octaweb.org

A upper-mid-level market near the coast of California, real estate in San Bruno, like in many cities across the Golden state, continues to struggle, reaching for a bottom to bounce back from. Prices and values are down, as is sales volume in contrast to many cities’ markets, which have been assisted by the government incentive program to offer tax rebates to homebuyers.

According to San Mateo County statistics from Alain Pinel Realtors in nearby Menlo Park, October statistics showed little to no relief from the San Bruno real estate market. The city saw its median and average prices both down during the month from the same time last year. The median price for single-family homes stood at $490,000, down 8.4% from October 2008, while the average price was at just under $515,000, down 3.6% from the same time last year.

Meanwhile, sales in San Bruno have slipped as well. October of this year accounted for just 16 sales, down by 23.8% from activity of last year and unchanged from sales volume in September. There were 31 current homes for sale in San Bruno and it remains to be seen whether the government’s extension of the tax credit to homebuyers will be an incentive to help lure more buyers back to the San Bruno market.

Additionally, the condo market has been faring no better. The median price for a condo in October was $210,000, down 26.3% from last year’s price, though up 7.7% from September’s figures. Condos’ average price, at just over $201,000, is down 28.7% from last year and down 1.5% from September. Condo sales, too, are down, with just seven sales during October, down 30% from volume during October of 2008.