The most up-to-date analysis of home prices, values, market activity, and trends across the San Francisco Bay Area residential real estate market.
Welcome to this month’s San Mateo County, California real estate market report. If you are considering buying or selling a home or condo in San Mateo this helpful report will get you caught up with the latest sales data. The San Mateo real estate market continues to see high demand for homes and sale prices increasing almost 30% from one year ago.
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San Mateo Housing Stats
The median sale price for single-family homes in San Mateo for February 2022 is $1,891,500, which is a year-to-year increase of 26.10%. Over the last three months, the average sale price for single-family homes has increased 26%, up from $1,531,338 from the same three months one year ago.
There were 218 listings sold last month, which is a drop of 24% compared to this time one year ago. Over the last three months, there have been 429 single-family home sales, which is a drop of 8.14% from 467 during this same period one year ago.
There were only 339 new listings to hit the market in San Mateo during January, down 17.92% from one year ago. There have been only 406 new single-family home listings offered to the market over the last three months, this is down from 512 compared to the same time one year ago.
Homes were on the market for an average of 24 days before being sold, down from 27 days during the previous January.
Sellers are receiving 109.7% of their list price at closing, this is up from 102.8% of the list price received one year ago.
At the beginning of February single-family housing inventory increased in supply month to month to 1.2 months.
San Mateo Condo Stats
The median sold price for condos in San Mateo ended January at $905,000, a year-to-year increase of 11.7%. The floating average sale price for condos in San Mateo is $902,500, up 9.66% from $823,000 over the same three months the previous year.
There were 104 condos sold last month, which is down 9.57% compared to this time last year. A total of 157 condos have been sold over the last three months, up 3.29% from 152 sold during this same time just twelve months ago.
A total of 172 new condo listings hit the market, which is down 15.27%% from one year ago. A total of 155 new condo listings have been offered over the last three months in San Mateo, this is a drop of 24% in new listing activity compared to this same time one year ago.
Condos are on the market for an average of 32 days going in to February, down from 36 days just one year ago.
Sellers of condos in San Mateo received an average 103% of their list price at closing, this is up year to year from 99.73%.
There are approximately 1.3 months of condo supply available to buyers, which is a year-to-year drop of 43.48%.
What Does This Mean For Buyers?
Buyers searching for homes in San Mateo should be aware that inventory levels are down 20% from last year. Single-family home prices are up 26% compared to one year ago. Buyers should also realize that most properties are being sold above the asking price, meaning buyers should be prepared to submit an offer above the asking price. Buyers should get financing locked in to place as interest rates may rise in the coming year, even a half percent increase can cost you thousands of extra dollars.
Buyers should be prepared to act when a property is found and work to make their bid stand out among competitors. As prices increase buyers may have to remove must-have items wish list items and compromise on a property that is in budget. If you are searching for a home in San Mateo, give us a call today and we can answer all your questions!
What Does This Mean For Sellers?
If you are considering selling your home, now is a good time to get it listed and on the market. The San Mateo real estate market favors sellers and home values are continuing to increase. Overbidding for properties continues as buyers are still lured by low-interest rates and consistent demand for single-family homes. The condo market, while slowing somewhat has seen sale prices increase and this trend should continue.
Sellers want to be aware of timing, and if considering selling to act quickly. As inflation rises, this may cause a rise in interest rates and put downward pressure on home prices. If you are thinking of selling your home or condo, give us a call today and we can show you how we price your home accurately, market your home, and show it to the most qualified of buyers to sell your property fast. Give us a call today to get started!
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 $1,891,500 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 $905,000 or less.