Welcome to this month’s San Mateo County, California, real estate market report. San Mateo County is a highly sought-after destination, given its close proximity to Silicon Valley and agreeable climate. There has been strong demand for homes and condos in San Mateo, median sale prices have increased month to month, and overbidding for properties climbed for the second month in a row. 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 at the end of March was $2,000,000, this is up from $1,800,000 at the end of February.
Single family home prices have increased from a low of $1,600,000 at the end of December 2023 and has also surpassed the 2023 peak median sale price of $1,900,000 at the end of October 2023.
There was a total of 272 homes sold in San Mateo County during the month of March, this is up from 200 sold during February, and up from 150 sold during January.
There was a total of 294 single family homes for sale at the end of March, providing San Mateo with a total of just one month of inventory. Total listings for sale are down from 590 during September of last year.
There was a total of 395 new listings to hit the market during the month of March.
Single family homes were on the market for an average of 20 days before being sold in March, this is down from 28 days in February, and down from 42 days during January.
Sellers were getting a median of 103.2% of their list price for the home, this is up from the 2023 high of 100%.
San Mateo Condo Stats
The median sale price for condos in San Mateo at the end of March was $1,000,000, this is up from $900,000 at the end of February.
For the year so far the median sale price for condos is $1,050,000, which is down from $1,060,000 at the end of the previous March.
There was a total of 83 condos sold in San Mateo during the month of March, condo sales dropped from February, which had a total of 90 condo properties sold.
A total of 148 new condo listings hit the market in San Mateo in March.
New condo listings have increased each month this year, climbing from 140 at the end of January and 155 during February.
There was a total of 178 condo properties for sale in San Mateo at the end of March, giving San Mateo a total of 2 months of inventory available.
Condos were on the market for an average of 44 days before being sold in March, this is a slight month to month increase from 38 days before being sold in February.
Sellers were getting 100.6% of their list price at closing, overbidding has increased from just 100% at this time one year ago.
What Does This Mean For Buyers?
Buyers who are searching for a home or condo to buy in San Mateo should be prepared to act. Competition for homes is increasing, and the lack of inventory creates a situation where properties get bought quickly. As we head in to the summer season, buyers should anticipate higher prices for properties, and be ready in some cases to pay more than asking price.
Buyers who have financing in place and a plan of action to accomplish their home buying goals will be more successful at acquiring a property. San Mateo is a highly sought-after area for buyers so expect these trends to continue through the summer months.
What Does This Mean For Sellers?
Sellers who have their home or condo properly priced and listed should anticipate an increase in buying activity as we head into the middle season. Inventory levels remain low and sellers should be aware of this if they are planning on buying a new property in San Mateo.
While the market is active sellers should also exercise patience, homes and condos are not selling as quickly as they did at this time one year ago. Sellers should have a strategy in place when offers come in. Some offers may be above asking price and it is not uncommon to have multiple competing bids on a property. Work closely with your realtor to make sure you are netting the most money possible.
If you are thinking of buying or selling a home or condo, give us a call today. We are experts in navigating dynamic markets like San Mateo and work with you to develop a strategy to accomplish your real estate goals.
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 $2,000,000 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 $929,000 or less.
