually dropped in San Mateo from $897,399 last July to $863,510 last month.
The highest priced home that sold in San Mateo in July, 2014 was once again in San Mateo Park. 460 Midway Ave sold for $3,400,000. The least expensive home to sell in San Mateo in July was again a studio condo at 324 Catalpa St. This 390 square foot home is for adults over 55 and sold for $227,000.
It remains a great time to sell! Prices remain high as supply is very low. However, from a buying standpoint, things have improved as homes are starting to stay on the market longer with fewer offers coming in on most homes. Home prices are likely to start leveling off if this trend continues, so this might be a great time to be a buyer as well.
Please call me if you need any assistance in theis community or elsewhere in the San Mateo and Peninsula area. I’d be more than happy to discuss the current market’s activity, show homes from the current inventory and help you with any of your real estate needs in the community. You can always reach me at 650.921.5621 or firstname.lastname@example.org. My website is stuartyoxsimer.8z.com.