Welcome to this month’s San Mateo County real estate market report, presented to you by The Chris Eckert Real Estate Team.
Are you thinking of buying or selling a home this year? This helpful report will get you up to date with the most recent market data as we approach the spring buying season.
Are you thinking of buying a home soon? You can search for properties on our site by using our home search tool. Search for properties by price, size, or location, then save your searches and sign up to be notified as soon as new listings become available.
If you are selling your home, we provide a home valuation tool that you can use to get an idea of your home’s worth. It’s free and easy to use. Simply enter the details about your property and we will provide you with an estimate of your property’s market value. Give us a call and we can go to work for you getting your home listed and sold.
San Mateo Housing Statistics
The average selling price for single-family homes in San Mateo County entering February 2020 was $1,045,444 ; a slight decrease from the December average of $1,475,000, and up 0.4% from the previous year.
Home prices in San Mateo for this year have declined from the high last year of $1,765,000, and have been in decline since November of last year.
While housing prices across the country have seen a fluctuation in prices the San Mateo County area hasn’t. The decline in single-family home prices has more to do with the winter season slowdown.
The beginning of February 2020 there is only 1.5 months of supply available in San Mateo County, indicating a seller’s market.
Overbidding of properties has softened as sellers are getting 101.7% of asking price for the homes, this number is down from last month’s 101.8%, and down from the high in May 2019 of 106%. This trend reflects the slowdown in activity as it is in line with 101.9% during January 2019.
There were 289 listings that were offered on the market during January 2020, a significant increase from 116 in December 2019. Listings over the last six months were down 13.2%.
The total number of single family homes sold during January 2020 was 184, down 4.2% the last six months, and down from 305 that were sold in December 2019.
Homes stayed on the market an average of 39 days before being sold, an increase of 3.2% over the last three months. Activity should pick up heading into the spring, as the average during that time is 23 days.
San Mateo County Condo Stats
Condos in San Mateo County are selling for an average of $850,000, down from $950,000 at the end of December 2019, and down 4.5% compared to this time last year. Condo sales prices are down 2.1% over the last three months, and well below the high last May of $1,039,000.
The inventory of condos available for sale in San Mateo County has fallen 38.9% over the last three months. There was 2.6 months of supply available at the end of September 2019, the high for 2019. However, the supply has increased from December 2019 to January 2020 from 0.7 to 1.1 month.
The increase in supply is shown in the number of new listings available. There were 105 new listings to hit the market during January 2020, up from 44 during December 2019.
New condo listings have increased 12.6% over the last six months, with September 2019 having the highest number of new listings at 194.
There were 75 condos sold during January 2020 in San Mateo County, down from 123 during December 2019. Condo sales overall are up 14.6% for the last six months, with October 2019 having the most number of sales with 122.
Overbidding for condos has also slowed; the average list to sale price ratio for January 2020 was 101.9%, down 0.7% for the last three months.
The list to sale price is well below its high last year of 104.3%. This may increase as we head in to the spring buying season.
What Does This Mean For Buyers?
Buyers in San Mateo County will want to get in front of the competition and make their purchase now before the spring buying season picks up, and before the summer buying season takes off. Prices have held steady, but with shrinking inventory buyers will want to have financing in place and be ready to act when a property is found.
We help buyers find the perfect home and work with them to submit the most competitive offer. We work with you through the entire process and guide you every step of the way. Let us put our experience to work for you and give us a call today to get started!
What Does This Mean For Sellers?
Sellers are in a great position to take advantage of the demand and tight inventory to get the most value for their homes. There is a strong demand for homes in the San Mateo area, and now is the time to get your home listed before the spring buying season starts.
Give us a call today and we can show you how we price your home competitively and market it to the most qualified buyers. We work with you to make sure your home is show ready and will sell quickly to net you the most amount of money. Get the most out of your investment and list with us today!
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 $1,045,444 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 $850,000 or less.
