Welcome to this month’s San Mateo County real estate market report. This helpful report will get you up to date about the fast-moving house and condo market of San Mateo.
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Give us a call at the Chris Eckert Real Estate Team | 650.627.3799 and we can answer all your real estate questions in San Mateo County!
San Mateo Housing Statistics
The median sale price for single-family homes in San Mateo at the beginning of December 2020 was $1,650,000, up 5.1% compared to one year ago.
Single-family home sale prices in San Mateo are up 11.0% over the last three months compared to this time last year.
There were 427 single-family properties sold last month. The number of single-family properties sold is up 17.3% over the last three months compared to this time last year.
During November homes in San Mateo spent an average of 27 days on the market before being sold, this is a decrease of 6.5% from the 24-day average at this time one year ago.
Seller’s were averaging 102.6% of the list price for their home. Overbidding has slowed over this year, the list to sale price ratio has dropped 0.7% this year, down from 103.5% one year ago.
A total of 366 new listings hit the market in November, a big increase of 74.29% compared to November 2019. The new listings pushed the amount of available single-family home inventory to 1.2 months.
What Does Buying A House “As Is” Mean?
San Mateo County Homes And Condo Stats
The median sale price for condos in San Mateo County began December 2020 at $910,000, up 2.2% from one year ago.
The median sale price for condos has increased over the last three months compared to this time last year, up 1.7% from $905,000.
There were 133 condos sold last month, up 9.8% over the last three months compared to this time last year. Condo sales are increasing as buyer preferences shift from single-family homes.
In San Mateo, during November condos averaged 31 days on the market before being sold, a drop of 4.7% from this time one year ago.
Sellers were getting 100.2% of the original list price for their condo during November 2020, down 1.5% from the 101.97% the previous November.
A total of 157 new condo listings hit the market last month in San Mateo. The new listings brought the total amount of condo inventory available to 2.1 months.
What Does This Mean For Buyers?
If you are planning to buy a home in San Mateo County soon, expect fewer new listings and rising prices. Some buyers may have to settle for fewer homes or opt for a condo purchase.
There is an abundance of competition, especially for move-in ready properties. Buyers should have financing in place and be ready to act when a property is found.
What Does This Mean For Sellers?
Sellers are still enjoying favorable market conditions. While buyers are becoming pickier, there is an uptick in demand for condos and move-in ready homes.
Sellers who want to sell quickly need to have their home priced correctly and show ready for buyers. As interest rates remain low and demand continues, sellers may see multiple offers on their property.
Give us a call at the Chris Eckert Real Estate Team | 650.627.3799 and we can answer all your real estate questions in San Mateo County!
See Additional Reports on the San Mateo County Real Estate Market
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 $1,650,000 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 $910,000 or less.
