Welcome to this month’s San Mateo County, California real estate market report covering the single-family and condo residence market. What are housing prices like in San Mateo as a new year begins? Find out by getting up to date with this helpful report.
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San Mateo Housing Stats
The median sale price for single-family homes in San Mateo at the beginning of January is $1,805,565, a year-to-year increase of 15.1%.
Over the last three months, the rolling average sale price for single-family homes in San Mateo is up 21.8% to $1,902,188, from $1,561,671 at this time last year.
There were 382 single-family homes sold during December 2021, which is a year-to-year drop of 20.58% in the number of homes sold.
The last quarter of 2021 saw 476 single-family properties sold, this is down 5.4% from 503 sold during the fourth quarter of 2020.
There were a total of 181 new single-family home listings in San Mateo last month, this is a drop of 28.46% in new listings compared to the previous December. There are currently 0.6 months of inventory available.
Total new listings over the previous three months are 450, new listings are down 16.9% compared to the same period one year ago.
Single-family homes in San Mateo are on the market for an average of 22 days before being sold and sellers are getting 110.2% of their original list price at closing.
San Mateo Condo Stats
The median sale price for condo properties in San Mateo at the beginning of January is $880,000, up 7.4% year to year.
The average sale price for condos during the fourth quarter of 2021 was $900,833, up 5.6% from $852,833 during the fourth quarter of 2020.
There were a total of 156 condos sold during December 2021, which is a year-to-year increase of 12.36%.
During the previous three months, there were 164 condos sold in San Mateo, up 5.1% from 156 sold during the same period one year ago.
A total of 73 new condo listings were offered to the market during December, this is a year-to-year drop of 19.78%.
There were just 167 new condo listings offered to the market in San Mateo during the fourth quarter of 2021, this is down 21.2% from 212 new listings during fourth quarter 2020.
There are just 0.7 months of inventory available to buyers in San Mateo as of the end of December 2021.
Condo listings are on the market for an average of 29 days before being sold, and sellers are getting 102.8% of their original list price at closing.
What Does This Mean For Buyers?
As you search for a home or condo in San Mateo be aware time is not on your side. While inventory levels remain low, single-family home and condo prices are well ahead of last year’s prices. Buyers should be aware of heavy competition for homes and be ready to submit offers as much as 10% over the list price.
As competition for properties heats up, buyers need to have financing in place and be ready to stand out when an offer is submitted.
If you are thinking of buying a home in beautiful San Mateo County, give us a call today. We work with buyers to achieve their home buying objectives and simplify the process to get you in your new home quickly and as stress-free as possible!
What Does This Mean For Sellers?
The demand for homes and condos in San Mateo continues. As inventory levels remain low and low-interest rates drive demand, sellers can expect their property to sell quickly and perhaps well above the asking price. As the year continues these trends should remain consistent, and perhaps beat the previous year’s averages.
If you are ready to sell your home or condo in San Mateo County, give us a call. We have the knowledge and experience to sell your home quickly and net you the most money. Sellers need a great agent on their side in dynamic markets such as San Mateo. Find out how we do it and give us a call today!
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!
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 $1,805,565 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 $880,000 or less.