Welcome to this month’s San Mateo County real estate market report presented to you by the Chris Eckert Real Estate Team. The Chris Eckert Real Estate Team wishes you a happy and festive holiday season.
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San Mateo Housing Statistics
The median sales price for single family homes in the San Mateo County real estate market for November was $1,600,000 , an increase of 6.7% compared to last year.
The median sale price for homes has increased steadily since September 2019, where the median price was $1,470,000. In October the median sale price was $1,517,000.
There were 210 new listings to come to market during November 2019, and decrease in supply from 441 during October 2019, and significantly lower than the 571 during September 2019.
There were 317 single family homes sold during November 2019, a decrease from the 404 sold during October 2019, and only slightly lower than the 322 sold during September 2019. The lower number of listings sold is consistent when compared to one year ago.
Overall inventory for single family homes in the San Mateo County area has decreased over the last three months. There was 2.1 months of supply in September 2019, 1.5 months of supply during October 2019, and November 2019 ended with 1.3 months of inventory available.
The average sale price compared to list price ratio has only slightly decreased the last three months. November 2019 ended with sellers getting 103.3% of list price, in October it was 103.7%, and September 2019 the ratio was 103.5%.
The median number of days on the market for single family homes before being sold was 13 for November 2019; this is up only one day from 12 during October 2019, one day less than the September median of 14 days.
San Mateo County Condo and Townhome Stats
The median sales price for condos and townhouses for November was $894,500 , a decrease of 0.4% from this time last year.
Over the last three months the median sales price for condo/townhomes has fallen from $929,000 in September 2019, to $896,000 during October 2019.
There were a total of 100 new condo/townhome listings to hit the market in November 2019, down from 145 in October 2019, and much lower than the year high of 194 in September 2019.
A total of 106 condo/townhomes were sold during November 2019, down from 122 in October 2019. However, this is an increase from the low of 79 during September 2019. The year low was 53 in January 2019.
The average sale to list price ratio for condo/townhomes for November 2019 was 101.5%, this is down slightly from October 2019 average of 101.7%, and lower than the September 2019 average of 102.7%. The year high was in May 2019 where the sale to list price ratio was 104.3%.
During November 2019 the average number of days on the market for condo/townhomes was 34; this is an increase from the October 2019 average of 26 days, and higher than the September 2019 average of 21 days. The year high was in January 2019 when the average was 37 days.
The available inventory for condo/townhomes for November 2019 was 1.4 months, a decrease from the October 2019 number of 1.7 months of inventory available. Inventory has shrunk from its year high of 2.6 months during September 2019.
What Does This Mean For Buyers?
Buyers searching for homes in San Mateo County will be faced with shrinking inventory and competitive bidding.
Prices for single family homes have been increasing steadily, and condo/townhome prices have held steady over the last couple of months.
Buyers should work closely with their realtor when the perfect property is found.
The Chris Eckert Real Estate Team will go to work for you to submit the most competitive bid, negotiate on your behalf, and make sure your requirements are met by the seller. Give them us call today to find out more about we help buyers of all types of properties.
What Does This Mean For Sellers?
If you are the owner of a single family home now is the perfect time to sell.
There is strong demand for single family homes, and while the winter is typically a slower time of the year, there is a lack of inventory available to buyers.
Sellers of condo/townhomes may see their home on the market a few days longer than single family homes.
Sellers should have their home priced competitively and show ready for potential buyers. Make use of our free home valuation tool to get an idea of your home’s worth.
The Chris Eckert Real Estate Team is the go to professionals in San Mateo County. We work with you every step of the way to present the best features of your home and market it to the most qualified buyers.
Give us a call today so we can show you how successful we are when it comes to selling your home and netting you the most amount of money possible.
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 $1,600,000 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 $894,500 or less.