Welcome to this month’s San Mateo County real estate market report, presented to you by The Chris Eckert Real Estate Team.
Curious to know how the Covid-19 pandemic has affected real estate sales in San Mateo County this past month?
The market slowed during the month of May and while median sales prices have decreased, inventory has increased. As restrictions ease, expect sales to pick up as buyers and sellers who have been waiting begin to enter the market in the coming months.
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San Mateo Housing Statistics
At the end of May 2020, the median sales price for single-family homes in San Mateo County was $1,661,16, a year to year increase of just 0.4%.
The median sold price for single-family homes as steadily increased from $1,535,500 during 2018, to $1,655,000 at the end of 2019.
The number of average days on the market before a home is sold has decreased from an average of 48 days during 2018, to 23 days in 2019.
Currently, single-family homes averaged 15 days on the market before being sold, and there is currently two months of inventory available in San Mateo County.
New listing activity is down for the year in San Mateo County, mostly due to the shelter in place restrictions. The year to date total of new single-family home listings is 1,956, down 18.5% from 2399 at this time during 2019, and well below the 2391 that had been listed by the end of May in 2018.
So far this year there have been a total of 1,439 single-family homes sold in 2020, down for the year from 1849 when compared to this time one year ago, and also down from 1938 that had been sold by the end of May in 2018.
Overbidding for properties has declined as well, in San Mateo for 2020 single-family homes are selling at 103.6% above asking price, this is down from 104.9% at this time in 2019, and down from the 111.6% that was the average at this time during 2018.
San Mateo Condo Stats
The median sales price for condos in San Mateo County ended the month of May at $975,000, a slight year to year increase of 0.6%.
At this time during 2019 the median sales price was $969,000, and well above the median of $895,667 during 2018.
Condos are averaging 11 days on the market before being sold, the condo average has decreased compared to this time last year when the average was 23 days on the market, and in line with the 2018 average of 11 days.
Currently there is only 1.7 months of condo inventory available in San Mateo County.
For the year, there have been 616 new condo listings, down 12.1% from 701 for the year, and well below the 721 new listings when compared to this period during 2018.
A total of 534 condos have sold so far in 2020, down 2.3% for the year from 547 at this time one year ago, and well below the 605 that were sold by this time during 2018.
Condos are selling for an average of 102.2% of their asking price, the overbidding has cooled off when compared to the 103.3% average last year, and down from the 112.4% average during 2018.
What Does This Mean For Buyers?
Buyers looking for a home in San Mateo County this year can expect to take a lot of virtual tours, and as restrictions ease, more inventory available.
Mortgage rates are still low, and buyers in certain price ranges may find great opportunities available.
To find out how we can help you find your next home in the midst of the “new normal” give us a call today to get started!
What Does This Mean For Sellers?
Sellers should take advantage of the demand for inventory and minimal competition among buyers to get their homes listed today.
There is a demand for properties in the area that will continue to grow as restrictions begin easing.
To find out how we can safely sell your home, how we market your home, and how we find qualified buyers give us a call today!
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 $1,661,167 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 $975,000 or less.