Welcome to this month’s real estate market report for San Mateo County, California. The market for single-family homes and condos in the San Mateo County area has slowed over the last few months. While sale prices have held steady over the last twelve months, properties are being sold and overbidding for properties continues. While single-family home and condo inventory levels are well below 2022 levels inventory has increased each month this year. Find out more about the San Mateo County 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 2023, was $1,900,000. Single-family home prices for 2023 are only slightly lower than one year ago, down from $2,000,000 at the end of June 2022.
There was a total of 364 single-family property listings sold in San Mateo last month. There was a total of 412 new listings to hit the market as well. Sales of homes and new listings are down almost 40% from one year ago.
Single family homes are on the market for an average of 21 days before being sold, homes were on the market for an average of 15 days before being sold at this time on year ago.
Over bidding for single-family properties continues as buyer are paying 101.3% of list price.
At the end of June, there was just 1.6 months of single-family housing available to buyers in San Mateo.
San Mateo Condo Stats
At the end of June 2023, the median sale price for condos in San Mateo County was $982,000. Condo sale prices for the year are just slightly higher than one year ago, up from $940,000 at the end of the previous June.
There was a total of 114 condo properties sold during June in San Mateo, and there was total of 126 new condo listings to hit the market. Condo sales and new listings are down 20% compared to this time on year ago.
Condos are on the market in San Mateo for an average of 19 days before being sold, this is down just slightly from an average of 20 days before being sold at this time one year ago.
Sellers of condos are getting just 100.9% of their asking price at closing.
At the end of June there was just 1.8 months of condo inventory available to buyers in San Mateo.
What Does This Mean For Buyers?
The real estate market in San Mateo County, California, can be a challenge for some buyers. While inventory levels for single-family homes and condos are well below seasonal averages there are properties of great value available. Good news for buyers is that competition for homes has decreased over the last twelve months, and that has helped prices stay lower than one year ago.
The biggest challenge for buyers is lack of supply available, buyers who may have had a favorable rate locked in may not be able to find a suitable property. Buyers who do have financing in place should be ready to act when a property is found. Prices are expected to stay level the remainder of the year.
What Does This Mean For Sellers?
Sellers of homes and condos in the San Mateo County real estate market should be patient, while homes and condos are on the market slightly longer than one year ago, there is still competition for available properties. Over bidding for both homes and condos continues. Home and condo have mostly held steady over the last twelve months.
Sellers should be cautious about the future, if interest rates continue to rise, and economic factors change, the real estate market in San Mateo could be in for a slowing period, or prices could dramatically fall. Sellers should have a plan in place for both positive and negative events that could affect the quick sale of their home.
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.
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 $1,900,000 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 $982,000 or less.
