Welcome to this month’s real estate market report for the community of San Mateo County, California. Single family home and condo prices climbed slightly from month to month. The market was slower in July as houses and condos were on the market for longer than average before being sold. Inventory levels remain low as there is less than three months of inventory available for all types of housing. Overbidding for single family homes continues, while the competition for condo properties decreased. 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 the San Mateo County area at the end of July was $2,000,000. Single family home prices are down from there high of $2,250,000 at the end of May, and up slightly from $1,900,000 at the end of June 2024.
There was a total of 314 single family homes sold in San Mateo County last month. Single family home sales are down month to month from 350 in June, and 375 during the month of May. However, home sales are up year to year, up from 280 at the end of the previous July.
There was a total of 371 new single family listings to hit the market in San Mateo during the month of July. New listings have dropped there May high of 480, and down year to year from 500 new listings to hit the market the previous July.
There are a total of 447 single family homes for sale in the San Mateo County area, this gives San Mateo 1.5 months of inventory available to buyers.
Single family homes in San Mateo County are on the market for an average of 22 days before being sold. The number of days a home is on the market has increased since May of this year, climbing from 18 days before being sold, to 20 days before being sold in June.
Sellers are getting 103.1% of their asking price at closing, the overbid percentage has held at 103% since April of this year.
San Mateo Condo Stats
The median sale price for condo properties in San Mateo County at the end of July was $1,000,000. Condo sale prices have increased month to month since May of this year, climbing from $800,000, then to $900,000 in June.
There was a total of 99 condos sold in San Mateo during the month of July. Condo sales increased month to month, up from 80 in June, but below the high of 110 sold during the month of May this year.
There was a total of 145 new condo properties to hit the market for sale last month.
There was a total of 252 condo listings for sale in San Mateo County at the end of July. Total condo property listings have increase since the beginning of the year, climbing from a total of 140 in January, to 240 during the month of June.
Condo properties in San Mateo County are on the market for an average of 28 days before being sold, which is down from 30 during the month of June.
Sellers of condos are getting 100% of their asking price at closing, the overbidding percentage for condos has held in the 100% range for most of 2024, spiking to 100.3% during the month of April.
What Does This Mean For Buyers?
For buyers, competition for homes and condos has slowed over the summer. Buyers who are in the market for condos will see more inventory available and lower sale prices. Inventory of single family homes is tighter, giving buyers fewer choices, and this can cause situations where overbidding can happen, which can cost a buyer more money.
Buyers should have financing in place and be ready to act when a suitable property is found. Delay or indecisiveness can cost a buyer thousands of extra dollars. It is important that buyers work closely with their realtor. A realtor can create a buying strategy that is focused on your real estate goals to find you the perfect home or condo quickly.
What Does This Mean For Sellers?
Demand for homes continues in the San Mateo County, California area. While the summer has been slower than previous years, overbidding for homes continues above 100%, condo properties have seen less competition. Sellers can expect these trends to continue into the fall and a slowdown in buying activity may continue through the winter months.
Sellers should have selling strategy for their property. Working with your realtor to create a pricing plan, market your home or condo’s best features, and show it to the most qualified buyers. If you have been thinking of selling your home, give us a call today and we will be happy to answer all your questions and put our experience to work for you.
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 $1,000,000 or less.
