Welcome to this month’s real estate market report for San Mateo, California. The demand for homes and condos in the San Mateo area has been lower during 2023 than one year ago. Median sale prices for homes are slightly higher than one year ago, and median sale prices for condos have dropped. Find out more about the San Mateo housing market in this helpful report.
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San Mateo Housing Stats
The median sale price for single-family homes in San Mateo at the end of July 2023 was $1,900,000, median sale prices climbed month to month from $ 1,800,000.
For the year the median sale price for single-family homes is $1,980,000, up from $1,950,000 at this time on year ago.
There were just 54 single-family homes sold in San Mateo during the month of July, up month to month from 52 homes sold in June.
A total of 54 new single-family home listings became available during July. San Mateo has just 0.9 months of inventory available to buyers.
Single-family homes were on the market for an average of 15 days before being sold, down from 17 days during the previous July.
At the end of July, sellers were getting 102.7% of their original list price at closing, which is down from 104.5% at the end of July 2022.
San Mateo Condo Stats
There was a total of 26 condo properties sold during July in San Mateo.
A total of 38 new condo listings hit the market during July, at the end of last month there were just 2.4 months of supply available.
Condos were on the market for an average of 42 days before being sold, up from 30 days on average before being sold during the previous July.
Sellers were getting 101.4% of their asking price at closing last month, which is line with the average during July of one year ago.
What Does This Mean For Buyers?
Buyers who are looking for properties to buy in San Mateo can expect to see higher prices for homes and fewer homes to pick from. Condo buyers can expect to see lower prices and more inventory to choose from. The market remains very competitive with overbidding of properties continuing to trend.
What Does This Mean For Sellers?
The market for single-family and condo properties in San Mateo continues to favor sellers. While interest rates and inflationary concerns have caused a slowdown in market activity, there is still continuing demand. Sellers of condos should be patient when their property is on the market and have a plan in place to be prepared for any modifications that may need to be made to price or property. Single-family homes are on average selling in less than twenty days.
While the market has cooled slightly San Mateo is the desired place to live, and sellers who have been thinking about getting their property listed and on the market should do so as home values are continuing to climb.
Buyers and sellers of properties in San Mateo County can expect the next few months to continue the trends of the first few months of this year, demand slowing and homes taking longer to sell. If you are thinking of buying or selling a home or condo, give us a call today. We are experts in navigating dynamic markets like San Mateo and work with you to develop a strategy to accomplish your real estate goals.