Welcome to this month’s real estate market report for San Mateo County, California. San Mateo continues to be a highly sought-after market for home buyers. Overall the market is in a slower period than what is typical. Single-family home prices have increased month to month, while condo sale prices have dropped. Both home and condo markets have a month and a half of inventory available to buyers. Find out more about the San Mateo real estate market in this helpful report.
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San Mateo Housing Stats
The median sale price for single family homes in San Mateo County was $1,900,000 at the end of April 2023. The median sale price has dropped from one year ago, falling from $2,400,000 at the end of April 2022. Single-family home prices are down from their 2023 high of $2,100,000.
There was a total of 193 single-family properties sold in San Mateo last month. There have been approximately 450 single-family properties sold so far this year in San Mateo.
A total of 331 new listings hit the market last month, which brings total inventory available to buyers in San Mateo to 1.5 months.
Single-family homes were on the market for an average of 21 days during April before beings sold, and sellers were getting just 97% of their original list price at closing.
San Mateo Condo Stats
The median sale price for condos in San Mateo County at the end of April 2023 was $857,000. The median sale price for condos is down from $1,100,000 at the end of April 2022, and down from $1,000,000 at the end of March 2023.
There was a total of 54 condos sold last month in San Mateo. There has been a total of 180 condos sold so far this year in San Mateo.
A total of 107 new condo listings hit the market during April, this brings the total of condo inventory in San Mateo to 1.6 months.
Condos in San Mateo were on the market for an average of 32 days before being sold, and sellers of condos were getting 101.2% of their list price at closing.
What Does This Mean For Buyers?
Buyers searching for homes in San Mateo will find more inventory available and slightly lower prices for homes and condos. There is less competition for homes and condos than one year ago. Overbidding for single-family properties has fallen, and buyers have slightly more leverage.
There may be more competition for buyers as the summer continues. Buyers should have cash or financing in place and be ready to act when a property is found. Buyers should not delay a decision as prices can suddenly climb upward, and possible pricing some out of certain markets.
What Does This Mean For Sellers?
While sales of homes and condos have slowed, there are still many active buyers looking for properties. Interest rates and other factors have caused a slowdown in buying activity, as we head in to summer this trend may reverse. Sellers should exercise patience as properties are staying on the market for longer than average.
Sellers should be aware that while a slowdown is trending, San Mateo continues to be a destination for many buyers. Ups and downs in the market will continue to take place and should not prevent a seller from putting a plan in place to get their home sold.
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!