San Mateo, California housing sales have experienced an increase of 26.2 percent since 2011. From March 13 to May 13, the median sales prices for the homes in San Mateo will be $740,000. This number was based upon 263 home sales. The year prior to this, the home sales had decreased by 15.7 percent, and the median home sales price increased by 28.7 percent or $165,000. This is just a synopsis of what an investor could expect from housing sales in San Mateo, California.

An Overview of Housing Sales in San Mateo

A recent check of the MLS system in San Mateo reveals that there are 110 resale and new homes on the market. There are six open houses and 149 homes in pre-foreclosure, auction, or bank-owned stages of the foreclosure process. As of June 12, 2013, the average listing price for the homes was approximately $846,451.

Though this number seems high, it represents a 2.8 percent decrease from the previous week. The most popular neighborhoods in San Mateo are Shoreview and North Central. These homes have an average listing price of $563,542 and $696,865, respectively.

Experts have found that home sales above $500,000 seem to be greater than homes listed for $300,000. In fact, the least expensive homes are selling at a rate of 27 percent lower than the previous year in February. This was due to the fact that there were fewer homes on the market to be sold in this price range.

Studies show that housing inventory overall dropped 39 percent from the previous year. An imbalance in supply and demand as created from this experience. Now, home buyers are competing with each other. Some home owners are receiving multiple offers, and the competition drives up the prices on the homes.

The homes about $500,000 are selling at a rate that is 31 percent higher than one year ago. This signifies that the market is rebounding, but the number of months on the market is still longer. Single-family detached homes were taking 3.6 months to sell in February 2013 when reviewing the numbers.

In January 2013, the single-family homes were selling in 3.5 months. This number represents a significant improvement from the previous year in February 2012 when it required an average of 5.4 months to sell a home. With a faster rate of sale than normal, home owners can avoid paying exorbitant fees before the sale executes. It typically takes six to seven months to sell a home in San Mateo.

Mortgage rates were averaging at 3.53 percent on a 30 year fixed mortgage in February. This number was up from 3.41 percent in January 2013. The number is lower than the previous month in February of last year, which equaled 3.89 percent.

Housing Sales Overview in San Mateo, California

Overall, the market is stronger than in previous years. There are some areas that are not showing improvement, but it is remarkably better than it was during the economic recession. Consider purchasing a home in San Mateo before the home prices become more competitive than they are currently. Interest rates are also in homeowner’s favor, and this provides a greater incentive for investors to buy homes. Consider a new, foreclosed, or older home in San Mateo for your next investment.