San Mateo Home Sellers in Trouble #5 — 10/22/07 to 11/04/07

Well, it’s been two weeks since my last update on the homes selling for less than their last sales price in San Mateo County. So today is the time for another update.

I found another 50 properties that have listing prices lower than their last selling prices. There were a little more than 400 properties in San Mateo County that were listed on Redfin in the last 14 days, so that means 50 properties is once again about 10% of new properties coming up for sale. Here are some highlights of these listings.

Total Count of San Mateo Home Sellers in Trouble for 10/22/2007 to 11/04/2007: 50

Average Time from Last Sale Date: 1.76 Years

Average Annualized Loss: 14%

Average Size of Home: 1382 Sqft

Average Price Per Square Foot: $483

Biggest Loser: 375 Keith, Pacifica with an annualized loss of 98.4%

Most of the homes in trouble were in Daly City and East Palo Alto, but some were also found in Menlo Park and Redwood City. In fact, the most expensive home on the list is 101 Laurel St, and the least expensive is 1154 Carlton St, and both of these are in Menlo Park.

I am glad to see that it seems like the homes getting discounted are of larger sizes than previous reports. Also, I did a scan of the homes in my last data collection and it seems like none of them have sold. A couple listings were withdrawn but for the most part all of the listings are still active on Redfin. A couples of the listings also went through more price reductions in the last two weeks. The most drastic of these reductions was on 1363 Windermere in Menlo Park. On 10/21/07 the list price was 649,000, but now it lists as 499,000. I haven’t seen any properties that really caught my eye yet, but some of these properties could be a good deal for people who are good at fixing up homes. So once again, the raw data is available on the statistics page for this series. Enjoy, and keep in mind that I don’t have every single distressed San Mateo property listed here. I only grab what I see from Redfin, and that is by no means an exhaustive source. I am sure if you dug deeper you can find cheaper homes in San Mateo.

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