Welcome to this month’s San Mateo County, California real estate market report, providing you with market statistics as of December 1st, 2021. Are you thinking of buying or selling a home or condo in San Mateo and are wondering how much homes or condos are selling for? Read this helpful report to get up to date.
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San Mateo Housing Stats
The median sold price for single-family homes in San Mateo as of December 1st, was $2,002,000, a year-to-year increase of 31.3%. Over the last three months, the average sale price for single-family homes has climbed 19.8% compared to the same time last year, up from $1,605,333 to $1,923,167.
There were 479 single-family homes sold last month in San Mateo, a 4% year-to-year drop in sales for the month. From September to November of this year there have been 507 single-family homes sold, this is up 3.68% compared to the same period last year, up from 489.
A total of 350 new listings hit the market, a drop of 13.37% from this time last year, bringing inventory levels in San Mateo to less than a month of supply available. New listings activity has fallen from year to year, dropping 12.81% from 601 during this time in 2020 to only 524 at the end of November.
Single-family homes are on the market for less than 17 days going into December, when comparing the last three months of 2021 to the same time in 2020, single-family homes are on the market for an average of 18 days, down 21.74% from 23 days.
Sellers are getting 109.6% of their original list price at closing, seller’s list price to closing price ratio has climbed 5.7% year to year up from 102.8% to 108.7%.
San Mateo Condo Stats
The median sold price for condos at the start of December was $925,000, a year-to-year increase of 10.1%. Condo sale prices are up just 3.6% over the last three months from this time last year, up from $884,833 to $916,667.
There were only 139 condo sales for the month, which is down 13.9% from one year ago. Condo sales in San Mateo over the last three months are up compared to the same time last year, climbing from 142 to 169.
A total of 114 new condo listings hit the market, a drop of 37.02% from this time last year, this brings condo inventory levels to 1.1 months of supply available. Over the last three months there has been only 188 new condo listings to hit the market, this is down, 17.18% compared to the same time last year.
Condos are on the market for an average of 22 days before being sold, year to year average days on the market has fallen 18.05% from 27 days.
Sellers are getting 103.2% of their list price at closing, overbidding for condos has increased in 2021, list price to sale price ratio for sellers has climbed from 100.6% one year ago to 104.03% at the beginning of December.
What Does This Mean For Buyers?
Buyers searching for homes in San Mateo over the winter season can expect to see rising prices and lots of competition for homes and condos. While interest rates remain low, prices are rising quickly, and time is not on the side of buyers. Over-bidding of homes continues and buyers who find a property should be prepared to act swiftly.
If you are looking to buy a home in San Mateo and are not sure where to begin or frustrated by always having the losing bid, give us a call. We have the experience and knowledge that helps buyers navigate fast-moving and complex real estate markets. Don’t miss out on the home that is waiting for you, give us a call today!
What Does This Mean For Sellers?
If you are considering selling your home or condo, now is the time to get it listed and on the market. Home and condo prices are surging, inventory levels are low, and buyer demand is high. As long as interest rates remain low and prices don’t outpace buyer budgets, sellers can expect their property to sell quickly and possibly above asking price. Expect these trends to continue over the next three months.
If you are in the market to buy or sell a home in San Mateo County, California, give us a call today and we can help. We have the experience, knowledge, and professionalism to find you a perfect home for you and your family and price your home correctly, market it to the most qualified buyers, and net you the most money. Give us a call today!
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 $2,002,000 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 $925,000 or less.
