Welcome to this month’s San Mateo County real estate market report. The San Mateo real estate market continues to see rising prices and shrinking inventory. There is still continuing demand for single-family homes, while the condo market is beginning to pick up steam. If you are in the market for a home or condo in San Mateo read this helpful report to get up to date.
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Give us a call at the Chris Eckert Real Estate Team | 650.627.3799 and we can answer all your real estate questions in San Mateo County!
San Mateo Housing Statistics
The median sale price for single-family homes in San Mateo ended the month of March 2021 at $1,850,000, up 8.2% over the last twelve months.
Single-family home prices have climbed over the last three years, from a median of $1,406,667 in 2019 to $1,700,000 at the end of the first quarter in 2021.
There were 281 single family home listings sold last month, an increase of 11% compared to the previous March.
For the year sold listings are up 29.8% from 338, compared to the first quarter of 2020.
A total of 601 new single-family home listings hit the market in San Mateo during March, which is a 40% increase in new listings compared to this time last year. This is good news, but there is still a lack of inventory available in San Mateo County.
The number of days a home is on the market in San Mateo before being sold has shrunk to 18 days over the last three months. The number of days in the market before being sold dropped 21.5% this first quarter compared to the first quarter of 2020.
In San Mateo County there is only 1.2 months of single family housing inventory available to buyers.
San Mateo County Homes And Condo Stats
Median sale prices for condos in San Mateo ended March at $920,000 a year to year drop of 4%.
For the year so far, condo sale prices have fallen 5.9% compared to this time last year, down from $912,500 to $860,833 at the end of March 2021.
A total of 165 condos sold in San Mateo during March, a year-to-year increase of 17%. For the year so far, condo sales are up 25.6% when compared to the first three months of 2020.
There were 207 new condo listings, representing a year-to-year increase of 80%. Condo listings are accelerating in San Mateo County, up 50% for the first quarter of 2021, when compared to the first quarter of 2020.
Condos are on the market an average of 27 days before being sold, and there is only 1.4 months of supply of condos in San Mateo as of the end of March.
What Does This Mean For Buyers?
If you are looking for a home or condo in San Mateo, time is of the essence. Prices, especially for single-family homes are climbing each week, what with low-interest rates and lending rules easing, there is an abundance of competition for homes.
Buyers should have financing in place and be prepared to act when a property is found. It is crucial to have an agent on your side who understands the market, asks lots of questions, and works with you to make you stand out among all other buyers. Give us a call today to get started!
What Does This Mean For Sellers?
If you are thinking of selling now is a good time, especially for single-family residences. Sellers are seeing their property values rise and demand for homes continuing as cheap money floods the market. While condo owners have seen a slowdown in sales that trend is beginning to reverse itself.
Sellers should be aware in this volatile and dynamic market that pricing your home correctly is key. Single-family home prices, while not above the October 2020 peak are continuing to inch higher. Overbidding of properties continues as the seller’s list to sale price ratio is at 106.8%.
We live, breathe, and eat real estate, give us a call today and we can get your home listed and sold as quickly as possible!
Give us a call at the Chris Eckert Real Estate Team | 650.627.3799 and we can answer all your real estate questions in San Mateo County!
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 $1,850,000 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 $920,000 or less.
