A mid-sized community in San Mateo County, the city of Millbrae, California, is located just west of the San Francisco Bay in the northern part of the state. It is home to a population of around 20,000 and its residents are more affluent than is typical of communities in the area. In 2007, the median annual household income was more than $70,000, and Millbrae has some of the area’s more pricey real estate.
The Millbrae real estate market is generally above-average in price, but the market has suffered quite a bit in recent years since the U.S. was plagued by a widespread credit crisis and housing market crisis that later spread to the whole of the economy as a recession. The number of homes on the market rose as many were unable to afford their ballooning mortgage payments and foreclosures rose while at the same time home values saw steep declines because of poor market conditions.
As of mid-April, there were 60 Millbrae homes for sale on the market, 41 single-family homes and 19 condos or townhomes. The average listing price was more than $750,000 and homes had been spending an average of 48 days on the market before selling, according to Movoto statistics.
The Trulia real estate search site showed an average listing price of $887,872 for the week ended April 14, down 1.2% from the previous week’s average. The median sales price for January through March of this year has been around $744,400, up 3.4%, or more than $24,000, year-over-year. The average price per square foot, at $488, is up 1% year-over-year, while sale activity is up more than 23%, with 26 homes sold.