Welcome to this month’s real estate market report for the community of San Mateo County, California. San Mateo County is a sought-after destination for homeowners, and the real estate market is very active. Single-family home prices have climbed month to month, and sellers are getting almost full list prices for their homes. Get caught up on the real estate market in San Mateo with this helpful report.
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San Mateo Housing Stats
The median sale price for single-family homes in San Mateo County at the end of February 2023 was $2,000,000.00, which is up from $1,500,000.00 at the end of January.
The median sale price for single-family homes has fallen over the last few months, down from a 2022 high of $2,200,000.00 during March.
There were 176 single-family homes sold during February in San Mateo County.
There was a total of 264 new listings to hit the market last month. This brings the market to 0.9 months of inventory available.
Single-family homes were on the market for an average of 35 days before being sold, and sellers were averaging 100% of their list price at closing, compared to 98% in January 2023. Overbidding for single-family homes has fallen from 115% in January 2022.
San Mateo Condo Stats
The median sale price for condos in San Mateo County at the end of February 2023 was $983,000, which was up slightly from the previous month. The median sale price for condos has stayed in the $980-1,000,000.00 range for most of 2022. Condo prices have experienced a monthly increase in prices over the last 90 days.
There was a total of 72 condos sold in San Mateo last month, and condos were on the market for an average of 45 days before being sold, down from 50 days during January 2023. The average days on the market for condos being sold is up from its low of 18 days during March of 2022.
Sellers were receiving on average 99.2% of list price for their condo at closing, up from 97% during January 2023. Overbidding for condos has fallen year to year from 105% in January 2022.
What Does This Mean For Buyers?
The spring buying season is approaching which will prices will start to climb and there will be more competition for homes. Buyers who are searching for a home to buy should have financing in place and be ready to act quickly. While overbidding for properties has declined from one year ago, buyers should anticipate the possibility of paying full asking price or more for a home or condo. Buyers do have some leverage as homes and condos are staying on the market for a longer period of time, which can motivate some sellers to accept less.
What Does This Mean For Sellers?
The market for homes and condos in San Mateo currently favors sellers, prices are inching higher and overbidding for properties is increasing. San Mateo County continues to be a highly desired place to live and this trend should continue. Sellers who have their property listed may see their home or condo sit on the market for longer than average. Homes are on the market for over 30 days in 2023, while one year ago, homes were sold in 10 days or less. Sellers can be patient, as trends are showing an increase in demand for single-family homes and condos.
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!