Welcome to this month’s real estate market report for San Mateo County, California. The demand for homes in San Mateo County continues as prices for single-family homes and condos have continued to climb. Inventory levels are very low creating a very competitive market for properties in the area. Find out more about the San Mateo real estate market in this helpful report.
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San Mateo Housing Stats
At the end of April 2022, the median sale price for single-family homes in San Mateo County was $2,400,000, which is an all-time high. The median sale price has climbed from $2,000,000 at the end of the previous April.
There were 377 listings sold during April, and a total of 757 new listings hit the market, which brings the inventory of single-family homes in San Mateo to 0.8 months.
There have been just over 1,000 single-family homes sold so far this year in San Mateo, this is down from approximately 1,400 sold at this point in 2021.
Sellers are getting 109.2% of their original list price for their home at closing, which is up from 105.7% one year ago.
Single-family homes were on the market for an average of 13 days before being sold during April, this is down from 18 days during the previous April.
San Mateo Condo Stats
The median sale price for condos in San Mateo at the end of April was $1,100,000, condo sale prices have climbed from $957,000 sale average at the end of April 2021.
There were 132 condo listings sold during the month of April, a total of 268 new properties were offered during this same time, which brings the inventory of condos available in San Mateo to one month.
There have been approximately 400 condos sold so far in 2022, this is down from 490 sold by this time in 2021.
Sellers of condos were getting 106.3% of their listing price for their condo at closing during April, this is up from 102.3% one year ago. Condos were on the market for an average of 18 days before being sold, which is down from 18 days this time last year.
What Does This Mean For Buyers?
Buyers who are searching for a home in San Mateo face a very competitive market. Overbidding for homes continues and prices are surging for single-family homes. Time is a not friend to buyers and they should have their financing in place and be ready to act when a home is found. Buyers should be realistic with their expectations and may have to eliminate some must-haves, otherwise, waiting for the absolutely perfect property may cost you more money in the long run.
Finding a home in San Mateo can be challenging but not impossible. Having a great agent on your side who understands our market and has the expertise to find what you are looking for is the first thing to do when you decide to buy a home or condo. Give us a call today and let us help you find your perfect home!
What Does This Mean For Sellers?
Home values in San Mateo are hitting a record high and sellers are taking advantage of the rising home values. The demand for homes and condos in San Mateo continues as the average sale price for properties are well above the asking price. Sellers should keep their eye on inflation and interest rates at some point there will be a cooling off of the market. If you have been thinking of selling now is a great time to get your home listed and on the market.
The most important thing to do when offering your home for sale is to price it correctly. We are experts at identifying the value of properties to sell your home quickly and net you the most money possible. Homes are selling very quickly in this market and yours could be sold just as fast. Give us a call today to get started!
If you are in the market to buy or sell a home in San Mateo County, California, give us a call today and we can help. We have the experience, knowledge, and professionalism to find you a perfect home for you and your family and price your home correctly, market it to the most qualified buyers, and net you the most money. Give us a call today!
See Additional Reports on the San Mateo County Real Estate Market
San Mateo County Homes for Sale
Here are the most recent single-home listings just added to the database in the median sale price range for San Mateo County. All homes here are priced at $2,400,000 or less.
San Mateo County Condos for Sale
Here are the most recent condominium listings just added to the database in the median sale price range for San Mateo County. All homes here are priced at $1,100,000 or less.