Single-family, re-sales home sales were up 7.3% last year in San Mateo County.

Unfortunately, after a nice gain in 2010, prices were down. The median price for homes dropped 5.5% and the average price was off 2.7%.

Condo sales in the county were up 12.2% over 2010.

The median price for condos dropped 12%.

The California Association of REALTORS®

expects the median home price to increase 1.7% in 2012. They forecast sales to increase by 1%.

“2012 will be another transition year for the California housing market, as the continued uncertainty about the U.S. financial system, job growth, and the stability of the overall economy remain in the forefront for all market participants,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “An improvement in job growth, consumer spending, and corresponding gains in housing are essential to a broader recovery in the economy, but would-be buyers will remain cautious as they weigh these myriad uncertainties against the clear opportunities presented by today’s very affordable housing market.

“The most likely scenario is for the modest recovery to continue, and this should push sales up slightly next year by 1 percent and maintain levels that are significantly higher than those recorded during the depths of the housing downturn.

“The wild cards for 2012 are many, including federal, fiscal, monetary, and housing policies; the contentious political climate during an election year; and the strength of the U.S. economic recovery,” said Appleton-Young.

Market Statistics

Sales of single-family, re-sale homes fell 0.8% year-over-year in December.

Condo sales were up 62.2% year-over-year.

The median price for homes was off 17.4% year-over-year.

The median price for condos was down 6.8% year-over-year. That’s twenty months in a row the median price has been lower than the year before.

Inventory of both homes and condos continues to decline, which is good. Home inventory was down 21.4% compared to last December. Please note, only active listings are included in this figure. Numbers from the local associations include properties that are also in a pending status, meaning they have an accepted offer, but haven’t been taken off the market.

Condo inventory was down 43.1% year-over-year.

Pending sales for homes increased 19% year-over-year. Pending sales for condos was down 0.7%.

Please remember, while statistics are nice, they will not determine the price you pay or get for a property. That will come down to you and the buyer or seller.