Welcome to this month’s San Mateo County real estate market report. Are you curious how the housing market has performed with Covid-19 restrictions in place? Prices for single-family homes are heating up, but condos and townhome prices have cooled.
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San Mateo Housing Statistics
At the end of June 2020, the median sale price for single-family homes in San Mateo was $1,732,500, an 8.3% year to year increase. The three-month average sale price of a single-family home is $1,670,000, up 0.91% compared to this time last year.
A total of 352 listings sold, down 13.3% from one year ago. Taking a look at the three-month rolling average, sold listings are down 24.6% from one year ago, a total 1,495 sold in 2020 versus 1985 sold during this same period one year ago.
Sellers received 100.90% of asking price, down 3.5% from the previous June, and homes in San Mateo averaged 14 days on the market before being sold. The three month average of 101.8% for the second quarter of 2020 is down 3.3% from 105.3% during the second quarter of 2019.
There were a total of 536 new single family homes that were listed, down 15.52% from one year ago. The three month average for new listings is down 12.9% from 2,728 during this same period one year ago.
The percentage of list price sellers received is down during the second quarter in San Mateo County. Sellers received 101.8% of list price compared to 105.3% during this same period in 2019.
Currently San Mateo has 1.4 months of inventory available to buyers. Inventory has actually increased year to year by 6.67%.
San Mateo & Townhome Stats
Condos and townhomes in San Mateo had a median sale price of $950,000 at the end of June 2020, down 4.4% from one year ago. The three month average of the sale price for condos and townhomes is down 3.7% from $988,667 one year ago.
There were a total of 81 new condo/townhomes sold during June, down 24.3% compared to the previous June. Condo/townhome sold listings are down 15.1% for the quarter, 492 versus 580 the second quarter of 2019.
There were a total of 169 new listings, up 31.01% from this time last year, increasing the available inventory to 2.3 months, which is a year to year increase of 53.3%. However, condo/townhome new listings are down 5.8% for the quarter.
Sellers of condos and townhomes received 100.1% of asking price, down 2.2% for the month. The three month average of list price versus sale price is down 2.3% for the quarter, from 103.4% to 101.3%.
Condos and townhomes averaged 10 days on the market before being sold, down 72.9% for the month. Year to year condo/townhome sales is down 64.1% during the second quarter of 2020, from 26 days to 9 days.
What Does This Mean For Buyers?
Buyers can expect single-family home prices to increase and condo/townhome prices to fall. Inventory for single-family homes remains tight, while the condo market is seeing an upward trend.
Buyers can anticipate heavy competition for single family homes while the opposite may be true for the condo/townhome market.
What Does This Mean For Sellers?
For sellers of single-family homes, they may see their home being bought before it even hits the market. However different locales and price points may not see as much pressure.
Sellers of condos may see their properties sit on the market longer as increasing HOA fees may cause buyers to look elsewhere.
The year may see things change very quickly for both buyers and sellers due to Covid-19 restrictions. It is important to work closely with your agent to make sure you are prepared for any buying or selling opportunity that presents itself.
See Additional Reports on the San Mateo County Real Estate Market
San Mateo County Homes for Sale
Here are the most recent home listings just added to the database in the median sale price range for San Mateo County. All homes here are priced at $1,732,500 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 $950,000 or less.