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Average county home price reaches $1.4M: Realtors see market continuing to rise, multiple offers common
August 09, 2014, 05:00 AM By Angela Swartz Daily Journal

Angela Swartz/Daily Journal
A four-bedroom, three-bath home in the Central Neighborhood of San Mateo is on the market for just over $1 million.

Home prices along the Peninsula are continuing to tick up, with an average of more than $1.4 million countywide, according to experts and the latest data.

In the second quarter of 2014, the median price for a single family home in San Mateo County was $1.08 million, while the average listing was $1.46 million. The median is the middle point, whereas the average is the result of adding the prices and dividing the number of the homes. On the lower end of things, South San Francisco’s average home price was $709,737. The average home price in Hillsborough was $3.77 million. In San Mateo and Burlingame, home prices averaged $1.18 million and $1.81 million, respectively, according to data proved by the San Mateo County Association of Realtors, or SAMCAR, based on statistics complied by MLS Listings.

And prices are still rising, said Steve Blanton, SAMCAR’s chief executive director.

“It’s flattened out a little bit since last year,” he said. “It’s still really difficult. You need a skilled Realtor to help you through the process at this point.”

There are multiple offers on almost every listing, Blanton said. In the second quarter, there were 1,724 new listings in San Mateo County for single-family homes, according to the SAMCAR data.

“Having someone to package your offer correctly is helpful,” he said. “Homes are selling for several hundred thousand dollars above the asking price and there’s still quite a few all-cash offers. It’s hard to compete against all-cash offers; from the seller’s standpoint, you don’t have to wait for bank approval.”

Statewide, home prices are up as well, but showing some signs of slowing. This year, the median home price is up 10 percent from 2009, while in 2013 it was up 27.5 percent from 2009, according to a June 2014 California Housing Market Forest by the California Association of Realtors. The housing supply shortage also intensified in 2013, heightening competition, resulting in bidding wars. More than seven out of 10 home sales received multiple offers in 2013, the highest it’s been in 15 years, according to the 2013 Annual Housing Market Survey Report from the group.

In San Mateo County, the median home price rose 9.6 percent between April 2013 to April 2014, which is actually slightly lower than the statewide change of 11.6 percent. Peninsula Realtors like Mary Ann Teixeira, who sells homes from Millbrae to Redwood City, noted that it’s a very competitive market right now.

“When I’m working with my buyers, in a normal market, you construct an offer that will be extremely attractive to the seller,” she said. “In this market, you’re writing the offer to compete with other buyers.”

The whole process can be a bit of an emotional roller coaster, she said. She oftentimes finds herself counseling her clients.

“The only people who this market is good for is for sellers,” she said. “For buyers, the market is moving so quickly, you have to wonder ‘is everyone really doing their due diligence?’ Buyers will waive all contingencies; I’m a little concerned something might come back to bite them later.”

angela@smdailyjournal.com

(650) 344-5200 ext. 105

 

 

Tags: market, price, million, according, mateo, prices,


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