Welcome to this month’s San Mateo County, California real estate market report. The San Mateo County real estate market shows no sign of slowing down. Buyers are overbidding for properties which has pushed prices for single-family homes higher. The condo market also saw an increase in median sales price, however, the condo market has slowed over the last twelve months. Find out more in this helpful report.
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San Mateo Housing Stats
The median sold price for single-family homes in San Mateo County, California at the end of February 2022 was $1,962,500, which is a year-to-year increase of 12.1%. Single-family home prices have climbed 17.3% over the last three months of 2022 compared to this time in 2021, up from $1,606,338 to $1,883,500.
There were just 220 single-family homes sold in San Mateo last month, this represents a year-to-year slowdown in sales of 23.88%. Sales activity of single-family homes is down so far for this year compared to twelve months ago, sales are down from 441 to 386.
There were 450 new single-family home listings that hit the market, a drop of 4.5% compared to one year ago. There has been a total of 392 new single-family home listings to hit the market so far this year, this is down 18.8% from 483 new listings at this time one year ago.
Sellers of single-family homes in San Mateo County are getting 115.2% of their list price at closing, this is an increase of 9.8% from this time last year.
Homes were on the market for an average of just 14 days before being sold in San Mateo County during February, a year-to-year decrease of 48.15%, and there is just 1.5 months of inventory available to buyers.
San Mateo Condo Stats
The median sold price for condos in San Mateo County at the end of February 2022 was $1,037,500, up 20.9% from one year ago. The median sale price for condos so far this year compared to one year ago is up 13.7% from $829,000 to $942,000.
There were just 106 condo properties sold last month, which is a year-to-year drop of 17.19%. Condo property sales for this year are lagging behind the number of condos sold in 2021, down from 152, to 142 at the end of February this year.
There were 181 new condo listings to hit the market in San Mateo during February, this is down 7.18%% compared to the previous February.
Condo new listing activity has slowed this year compared to the previous year, new condo listings are down 23.2% over the last three months, from 198 in 2021 to just 152 so far this year.
Condos for sale in San Mateo County stayed on the market for an average of 24 days in February before being sold, a decrease of 33.33% from the previous February.
Sellers of condos in San Mateo County were getting 107.4% of their list price at closing, which is a year-to-year increase of 5.8%.
What Does This Mean For Buyers?
Buyers who are searching for a single-family home to buy in San Mateo County can expect lots of competition and submitting of offers well over asking price. The condo market is much the same, except buyers are not quite as aggressive.
Interest rates are starting to climb, and as inventory levels remain low buyers will be facing a market of higher prices. Relief for buyers could be more inventory becoming available and interest rates holding steady. Buyers who have yet to secure financing should act now, as a small rise in rates can cost you thousands of dollars.
If you are searching for a home or condo in San Mateo County, California, give us a call and let us put our expertise to work for you. We understand the dynamics of the San Mateo real estate market and have the experience to find you the home of your dreams. Give us a call today.
What Does This Mean For Sellers?
If you are thinking of selling your home or condo in San Mateo County now is a good time to get it on the market. While demand is continuing, higher interest rates and inflation may threaten a seller’s market. Single-family homes continue to set the pace in sales, while the condo market is cooling a bit. However, there may be a shift coming and condos will see more interest from buyers.
Sellers of single-family homes and condos are also getting well above the asking price for their properties at closing. Now is the time many homeowners may want to cash in their investment and get their home sold today.
If you are thinking of selling your home or condo, give us a call today. We put our experience and knowledge to work for you. We show off the most in-demand features of your home and market it to the most qualified of buyers. Find out how we can sell your home quickly and net you the most money, get started 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!
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 $1,962,500 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 $1,037,500 or less.