Welcome to this month’s San Mateo County, California real estate market report. While single-family home prices continue to increase and inventory tightens, condo and townhomes prices are declining while inventory is beginning to climb. Read this helpful report to get up to date!
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As demand for homes and condos continues you may have decided it is time to sell. The first step to take is to find out what your property may be worth by using our free home valuation tool! Simple to use, just enter the information required and we will provide you a market assessment of your home or condo’s potential sale price.
San Mateo Housing Statistics
The median sold price for single-family homes in San Mateo ended the month of June at $1,950,000 a year-to-year increase of 21.9%.
There were 510 single-family listings sold during June an 88.89% increase compared to the previous June.
Comparing the last three months with the same period last year, sold listings are up 54.5% from 273 to 422.
There were 601 new listings to hit the market in San Mateo, a year-to-year increase of 19.48%.
While the inventory of single-family homes is low in San Mateo, over the last three months new listing activity is up compared to the same period one year ago, up from 368 to 486.
There was less than one month of single-family home inventory available to buyers in San Mateo at the end of June, a year-to-year drop of 65.38%.
Single-family homes are on the market in San Mateo for an average of 18 days and sellers are getting 108.1% of their list price at closing.
San Mateo County Condo Stats
There were 164 condos sold last month, a steep increase of 168.65% compared to the previous June.
Condo sales for the second quarter are up 51.4% compared to the same time one year ago, up from 103 to 156.
A total of 203 new condos were offered to buyers during June, a year-over-year increase of 42.96%.
There is now approximately 1.3 months of condo inventory available to buyers.
Condos are on the market for an average of 22 days before being sold, and sellers are getting 103.9% of their asking price.
What Does This Mean For Buyers?
Buyers looking for a home or condo be prepared for a competitive market in San Mateo. Buyers of single-family homes may face overbidding of properties and listings selling very quickly. Buyers should have financing in place and be prepared to stand out when they submit an offer.
What Does This Mean For Sellers?
While sellers are enjoying a favorable market of low-interest rates and ready buyers, not all price points or areas are the same. Sellers in the soft or stalled markets should merely be patient as low-interest rates are expected to continue and more demand from buyers as restrictions continue to ease.
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 $1,950,000 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 $966,259 or less.