Welcome to this month’s real estate market report for San Mateo County, California. The San Mateo County area is a highly desired area to live and property values continue to increase. Median sale prices for single family homes have fallen from February to March, while condo prices have slightly increased. There is approximately one month of single-family home and condo inventory available. 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 at the end of March 2023 was $1,700,000, this is a year-to-year drop from $2,000,000. After having increased in January from $1,500,000, single-family home prices fell month to month, dropping from $1,900,000 in February.
There was a total of 251 single-family homes sold during March in San Mateo up from 176 sold during February.
There was a total of 334 new listings to hit the market, new listings also increased month to month, up from 264 new listings during February.
There is approximately one month of inventory available to buyers in San Mateo County, and homes are on the market for an average of 28 days before being sold.
The median overbid percentage for single-family homes in San Mateo during March was 100%, which was the same during February, and the median overbid percentage is down from 114.4% at the end of March 2022.
San Mateo Condo Stats
The median sale price for condo properties in San Mateo County at the end of March 2023 was $1,000,000, this is a slight year-to-year increase from $938,000.
For the year so far the median sale price for condos for 2023 has increased from $980,000 at the beginning of January, to $1,000,000 at the end of last month. Condo sale prices have held steady over the last 12 months.
There was a total of 98 condos sold last month in San Mateo County, up from 72 sold during February. There were 87 new condo listings that were offered to the market during March, this is down from 107 new condo listings that came to market in February.
There is just one month of condo inventory available to buyers, down from 1.3 months at the end of February.
Condos are on the market for an average of 36 days before being sold, which is up from the average of 16 days before being sold at this time one year ago.
The median overbid percentage for condo properties sold last month was 99.9%, which is up from 99.2% at the end of February, and down from 105.3% at this time one year ago.
What Does This Mean For Buyers?
Buyers who are searching for a home in San Mateo County can expect to see more homes on the market and slightly less competition for homes. Buyers should have financing in place as mortgage rates may increase going in to the summer. Overbidding for homes and condos has cooled and buyers could pay less than full asking price for properties.
While sale prices for single family homes have fallen over the last year, buyers may see prices beginning to rise soon. The market for condos is more favorable to buyers, prices are lower, and overbidding continues to decrease. Buyers may find more opportunities in the condo market than in the single-family home market.
What Does This Mean For Sellers?
If you are selling your home or condo in San Mateo patience is a must. Homes and condo sales have slowed compared to one year ago. Single-family homes and condo properties are sitting on the market for an average of 28 and 36 days respectively. Sellers should anticipate buyers being slightly more demanding during contract negotiations. Buying activity has slowed over the last few months, and sellers can expect this trend to continue until summer.
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!