San Mateo-Foster City Real Estate News

It's time for an update on the real estate markets around the mid-Peninsula.  Let's start off today with Millbrae, 94030.  There were 39 homes on the market last week.  The average time on the market was 53 days, which believe it or not, is an improvement from previous weeks.  The median price for was $1,248,000 (this is for single family homes).

• The 10 least expensive homes, with a median price of $727,000, have been on the market for an average of 43 days. 
• The 9 most expensive homes, with a median price of $1,699,000, have been on the market for 57 days average. 
• The 10 upper-middle priced homes, with a median price of $1,239,500, have been on the market for 62 days on average.
• The 10 lower-middle priced homes, with a median price of $918,444, have been on the market for an average of 54 days.

What does this mean?  We are into a normal market.  We aren't seeing many homes selling quickly.  We did see 7 Millbrae homes go into contract last week, so buyers are indeed out there.

What is a normal market?  We haven't seen any in many years so it is a good and fair question.  It is one where a home may take up to 60 or more days to sell.  It may require price reductions if it isn't getting shown. Most important, appreciation runs between 3% and 5% per year.  Your home will no longer be a piggy bank.

As you can see to the left, the price of homes is trending upward.  That's because Millbrae is in Fantacy Island, where we have a shortage of homes and a lot of people qualified to buy the ones that are for sale. 

Millbrae is considered to be a Warm Seller's Market.  If the home is priced well, it will sell.  There are few bargins available in Millbrae.

All of my data comes from Altos Research and if you are interested  in more data please contact us.

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