Welcome to this month’s real estate market report, provided to you by the Chris Eckert Real Estate Team.
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San Mateo Housing Statistics
The median sales price for homes in the San Mateo County real estate market entering August 2019 is $1,550,000, down 3.4% compared to August 2018. Condo prices are also lower, down 6.4% to $915,000.
The median sales price for homes in San Mateo County has increased over the last three years, from $1,350,000 in July 2016 to $1,550,000 at the end of July 2019. The highest median during the last three years was May 2019 sales price of $1,765,000.
Condo prices have climbed steadily over the last three years, up from $796,000 in July 2016 to $915,000 for July 2019. Condos highest median sale price was during May 2019, with a median of $1,039,000.
San Mateo County Homes And Condo Stats
There were 500 new single-family residences, and condo listings to hit the market. A total of 506 homes and condos were sold during July 2019.
Breaking down the numbers, there were 385 single-family homes sold during July 2019.
The number of homes sold during July 2019 was lower than the June 2019 number of 405 and lower than the 430 homes sold in May 2019.
These numbers reflect the seasonal trend of decreasing sales going into the fall season.
There were 121 condos sold during July 2019, up from 04 during June 2019, and slightly higher than the 112 sold during May 2019.
The July 2019 number of condos sold is only two lower than the 123 sold during July 2016.
Condo sales have dropped slightly year over year, and inventory is shrinking.
San Mateo County Inventory
There are approximately 1.3 months of inventory available and homes are selling within an average of 23 days.
Single-family homes are averaging 23 on the market before being sold, which is the same average as of June 2019, and higher than the May 2019 average of 20 days.
For condos, there is approximately 1.1 month of inventory available, a decrease from 1.5 months during June 2019, and May 2019.
Condo days on the market before being sold shrunk from 37 days during June 2019, to 23 days in July 2019.
San Mateo County List to Sale Prices
The list to sale price ratio for single-family homes in San Mateo County during July 2019 was 104.9%.
The list to sale price ratio has decreased over the last three months from the May average of 106.0% to the July 2019 average of 104.9%.
The list to sale average is also down from a year ago when the average was 108.9% in July 2018.
For condos in San Mateo County during the same period, the list to sale price ratio was 101.9%, down from the June 2019 list to sale price ratio of 102.4%.
Condo list to sale prices has also fallen from this same time last year. The July 2018 list to sale average was 109.3%, it also experienced its highest average over the last three years during April 2018 when the average was 113.4%.
What Does This Mean For Buyers?
Buyers in San Mateo County can expect to see less inventory, and slightly less competition bidding on homes and condos.
Buyers may want to wait to see if prices fall or more inventory becomes available.
Buyers should have financing in place and be prepared to submit the most competitive offer when they find a home to purchase.
What Does This Mean For Sellers?
San Mateo County is still in a seller’s market; there are only 1.3 months of inventory available.
Seller’s can expect to get asking price of their home, however, during this time of year, there are fewer buyers to bid up prices.
Sellers who are considering selling should take the opportunity now to list your home with us and shown to the most qualified buyers.
The Chris Eckert Real Estate Team can assist you in pricing your home correctly and making it show ready for interested buyers.
See Additional Reports on the San Mateo County Real Estate Market
San Mateo County Homes for Sale
Here are the most recent home listings just added to the database in the median sale price range for San Mateo County. All homes here are priced at $1,550,000 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 $915,000 or less.