Welcome to this month’s real estate market report for San Mateo County, California. San Mateo County is one of the leading real estate markets in the country. San Mateo is highly sought after for its agreeable climate and being near the internationally known tech hub of Silicon Valley. Find out more about the latest San Mateo County real estate market statistics 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 May 2024 was $2,300,000.
The median sale price for single family homes is up from $1,800,000 at the end of the previous May.
There were a total of 368 single family homes sold in San Mateo County during the month of May. Total homes sold are up from 350 sold during May of 2023.
A total of 529 new listings came to market in San Mateo County last month. New listings are up from 480 new listings at the end of the previous May.
There are a total of 463 single family homes available for sale in San Mateo County at the end of May, this gives San Mateo County a total of 1.6 months of inventory available.
Single family homes in San Mateo County were on the market for an average of 16 days before being sold during May, which is down from 20 days during May of 2023.
Sellers were getting an average of 106.2% of their original list price at closing, which is up from 102.1% at this time one year ago.
San Mateo Condo Stats
The median sale price for condos in San Mateo County, California at the end of May 2024 was $925,000.
The median sale price for condos in San Mateo County is up from $915,000 median price during May of last year.
There was a total of 117 condo properties sold in San Mateo County last month, this is up from 100 sold during the previous May.
A total of 173 new condo listings hit the market in San Mateo County during the month of May, this is down from 173 new condo listings to come to market during May of 2023.
There are a total of 224 condo properties listed for sale in San Mateo County at the end of May, which gives San Mateo County a total of 2.5 months of condo inventory available.
Condo properties are on the market for an average of 26 days before being sold, and sellers of condos are getting 100.5% of their original asking price at closing.
What Does This Mean For Buyers?
This is a very competitive time for buying a home or condo in San Mateo County. Overbidding for single family homes has increased from month to month. Inventory levels remain low for homes and condos, however, there is slightly more inventory available this year than at this time one year ago.
Buyers of properties in San Mateo County should understand that time is not on their side. There are many buyers looking at the same property, so buyers should have a plan in place and be prepared to act when a property is found.
What Does This Mean For Sellers?
The market for single family homes and condos in San Mateo County currently favors sellers. There is brisk buying activity taking place and sellers should expect offers above their original asking price. Although, the market for condos is not as competitive as it is for single family homes.
The summer season is typically very active for homes and condos. Sellers who may have been waiting to sell their home should get it listed and on the market today. Sellers can expect active and aggressive buyers as we head into summer.
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 $2,300,000 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 $925,000 or less.
