Welcome to this month’s real estate market report for San Mateo County, California. Single-family home prices stayed flat month to month, while condo property prices climbed slightly higher. Single-family home and condo sales have been slower over the summer and over-bidding for properties is diminishing. There are fewer listings for sale for both single-family homes and condo properties than one year ago. Overall the market for single-family homes and condos is in a neutral position. Find out more about the San Mateo County 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 August 2023 was $1,800,00. Median sale prices have continued to hover in the $1,700,000, to $2,000,000 range for single-family homes for most of 2023, median sale prices have climbed from a low of $1,500,000 at the beginning of 2023.
There was a total of 318 single-family properties sold in San Mateo during August, and homes were on the market for an average of 28 days before being sold. Single-family property sales have fallen from the June 2023 high of 350 homes sold, homes sales did increase slightly from July to August.
There was a total of 452 new listings to hit the market in San Mateo, bringing the total months of inventory available to 1.6. New listing activity for single-family homes is well below 2022 averages, new listings are down from 650 during August of 2022.
Overbidding continues as sellers are getting 103.3% of the original list price at closing. Overbidding for properties has climbed from 100.8% at the end of August 2022, and has continued to stay in the range for most of 2023, climbing from under 100% at the beginning of January of this year.
San Mateo Condo Stats
The median sale price for condo properties in San Mateo County at the end of August 2023 was $1,000,000. Median sale prices for condos have held steady in the $900,000 to $1,000,000 range for most of 2023, falling from a high of $1,200,000 during March of this year.
Condo listings were on the market for an average of 45 days before being sold during August, this is up from just 18 days during June, 32 days in July.
There was a total of 137 new condo property listings for sale in San Mateo last month, new listings for condo properties are down from the high of 270 during the previous August.
The total amount of condo inventory San Mateo County that is available to buyers is at two months.
Overbidding continues to remain for sellers at a median of 100.6% of original list price, which down only slightly from the 100.8% average at this time one year ago.
What Does This Mean For Buyers?
Buyers who are looking for a single-family home or condo in San Mateo County will find a mixed market, in some situations, there may be a great deal of competition over a property or a buyer may find a deal that maximizes value. Overbidding for properties continues in most instances, and buyers should prepare to possibly offer more than the asking price.
Buyers who are paying cash have an advantage over buyers who finance, with cash providing more leverage and offering a seller more certainty. Buyers can expect these trends to continue through the remainder of the year.
What Does This Mean For Sellers?
Sellers of single-family homes and condos should realize patience is the key to getting their property sold. Buying activity is slowing and homes are on the market for longer than average from even a couple of months ago. The market for properties still continues to favor sellers, both single-family home and condo sellers are seeing bids for their homes above asking price in many cases.
However, as San Mateo County heads into the winter season sellers should have a pricing strategy in place, and a plan in preparation for any contingency. The demand for homes and condos overall is slowing and there is a remote chance for a major market shift. In the end sellers should expect market conditions that have dominated for most of 2023, which is a lull in buying activity.
Buyers and sellers of properties in San Mateo County can expect the next few months to continue the trends of the first few months of this year, demand slowing and homes taking longer to sell. 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.