Welcome to this month’s San Mateo County, California real estate market report. While single-family home prices continue to increase and inventory tightens, condo and townhomes prices are declining while inventory is beginning to climb. Read this helpful report to get up to date!
Finding a home or condo to buy in San Mateo may seem challenging but we make it easy for you. Start your search here to find properties in San Mateo by price, size, or location; be sure to save your favorites to tour. Next, and most important, sign up to be notified as soon as new matching properties become available. Give us a call today, we’re here ready to assist you!
As demand for homes and condos continues you may have decided it is time to sell. The first step to take is to find out what your property may be worth by using our free home valuation tool! Simple to use, just enter the information required and we will provide you a market assessment of your home or condo’s potential sale price.
San Mateo Housing Statistics
The median sale price for single-family homes in San Mateo County ended May 2021 at $1,880,000, a year-to-year increase of 17%.
The average sale price for single-family homes has climbed 13.6% over the last three months compared to the same period as last year.
There were 534 listings sold last month, up 137.33% compared to this time last year when Corona restrictions were implemented. The easing of restrictions has resulted in a 44.8% increase of sold properties over the last three months compared to one year ago.
A total of 620 new listings hit the market during May, a year-to-year increase of 78.67%. New listing activity in San Mateo County is up 40.4% over the last three months.
There is less than one month of single-family home inventory available to buyers.
Single-family homes for sale in San Mateo are on the market for an average of 18 days before being sold, and sellers are receiving 109.8% of their list price at closing.
San Mateo County Condo Stats
At the end of May, the median sale price for condos in San Mateo was $937,000, a year-to-year drop in price of 3.7%.
The average sale prices of condos in San Mateo has declined 5.6% over the last three months compared to the same period one year ago.
A total of 180 condo listings were sold in San Mateo last month, up 87.5% compared to this time last year.
As condo prices have declined sales activity has picked up, increasing 35.9% from one year ago.
There were 233 new condo listings that were offered on the market during May, a year-to-year increase of 164.77%. This May saw an increase compared to last May of new listing activity, new listings are up 62.8% for the last three months.
New condo listings brought condo inventory levels to 1.3 months of supply available to buyers.
Condos in San Mateo were on the market for an average of 25 days in May before being sold, and sellers were receiving 102.8% of their list price at closing.
What Does This Mean For Buyers?
If you are looking to buy a home or condo in San Mateo County you may be feeling overwhelmed or concerned. Time is against buyers and with inventory levels low, prices will only continue to rise. Buyers should stay focused on what is important and be prepared to act when a property is found.
Give us a call today at 650-627-3799 to get started and we can guide you through this difficult market.
What Does This Mean For Sellers?
While prices and demand are continuing to rise, sellers who may have been waiting for summer to list their home or condo should get it on the market now. Sellers can expect their homes to sell quickly, and over-bidding is becoming common for single-family homes in San Mateo.
We have the experience and knowledge to list and sell your home in the dynamic San Mateo real estate market. We work to price your home accurately and market its most in-demand features to qualified buyers.
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 $1,880,000 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 $937,000 or less.