Welcome to this month’s real estate report for San Mateo County, California. San Mateo continues to be a highly sought-after location for buyers. The median sale price for homes and condos decreased from last month, however, buyers are continuing to overbid for properties. The number of homes and condos sold decreased from the previous month indicating a slowdown in buying activity. Find out more about the San Mateo real estate market in 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 July 2022 was $2,150,000, which is a decrease from the previous month. Single-family home prices increased from $2,250,000 in July 2021.
There were 322 single-family homes sold in San Mateo during July, which is also a decrease from June.
There have been approximately 1,300 single-family homes sold so far this year in San Mateo, this is down from 1,400 sold by this time last year.
During the month of July, there were a total of 889 new listings to hit the market in San Mateo.
The number of days a single-family home was on the market before being sold increased month to month from 16 days in June to 22 days in July.
Sellers of single-family homes were getting 105.5% of their original list for their homes at closing.
San Mateo Condo Stats
The median sale price for condo properties in San Mateo at the end of July was $1,000,000 which was a decrease from the month of June. The average sale price for condos increased only slightly from one year ago, which is up from $985,000.
There was a drop in condo sales during July compared to the previous month, only 109 condos were sold. There have been 420 condos sold so far this year, this is down from 480 sold by this time last year.
A total of 335 new condo properties were offered to the market in San Mateo last month.
Condos were on the market for an average of 29 days before being sold during July, this is an increase from 27 days during June.
Sellers of condos were receiving an average of 103.2% of their original asking price for their condo at closing.
What Does This Mean For Buyers?
Buyers who are looking to buy a home or condo in San Mateo face a very competitive market. Overbidding for properties continues which is one reason why prices are rising. Buyers should realize time is not on their side and should have financing in place and be ready to act when a property is found.
As interest rates and inflation continue to rise, buyers can expect these trends to continue into the fall.
What Does This Mean For Sellers?
The San Mateo real estate market favors sellers, however, sales of homes and condos continue to decline. As prices for single-family homes and condos climb higher, homes may stay on the market for longer than the typical average. Sellers who are ready to sell should get their home or condo listed and on the market today.
While the San Mateo real estate continues to be very active, there could be a major slowdown on the horizon. Buyers and sellers of homes or condos should work closely with and heed any guidance from their agents as the market evolves over the next few months.
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 $2,150,000 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 $1,000,000 or less.