Welcome to this month’s real estate market report for San Mateo County, California. The last month has seen an uptick in buying and selling activity in San Mateo. Median sale prices for single family homes and condos increased from January to February of this year. Overbidding for homes increased during February as buying activity picked up and inventory levels remain low. Find out more about the San Mateo 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 February 2024 was $1,800,000. For the year so far, the median sale price for single family homes has increased each month, climbing from $1,700,000 at the end of January, and down from just $1,900,000 at the end of February 2023.
There was a total of 206 homes sold during the month of February in San Mateo, the number of sold listings increased from 130 in January, and up from 175 sold during February 2023.
A total of 314 new property listings hit the market in San Mateo last month.
There was a total of 284 single family home listings available to buyers at the end of February, this is down from 300 at the end of January, and up from 250 total listings at the end of December 2023.
Single family homes are on the market for an average of 28 days before being sold, this is down from 45 days during January.
Sellers are getting 102.5% of the original list price at closing, overbids are up from 100% during January, and also up from 100% at the end of the previous February.
At the end of February 2024 there was just one month of inventory available in San Mateo County.
San Mateo Condo Stats
At the end of February 2024, the median sale price for condos in San Mateo was $929,000. The median sale price for condos in San Mateo increased month to month, up from $929,000 at the end of January.
There was a total of 82 condo properties sold in San Mateo last month, this is up from 60 sold during January, and up from 60 sold during the previous February.
A total of 135 new condo listings hit the market during February and there was a total of 154 condos for sale. The total number of listings has increased from January, up from 140, and inline with 154 total listings at the end of February 2023.
Condos are on the market for an average of 37 days before being sold, this is down from 70 days during January, and down from 45 days during February 2023.
Sellers are getting 100% of their original list price at closing, overbidding has increased from 99.2% from one year ago, and up from 99.5% during the month of January.
At the end of February there was just 1.8 months of condo inventory available.
What Does This Mean For Buyers?
Buyers who are searching for a home or condo to buy in San Mateo can expect to find higher prices, and less inventory available. This time of year, is on average slower and buyers should be quick to act, as competition will increase and the summer buying season begins.
Home and condo prices will likely increase as we continue in to 2024, however, there may be a leveling of prices which will help buyers save money. If you are a buyer looking for a home or condo in San Mateo, you should have a plan in place and be prepared to act. Time is not a friend to buyers, and delay can end up costing your more money or losing out on the perfect home.
What Does This Mean For Sellers?
The market for single family homes and condos in San Mateo currently favors sellers. Overbidding for properties is increasing, and homes are staying on the market for fewer days than one month ago. Sellers can expect these trends to continue as we head in to the summer buying season.
Demand for homes and condos in San Mateo will increase as we head in to the traditional buying season. Sellers should create a plan of action to sell their home, and in a dynamic market like San Mateo, pricing your home and excellent curb appeal are the two keys to getting your home sold quickly and for the most amount of money possible.
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 $1,800,000 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 $929,000 or less.
