Welcome to this month’s real estate market report for San Mateo County, California. The market for single family homes and condos in San Mateo this summer cooled month to month. The number of single-family homes and condos sold dropped from May to June. Inventory levels for both single-family home and condo properties remain low, and over bidding for single-family properties up year to year. 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, California at the end of June 2024 was $2,000,000, the median sale price for single family homes is up from $1,900,000 at the end of the previous June.
Median sale prices for single family homes dropped from $2,300,000 in May.
There was a total of 347 single-family listings sold last month in San Mateo, sold listings dropped month to month from 375 sold during the month of May.
A total of 394 new listings were offered to the market in June, new listings dropped month to month almost 500 in May.
The total number of months of inventory available to buyers in San Mateo is 1.4.
Sellers were getting a median of 105% of the original list price at closing, sellers list price to sale price ratio is up from 101.3% at the end of the previous June.
Single-family homes were on the market for an average of 19 days before being sold during the month of June, this is up from 22 days on the market before being sold average during June of one year ago.
San Mateo Condo Stats
The median sale price for condos in San Mateo County at the end of last month was $1,100,000. Median sale prices for condos increased month to month, up from $900,000 median sale price during the month of May.
There was a total of 94 condo properties sold in San Mateo during the month of June, condo sales were down compared to May, dropping from a total of 100 sold.
A total of 139 new condo listings hit the market in San Mateo last month, new condo listings are up month to month.
The total months of condo inventory in San Mateo County available to buyers is 2.8 months.
Sellers of condos were getting a median of 100% of their original list price at closing, original list price to sale price for condos has stayed in the 100% range for all of 2024.
Condos were on the market for an average of 29 days in San Mateo County before being sold, this is up from 19 days on the market before being sold during June 2023, and up from 25 days before being sold during the month of May.
What Does This Mean For Buyers?
Buyers have good news to enjoy as median sale prices for single family homes has dropped month to month, and is just slightly higher than at this time one year ago. Inventory levels for single family homes in San Mateo remain low, however condo inventory has increased. Competition for homes has decreased from one year ago, properties are on the market for a longer period of time, and while overbidding continues it is lower than one year ago.
Buyers who are searching for a property to buy in San Mateo County should have a plan in place and be ready to act when a property is found, indecisiveness can cost you money or to lose out on a property. Find out how we can help you navigate the San Mateo real estate market and save you money! Give us a call today!
What Does This Mean For Sellers?
The market for single family homes and condos in San Mateo County continues to favor sellers. While the demand for properties continues this year is less active than one year ago. Listings are sitting on the market for a longer period of time and home prices are staying level with one year ago.
Sellers of homes and condos should exercise patience as there may be a slowdown in home purchasing the closer we get to fall. Sellers should have a plan of action to get their home sold quickly and for the most money. Find out how we can do that for you by giving us a call today!
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.
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 $2,000,000 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 $1,1,000 or less.
