Welcome to this month’s real estate market report for the California community of San Mateo County. There was a decrease in inventory over the last month, the median sale price for homes dropped slightly, and condo sale prices increased. Find out more about 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 January 2023 was $1,480,000. Single family home prices have steadily decreased during 2022, falling from a peak of $2,200,000 at the end of April to just under $1,500,000 at the end of December 2022.
There were 159 single family home listings sold during January.
Single family homes were on the market for an average of 40 days before being sold. The number of days a home is on the market before being sold has climbed from its lowest number in April of 16 days before being sold.
Sellers of single-family homes were getting 97.9% of their asking price during the month of January.
There was a total of 219 new listings to hit the market last month, this brings San Mateo County single family housing supply to 0.9 months.
San Mateo Condo Stats
The median sale price for condos in San Mateo County at the end of January was $863,000. Prices for condos in San Mateo County for 2022 peaked at $1,100,000 during April and have fallen slightly since that time.
There was a total of 46 condo properties sold last month.
Sellers of condo properties sold their condo for 98.1% of their asking price, down from 101.3% one year ago.
Condos were on the market for an average of 52 days before being sold, during the month of January. The number of days on the market before a condo is sold, has increased from its low of 18 days during March 2022.
There was a total of 93 new condo listings to come to market during January, bringing the condo inventory in San Mateo to 1.2 months.
What Does This Mean For Buyers?
The good news for buyers is that single family home prices have been decreasing, however, there is less inventory available, which creates a very competitive buying environment. Also, for buyers, over bidding for properties is decreasing which should keep prices down until the spring buying season begins. The San Mateo real estate market is very dynamic and could experience rapid changes in pricing.
Buyers should take advantage of the decrease in single family home prices, with interest rates climbing, seizing the moment could possible save you thousands of dollars. While we expect these trends to continue over the next couple of months, prices may begin to increase as we move into the spring and summer months.
What Does This Mean For Sellers?
The market for single family homes and condos in San Mateo County still favors sellers. The market is currently going through a seasonal downswing in prices. However, as the year continues expect prices to climb higher and buyer activity increase. Even as interest rates climb, the San Mateo County area is a highly desired area to live. While it may take longer to sell your home, expect demand to continue.
Sellers can expect their home values increase as we continue into the summer months. Seasonal adjustments can be expected however, and the possibility of a slowdown in the market would not be surprising.
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!