Real Estate Report For March, 2009

The Real Estate Report LOC

AL

MARKET

TRENDS

SAN MATEO COUNTY March 2009

Home Prices Rise, First Time Since Last June The prices for single-family, re-sale Palo Alto where sales were up Condo sales were down 14.5% from January, and were off 31.9% homes rose for the first time since 566.7%. June 2008. The median price was year-over-year. up 2.4% in February from January, Inventory was up 7.1% from Janu- The median price for condos rose ary, a normal occurrence this time while the average price 0.3% month-over-month, was up 9.2%. Year-overTrends at a Glance but was off 17.5% comyear, the median price pared to last February. (Single-family Homes) was down 37.5%, and the Feb 09 Jan 09 Feb 08 Condo inventory gained average price was off Sale/List Price Ratio: 97.3% 97.8% 98.3% 12.5% month-over47.5%. Days of Inventory: 185 215 210 month, but was down Home sales were up 61 63 61 16.2% year-over-year. Days on Market: 24.1% from January, but Median Price: $565,000 $551,750 $904,444 off 8% compared to last Average Price: $741,302 $678,884 $1,415,860 The real estate market is Home Sales: 206 166 224 very hard to generalize. February. Year-to-date, of year, but off 18.8% compared to It is a market made up of many home sales are down 3.4%. micro markets. For complete inforSales continue to be concentrated last FEbruary. mation on a particular neighborin the lower-priced cities such as The sales price to list price ratio hood or property, call me. Daly City where year-over-year dropped 0.5 of a point to 97.3%. sales were up 59.1%, and East

Jane Longley-Martins REALTOR® CRS, GRI, SRES 650.523.5858 [email protected]

American Recovery and Reinvestment Act Ups Loan Limits The American Recovery and Reinvestment Act of 2009 reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any “sub-area”, i.e. an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009

limits will expire December 31, 2009. For Santa Clara County, loan limits will be $729,750. The Act is intended to provide a stimulus to the U.S. economy in the wake of the economic downturn brought about by the subprime mortgage crisis and the resulting credit crunch. The Act includes federal tax cuts, expansion of unemployment benefits and other social welfare provisions, and domestic spending in education, health care, and infrastructure, including the energy sector. Some of the tax relief for individuals include: • New payroll tax credit of $400 per worker and $800 per couple in 2009 and 2010. Phase-

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out begins at $75,000 for individuals and $150,000 for joint filers. Alternative minimum tax: a one year increase in AMT floor to $70,950 for joint filers for 2009. • Expansion of child tax credit: A $1,000 credit to more families (even those that do not make enough money to pay income taxes). Expanded college credit to provide a $2,500 expanded tax credit for college tuition and related expenses for 2009 and 2010. The credit is phased out for couples making more than • $160,000. Homebuyer credit: $8,000 credit for all homes bought between 1/1/2009 and

12/1/2009 and repayment provision repealed for homes purchased in 2009 and held more than three years. This only applies to first-time homebuyers. Home energy credit to provide an expanded credit to homeowners who make their homes more energy-efficient in 2009 and 2010. Homeowners could recoup 30 percent of the cost up to $1,500 of numerous projects, such as installing energy-efficient windows, doors, furnaces and air conditioners. Deduction of sales tax from car purchases, phased out for incomes above $250,000.

February Sales Statistics Single-family Homes

Prices Unit Listings Median Average Sales New Total DOM SP/LP County Atherton Belmont Burlingame Daly City El Granada East Palo Alto Foster City Hillsborough Half Moon Bay Millbrae Menlo Park Montara Moss Beach Pacifica Portola Valley Redwood City Redwood Shores San Bruno San Carlos San Mateo S. San Francisco Woodside

$565,000 $1,848,000 $714,500 $1,375,000 $510,000 $540,000 $247,450 $1,185,000 $2,450,000 $392,500 $1,115,000 $1,016,500 * * $493,000 $1,645,000 $529,975 $1,050,000 $550,000 $1,050,000 $750,000 $500,000 $2,500,000

$741,302 $1,848,000 $714,833 $1,382,775 $650,824 $540,000 $259,110 $1,185,000 $2,566,666 $392,500 $951,166 $1,037,827 * * $499,916 $1,645,000 $677,727 $1,089,375 $527,564 $1,068,500 $804,334 $539,926 $2,500,000

206 557 1,273 1 15 33 6 23 49 9 26 52 35 45 154 1 12 31 20 31 118 2 11 33 3 13 50 2 20 80 6 13 41 18 46 113 * 3 17 * 6 14 12 28 91 1 4 23 24 61 183 4 8 19 14 12 56 11 38 71 21 64 152 15 51 116 1 18 45

61 159 78 79 91 31 94 177 70 83 86 81 * * 90 95 83 62 63 54 94 53 74

97.3% 92.6% 91.3% 95.9% 127.8% 93.9% 98.5% 92.0% 93.1% 95.2% 94.0% 96.7% * * 94.3% 97.6% 97.6% 95.0% 98.1% 94.1% 95.1% 98.2% 86.4%

