Welcome to this month’s real estate market report for San Mateo County, California. Sales activity for homes and condos has declined for the third straight month in San Mateo. The median sale price for single-family homes dropped month to month, while the median average for condos did not change. There is an overall slowdown in activity as homes and condos were on the market for longer than the October average. Find out more about the San Mateo real estate market in this helpful report.
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San Mateo Housing Stats
At the end of November in San Mateo County, the median sale price for single-family homes was $1,730,000. Single-family home prices have increased slightly from one year ago, up from $1,710,000. Single-family home prices have peaked at $1,900,000 in 2023.
There were 279 single-family homes sold in San Mateo during the month of November, and a total of 202 new single-family home listings were offered to the market. There is a total of 390 single-family homes for sale in the San Mateo area, this is down from 300 one month ago.
Single-family homes are on the market for an average of 25 days before being sold, down from 28 days during the previous November, and there is currently 1.4 months of inventory available.
The median overbid percentage for single-family homes in San Mateo during the month of November was 100.9%, overbidding for single-family homes has increased year to year from 98.7%.
San Mateo Condo Stats
The median sale price for condos in San Mateo County at the end of November was $992,000. Median sale prices for condos stayed even from October to November, however, they are up from $889,000 at the end of the previous November.
A total of 69 condos were sold during the month of November in San Mateo County, and a total of 72 new condo listings came to market during that time. There is a total of 183 condos for sale in the San Mateo area, this is down from 225 at the end of October.
Condos are on the market for an average of 44 days before being sold, which is down from 48 days at this time one year ago, and there is 2.2 months of condo inventory available in San Mateo.
The median overbid percentage for sellers of condos at the end of November was 99%, overbidding for condos increased slightly from year to year, up from 97.6% at the end of the previous November.
What Does This Mean For Buyers?
Buyers who are searching for a home or condo in San Mateo County can expect that prices have dropped from its peak of $2,000,000 during the previous month. Buyers in some markets may find very little competition for homes, and the percentage of overbidding for homes and condos has dropped month to month. The number of days a home or condo is on the market before selling has increase over the last two months, and this may allow some buyers some leverage to save money at closing time.
Buyers should expect these trends to continue as we head in to the new year, home and condo prices may not have steep increases in prices until the next spring. As always, buyers should have financing in place and be ready to act when a property is located.
What Does This Mean For Sellers?
Sellers who have their property for sale or are thinking of selling should be aware of the shifting market for homes and condos. While there is a slowdown in activity there is still continuing demand for homes and condos, overbidding continues to say around 99-100%.
Sellers who have their home or condo listed for sale or thinking of listing, should be patient in the current market. Sellers should make it a priority to show off the best features of their home, enhance curb appeal, and work closely with their agent to achieve your home selling goals.
The market will continue to remain trending in its current direction as we head in to the new year.