Welcome to this month’s San Mateo County real estate market report, presented to you by The Chris Eckert Real Estate Team.
Are you curious as to how the corona pandemic has affected the housing market in San Mateo? This helpful report will update you with the latest real estate data. While restrictions are easing in some places, homes are still being purchased.
If you are a buyer planning to buy a home, you can safely search using our free search tool. Make sure to save your searches and sign up to be notified as soon as new properties become available. Then give us a call and we can answer all your questions about purchasing a home.
Are you thinking of selling your home and curious to know what it might be worth? You can get an estimate using our home valuation tool. Simply answer a few questions and we will provide a summary of the market value of your home. Then give us a call and we can talk about getting your home listed as soon as possible!
San Mateo Housing Statistics
The median sales price for single-family homes in San Mateo ended April at $1,627,500, down from the March median of $1,731,000.
Prices have increased since their lows of the winter but yet have reached the highest 2019 median of $1,765,000.
The median sales price for condos in the San Mateo area ended April at $1,015,000, up from the March median of $1,000,000.
Condo prices have steadily risen over the last four months. The year started off with the median sales price of condos at $852,500.
There was 2.3 months of inventory of single-family homes available at the end of April, an increase from the previous month of March number of 1.5 months of inventory available. Inventory continues to be tight.
While purchasing has slowed there was still less than three months of inventory available at the end of April. Inventory may spike once restrictions have been lifted.
Inventory of condos increased month to month, April finished with 1.4 month’s supply available, up from 0.8 at the end of March.
Condo inventory is also very minimal, and well below the 2019 high of 2.6 months of inventory available during September 2019.
There was a total of 204 single-family homes sold during April, down from 287 in March. The slowdown in sales was certainly due to the coronavirus pandemic. As the busy season picks up and restrictions ease expects activity to take off.
New listings for single family homes were down for the month, to 204 in April from 287 in March. New listings are also well down from their spring averages, last April there were 393 new listings made available that month.
There were a total of 70 new condo listings to hit the market in San Mateo during April, down from 102 in March.
Strong demand has kept condo listings only slightly lower than this time last year; April 2019 had 144 new listings hit the market.
Only 81 condos were sold during April, a slowdown from the 121 the previous month. Condo sales were slower as well, down from 122 one year ago.
The sold to list price ratio for both single family homes and condos held steady for the month at approximately 104.0% of asking price.
Indicating there is still strong demand for homes despite current restrictions in place. As interest rates stay low and demand continues, this number may rise in the coming months.
In April, homes averaged 17 days on the market before being sold, down from 20 during March. This number may increase over the next couple of months as buying and selling activity has slowed.
For condos during April, activity was brisk as condos averaged 12 days on the market before being sold, well below the January and February averages of 36 days. Expect demand for condos continue and this number may shrink in the coming months.
What Does This Mean For Buyers?
For buyers searching for a single-family home or condo in San Mateo County expect minimal inventory and competition for homes.
It is imperative to have financing secured and actively working with your realtor to not miss out when a property is found.
To find out how we can help you find your next home in the midst of the “new normal” give us a call today to get started!
What Does This Mean For Sellers?
If you are selling or thinking of selling your home now is the time. There is strong demand for housing in the San Mateo market.
Sellers are often getting above asking price, and people can still sell a home even in this difficult climate.
To find out how we can safely sell your home, how we market your home, and how we find qualified buyers give us a call today!
See Additional Reports on the San Mateo County Real Estate Market
San Mateo County Homes for Sale
Here are the most recent home listings just added to the database in the median sale price range for San Mateo County. All homes here are priced at $1,627,500 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 1,015,000 or less.
