Welcome to this month’s real estate market report for San Mateo County, California. Single-family home prices decreased slightly month to month and sellers are seeing offers for their homes well above list price. Find out more about the San Mateo County real estate market with 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 June 2022 was $2,240,000, which is a month-to-month decrease from $2,400,000.
There were 391 properties sold in San Mateo in June and a total of 775 new listings hit the market.
Homes are on the market for an average of 15 days before being sold and sellers are getting 107.6% of their asking price at closing.
At the end of June 2022, there were just 1.2 months of single-family housing inventory available to buyers.
San Mateo Condo Stats
At the end of June 2022, the median sale price for single-family homes in San Mateo County was $1,075,000, which is just slightly less than the $1,100,000 median at the end of June.
There was a total of 127 condo properties sold during June and there were 302 new condo listings that hit the market.
Condo properties are on the market for an average of 17 days before being sold and sellers are getting 107.2% of their list price at closing.
At the end of June 2022, there were just 1.8 months of condo inventory available.
What Does This Mean For Buyers?
As housing prices and inflation heat up, the real estate market in San Mateo will continue to remain very competitive for the low number of properties available. Buyers are facing a market where overbidding for homes is expected and inventory levels will continue to remain low as sellers are hesitant to sell due to lack of housing supply. Buyers searching for new homes to buy will have to continue to be patient as completion delays hinder contract signing.
Buyers should have financing in place and be ready to act when a property is found. Buyers in some cases may have to eliminate wish list items to be to acquire a property. That is why it is important to have a great agent on your side who can find a property that could include all your wish list items. If you are searching for a home, give us a call today and let us go to work for you.
What Does This Mean For Sellers?
Sellers are facing a tough dilemma, while home prices are rising, low inventory has prevented sellers from finding another property. While sellers can expect their property to sell quickly and possibly for much more than the asking price, there may be a slowdown coming and if you are wanting to sell your property this year, now is the time to get it listed and on the market.
Sellers can expect the current trends to continue, however, sellers should investigate the market they are wanting to buy in before putting their home on the market. That is why we work with great clients to not only sell their homes but find them a new one, even if it is across the country. To find out how we help sellers sell their homes quickly and net the most money, give us a call today!
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!
See Additional Reports on the San Mateo County Real Estate Market
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 $2,240,000 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 $1,075,000 or less.