Welcome to this month’s San Mateo County, California, real estate market report for the month of August 2021. How have home prices performed over the last month, are single-family home prices still trending upward? Are condo prices still continuing their trend downward? Read this helpful report to find out!
Are you ready to buy a home or condo in San Mateo County today? Start your search for homes or condos here with our easy-to-use search tool. Find properties by price, size, location, and more! Be sure to save your favorite listings and sign up to be notified as soon as new properties become available so you don’t miss out! Go ahead and get started today!
Do you need to sell your home but are not sure what to price it for in today’s environment of rising prices? Begin by using our free home valuation tool to get an idea of your home or condo’s worth. Simply enter some basic information about your property and we will provide you a competitive market summary with a suggested selling price for your home. Then, we can create a sale strategy to list, market, and sell your home quickly! Give us a call today at 650.627.3799 to get started!
San Mateo Housing Statistics
At the end of August 2021, the median sale price for single-family homes in San Mateo County, California was $2,111,000, a year-to-year increase of 23.1%. Single-family home prices actually fell month to month from $2,251,000 in July.
Homes in San Mateo were on the market for an average of 16 days before being sold, up from 14 days in July, and down from 19 days during June. There is just 0.8 months of single-family housing available to buyers in San Mateo.
There were 448 listings sold during August, and year to year increase of just 1.1%, and down from 478 sold in July and 456 sold during June.
A total of 500 new single-family home listings hit the market in the San Mateo area during the month of August, a decrease of 1% compared to the previous August. New listing activity dropped month to month, falling from 516 in July, but up from just 470 new listings during June.
San Mateo County Condo Stats
Condos were sold for a median of $939,000 during the month of August in San Mateo, a year-to-year drop in the price of 1.2%. Condo sale prices have been trending downward for the last three months, falling from $1,050,000 in June to $958,000 at the end of July.
Condos were on the market for an average of 24 days before being sold, an increase from 18 days during July and 20 days on the market average during June. There is just 1.2 months of condo inventory available to buyers at the end of August.
A total of 124 condos were sold during the month of August, a year-to-year increase of 4.2%. Month-to-month condo sales fell from 162 during July, and down from the 136 sold during the month of June.
The San Mateo condo market only had 187 new listings to be offered last month, this represents a year-to-year drop of 11%. New listing activity is on an upward trend the last three months, up from 159 in June, to 167 during July.
Sellers of condos in San Mateo County are receiving on average 105% of their list price for their home at closing.
What Does This Mean For Buyers?
Buyers of homes or condos can expect a highly competitive and frenetic buying market. Buyers should be prepared to bid higher than the list price for a single-family home. Buyers of condos can expect much the same with the exception of prices being a bit lower.
Buyers should be prepared to act when a property is found. Waiting will only cost a buyer more money or missing out on the perfect property.
The positive note for buyers is that not all areas are under intense buying pressure, buyers with a sharp eye and a great agent can find undervalued properties.
What Does This Mean For Sellers?
San Mateo remains very much a seller’s market. The list-to-sale price average for single-family homes is six percent above list price, and for condos, it is five percent above list price.
With interest rates remaining low, and demand continuing in most areas, sellers of homes and condos can expect their property to sell quickly.
Sellers who have been waiting may want to reevaluate and go ahead and get their property listed today. With precautions in place, community guidelines being followed, and virtual tours becoming more common, selling your home is very safe.
Give us a call today at 650.627.3799 to find out how we safely and effectively market your home to the most qualified buyers and work to create a successful selling experience.
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 $2,111,000 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 $939.000 or less.