January 2016 Market Update SoMill

    Jean Joh Somill Front Q4

    Beating the Peak and Still Going Strong

    What a year 2016 has been.  It’s still early days yet to see what the market will do in the new year, so I thought I’d start this market update with a comparison of how median sales prices have changed over the years in South Millbrae.  It’s not surprising that real estate market has recovered from the declines that began in 2007 & 2008, but it IS pretty impressive that the median sale price for the year increased 33% as compared to the “peak” of 2006.  Whether or not this trend will continue is something that remains to be seen – I know some buyers who are hoping for another “crash” to bring home prices back into reach for them, while I’m sure homeowners are hoping the trend will continue to boost their home values.  Whatever the case, this is a confirmation of the fact that regardless of the ups and downs that can occur over time, real estate is the best long term investment.

    Anyway, to the numbers …

    Housing Statistics for South Millbrae (single family homes)

    October 2015 November 2015 December 2015
    # of New Listings 5 5 2
    Lowest Priced New Listing $880,000 $1,295,000 $1,199,000
    Highest Priced New Listing $3,195,000 $2,250,000 $1,400,000
    Median Price of New Listings $1,698,000 $1,598,000 $1,299,500
    # of Closed Sales 6 0 5
    Average Days on Market (Closed Sales) 11 NA 19
    Lowest Priced Closed Sale $1,225,000 NA $956,000
    Highest Priced Closed Sale $3,195,000 NA $1,600,000
    Median Closed Sale Price $2,208,750 NA $1,251,000
    Sale Price to List Price Ratio 103.2% NA 99.5%

    It’s encouraging to see that even though there were no closed sales in November, we ended the year with 5 closed sales.  It’s interesting to note that of the 12 new listings in the last quarter of 2015, only six have sold with one still active, three under contract and two actually canceled (possibly just taken off the market for the holidays season).  It’s also noteworthy to see that sale prices are pretty close to list prices contrary to the rumors out there that buyers need to go WAY over asking price to even have a chance to buy a home.  I’m looking forward to seeing what new inventory will be coming up in the coming months.

    Here’s to a joyful and prosperous 2016 for everyone!

    Call me if you need any assistance in Mills EstatesHighlands 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 jean@jeanjoh.com

    *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.

     

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