San Mateo Home Sellers in Trouble #10 – The House of Cards is Coming Down

I have decided to do the update of San Mateo homes every 4 weeks, and the last update is pretty interesting. In 4 weeks there were 126 unique properties totaling 142 listings that are listing less than their last sale price. This is an increase of 50% from the last report in January. Here are some highlights.

Total Count of San Mateo Home Sellers in Trouble for 1/14/2008 to 2/10/2008: 126

Average Time from Last Sale Date: 1.87 Years

Average Annualized Loss: 14.1%

Average Absolute Percentage Loss: 24.8%

Average Size of Home: 1224

Average Price Per Square Foot: $444.42

Biggest Loser: 649 Hurlingame Ave in Redwood City with an annualized loss of 77%

A notable home is this mansion in Hillsbourough, which sold for 7.9 million dollars in 2001, but is now listing for 6.95 million. I guess we are rolling back to 2001? It is a beautiful property from the looks of the pictures. This is the most expensive listing I have found to date.

In the spreadsheet you will see that over 1/4 of the properties have listing prices that are over 25% less than their last sale price. The worst example is a home that is listing for 47.5% less than its last price. It seems that the Goldman Sach’s prediction of Californian homes losing 40% of their value is coming true one house at a time.

I expect that the next report will be even worse as more people try to list their homes for the spring selling season. They will be competing with so many banks and other desperate home sellers who already have their homes on the market. There is quite a bit of news that many homedebtors are just mailing their keys back to their lenders, and that may be a prudent thing to do if it costs even more to carry the home and try to sell it.

Until next time, enjoy!

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