Welcome to this month’s real estate market report for San Mateo County, California. There was a decrease in the price of single-family homes prices and the median price for condos and townhomes declined as well. There is a decrease in the supply of homes in San Mateo, but demand is continuing, with buyers being aggressive with their offers. Find out more about San Mateo County real estate 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 December 2022 was $1,700,000.00. The median sale price for single-family homes decreased from $1,900,000 the previous December, and from $1,800,000 one month ago.
There were 196 single-family homes sold during December in San Mateo and there were 101 new single-family home listings during this time.
Single-family homes are on the market for an average of 39 days before being sold, and sellers were getting 92.7% of their list price at closing. Overbidding for single-family homes dropped from 103.6% at the end of December 2021 to 93% at the end of December 2022.
At the end of December, there were just 1.7 months of single-family housing inventory available to buyers in San Mateo.
San Mateo Condo Stats
The median sale price for condos in San Mateo County at the end of December 2022 was $825,000. The median sale price for condos decreased slightly from $887,000 at the end of December 2021, and down from $890,000 at the end of November 2022.
There were 41 condos sold during December, and just 29 new condos were listed on the market in San Mateo County.
Condos were on the market for an average of 39 days before being sold, and sellers were getting 92.7% of their list price at closing. Overbidding for condos has dropped from 102.2% one year ago, to just 95.9% at the end of December 2022.
There is 2.3 months of condo inventory available to buyers in San Mateo County at the end of December 2022.
What Does This Mean For Buyers?
The market for homes in San Mateo County is dynamic and competitive. While homes are on the market for a longer period of time, there is still overbidding for homes which are driving prices higher. While prices are coming down in some cases, closing on properties is taking longer than typical.
Buyers should have financing in place and be ready to act when a property is found. Buyers should expect stiff competition over the most desired properties and expect to offer more than the asking price.
What Does This Mean For Sellers?
The San Mateo County real estate market is continuing to experience strong demand for homes. While prices for single-family homes have cooled, prices continue to stay above seasonal averages. Sellers of homes with features in strong demand or in highly desired locations can expect their home or condo to sell quickly and possibly for more than the original asking price.
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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!
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 $1,700,000 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 $825,000 or less.
