Record Highs in Millbrae!
Finally getting some much-needed rain in our area and hoping it will provide some relief from the drought and not too much havoc on our streets and drains. As we get closer to the holiday season, starting to see a familiar drop in the number of new listings while the number of closed listing stays at a steady pace.
Will do the numbers before I continue…
Housing Statistics for South Millbrae (single family homes)
|August 2015||September 2015||October 2015|
|# of New Listings||2||10||5|
|Lowest Priced New Listing||$1,198,000||$1,198,000||$880,000|
|Highest Priced New Listing||$4,500,000||$2,798,000||$3,195,000|
|Median Price of New Listings||$2,849,000||$1,900,000||$1,698,000|
|# Active Listings||4||9||9|
|# of Closed Sales||7||5||6|
|Average Days on Market (Closed Sales)||34||9||11|
|Lowest Priced Closed Sale||$975,000||$1,323,500||$1,225,000|
|Highest Priced Closed Sale||$2,620,000||$1,920,000||$3,195,000|
|Median Closed Sale Price||$1,400,000||$1,675,000||$2,208,750|
As you can see, the median closed sale price was over $2 million in October – that’s a record high for the history of the South Millbrae area (Mills Estates & Millbrae Highlands combined)! Included in this is 430 Hazel Avenue, which sold for a record high as well of $3,195,000. This is a large 4,450sf home on almost half an acre and apparently all the fixings, including a Koi waterfall pond. This one actually never went officially on market and was just entered into the MLS for comp purposes (not a rare occurrence lately). On the other hand, the median price for new listings actually decreased compared to previous months.
So what does this all mean? Truth be told, the number of data points is relatively small, so numbers can fluctuate easily depending on one or two homes that are much higher or much lower than the average. What I CAN say for certain is that it is becoming less and less rare to see homes listed and/or sold for over $2 million and close to or over the $3 million mark. As many homeowners start to “batten down” for the holidays, buyers are still out there and actively looking for a place to buy. For a homeowner who can handle marketing during the holidays, it’s actually not a bad idea to go on the market during a time of reduced competition and continuing demand.
Call me if you need any assistance in Mills Estates, Highlands or elsewhere in Millbrae. 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 650.636.3147 or firstname.lastname@example.org
*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.