Welcome to this month’s San Mateo County real estate market report. Curious to know how the single-family and condo housing market is performing so far in 2021? This helpful report will get you up to date!
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San Mateo Housing Statistics
The median sold price for single-family homes in San Mateo County ended the month of January 2021 at $1,537,500, a 9.8% year-to-year increase in price. Single-family home average sale prices for the year are up 6.7% over the last three months, up to $1,555,833 for the year so far.
There were 272 single family properties sold during January, also a year to year increase of 32.68%. For the year so far, there have 452 properties sold, up 29.1% compared to this time last year.
A total of 425 new single-family listings were offered to the market during the first month of the year, an increase of 32.40% compared to this time one year ago. New listings for the year so far are outpacing last year’s numbers, new listings for the year are up 35.2% compared to one year ago.
Single-family homes are on the market for an average of 30 days before being sold, a drop of 23.08% from the previous year.
At the beginning of February 2021 San Mateo County had approximately 1.5 months of single family home inventory available to buyers, a year to year decrease of inventory by 16.67%.
San Mateo County Homes And Condo Stats
The median sale price for condos and townhomes in San Mateo County ended January 2021 at $811,250, a year-to-year drop in the price of 4.8%. Average sale prices for condos and townhomes at $825,250, for the year so far are down by 5.7% from this time last year.
There were a total of 112 condos and townhomes sold in San Mateo County last month, a year-to-year increase in sales activity of 36.59%. For the year there have been 148 condo/townhomes sold, up 25.4% compared to this time last year.
There 200 new condo and townhomes listing to be offered to buyers during January 2021, a steep year-to-year increase of 58.73% in the new listing activity.
Condo listings have increased, adding inventory to a market that needs new listings. Condo townhome listings are up 51.5% for the year so far.
Condos and townhomes being offered for sale in San Mateo County are on the market for an average of 38 days before being sold, an increase of 2.8% from one year ago.
San Mateo began the month of February 2021 with approximately 2.1 months of condo/townhome inventory available to buyers, good news for buyers though as condo/townhome inventory levels have increased by 23.53 from this time one year ago.
What Does This Mean For Buyers?
Buyers who are prepared to buy a single-family home in San Mateo County in the coming months should act quickly as waiting will cost buyers money in the long term. Single-family home inventory remains quite low, while condo and townhome inventory has increased.
Depending on whether Covid restrictions continue or are eased and if vaccinations take on then we may see an uptick in competition amongst lower-priced condos and townhomes.
Buyers should have financing in place and be prepared to act when a property is found. Give us a call today and we can help you find the perfect home safely and quickly!
What Does This Mean For Sellers?
The San Mateo County real estate market is continuing to favor sellers. Demand has pushed prices high, but still off from the highs seen during August through October 2020.
Sellers of single-family homes will see lots of competition amongst buyers, however, overbidding is down to about 3% of all sales. Owners of condos and townhomes will need to exercise patience as time will tell if demand over the next few months will still favor single-family homes.
If you are thinking of selling your property, give us a call! We can show you how we help sellers of all types of properties price their home correctly, and market it to the most qualified buyers to get you the most amount of money.
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 $1,537,500 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 $811,250 or less.