Compared to Last Year Med. Ave. Sales Listed

-37.5% -70.8% -4.7% -0.2% -11.7% -36.5% -66.1% -2.8% -14.0% -55.3% 21.9% -32.7% n/a n/a -27.5% -17.8% -46.4% 0.0% -23.6% -10.7% -14.8% -17.8% -51.9%

-47.6% -71.1% -20.9% -2.3% 11.8% -45.6% -64.3% -1.9% -37.4% -66.1% -4.1% -49.3% n/a n/a -26.9% -30.0% -37.9% 4.6% -23.6% -7.8% -16.6% -13.6% -49.8%

-8.0% -85.7% 20.0% 50.0% 59.1% -66.7% 566.7% -75.0% -62.5% -71.4% 20.0% -10.0% n/a n/a 9.1% -66.7% -20.0% -55.6% 55.6% -8.3% -8.7% 50.0% -83.3%

-18.8% 73.7% 0.0% 20.9% -36.9% 19.2% -18.1% 65.0% 47.1% 56.9% -2.4% 63.8% -5.6% 0.0% -7.1% 15.0% -16.4% 26.7% -42.9% 34.0% 3.4% -22.7% 60.7%

Compared to Last Month Med. Ave. Sales Listed 2.4% n/a -18.8% 21.7% 2.0% -30.3% -3.0% 18.5% 27.0% -9.1% 20.5% 146.4% n/a n/a -1.4% n/a -21.5% -15.0% -11.3% -8.7% 22.2% -2.0% n/a

9.2% n/a -12.1% 4.0% 29.8% -24.1% -3.6% 17.6% 28.6% -19.4% 2.8% 22.1% n/a n/a -2.9% n/a 6.6% -11.8% -9.1% -4.8% 3.4% 2.6% n/a

24.1% n/a 100.0% 50.0% 12.9% -66.7% 25.0% -66.7% -25.0% -33.3% 200.0% 80.0% n/a n/a 0.0% n/a 118.2% 300.0% 7.7% 120.0% -12.5% 25.0% n/a

7.1% 26.9% 19.5% 33.3% -9.4% 63.2% -0.8% 26.9% 6.4% 21.2% -4.7% 15.3% 0.0% 16.7% 5.8% -4.2% 6.4% 35.7% -13.8% 10.9% 13.4% 6.4% 40.6%

February Sales Statistics Condos/Townhomes

County Burlingame Daly City Foster City Menlo Park Redwood City Redwood Shores San Bruno San Carlos San Mateo S. San Francisco

Prices Unit Listings Median Average Sales New Total DOM SP/LP

$400,000 $426,891 $0 $0 $265,000 $290,325 $435,000 $469,250 $1,183,000 $1,183,000 $375,000 $375,000 $550,000 $598,333 $352,499 $352,499 $617,500 $617,500 $443,500 $453,752 $370,500 $380,666

47 169 397 0 13 24 10 10 48 4 16 42 1 7 25 2 9 23 3 10 21 2 13 36 2 11 24 14 40 115 6 15 49

72 0 96 47 11 75 97 109 137 76 191

97.2% 0.0% 98.5% 97.5% 99.0% 97.8% 96.9% 87.6% 96.6% 95.9% 98.5%

Compared to Last Year Med. Ave. Sales Listed

-17.5% -100.0% -45.4% -19.2% 3.7% -25.7% -26.0% 26.4% -36.2% -10.9% -11.6%

-23.1% -100.0% -34.3% -18.3% 10.2% -12.2% -17.5% 19.9% -36.2% -19.7% -13.9%

-31.9% -100.0% 150.0% -33.3% -80.0% -50.0% -25.0% -77.8% 0.0% -22.2% 20.0%

-16.2% 50.0% -33.3% 44.8% 19.0% -20.7% -32.3% -18.2% 50.0% 0.9% -21.0%

San Mateo County: Homes

Days of Inventory: Homes

104.0% 102.0% 100.0% 98.0% 96.0% 94.0% 92.0% 90.0%

300 270 240 210 180 150 120 90 60 30 0

06 M M J S N 07 M M J S N 08 M M J S N 09

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0.3% -3.9% -14.5% 12.5% -100.0% -100.0% -100.0% 84.6% -11.7% -0.6% 100.0% -11.1% -27.4% -20.5% -20.0% 20.0% 80.6% 80.6% -50.0% -3.8% -21.1% -21.1% -21.1% 15.0% -3.7% 8.3% 0.0% 5.0% 51.6% 39.6% -66.7% 16.1% -4.6% -4.6% 0.0% 33.3% 12.1% -3.1% 0.0% 10.6% 0.3% 11.4% -14.3% -3.9%

Buyer's Market

06 M M J S N 07 M M J S N 08 M M J S N 09

Sales Price/Listing Price Ratio

Compared to Last Month Med. Ave. Sales Listed

Sellers Market

© 2009 rereport.com