Welcome to this month’s real estate market report for San Mateo County, California. In San Mateo, real estate prices for single-family homes and condos have increased from April to May, and inventory levels remain low creating a very competitive market for buyers and sellers. Read the full report to get up to date.
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San Mateo Housing Stats
The median sale price for single family homes in San Mateo County, California at the end of May 2022 was $2,400,000, which is an all-time high for San Mateo. Median sale price for single family homes has climbed each month in 2022, single family home prices have climbed $400,000 since January of this year.
There were 377 homes sold in May, for the year so far there have been just over 700 single-family homes sold in San Mateo. There were 757 new listings to hit the market, bringing single-family home inventory to just 0.8 months. Total listings for the year so are approximately 1,200.
Single family homes are on the market for an average of 13 days before being sold, up from 10 days since January of this year, and sellers are getting 109.2% of their list price at closing.
San Mateo Condo Stats
The median sale price for condos in San Mateo County ended the month of May 2022 at $1,100,000. Condo sale prices have hovered around $1,000,000 over the last twelve months.
There was a total of 132 condo listings sold during the month of May, for the year so far there have been approximately 300 condos sold.
A total of 268 new listings hit the market during the month of May, bringing the total number of condos listed for the year to 400, and there is just one month of condo inventory available to buyers.
Condos are on the market for an average of 18 days before being sold, up from just ten days at the beginning of 2022, and sellers are getting 106.3% of their list price at closing.
What Does This Mean For Buyers?
If you are looking for a home or condo to buy in San Mateo be prepared for a great deal of competition for a home or condo and increasingly higher prices. Buyers are submitting offers above the asking price and home prices are at record highs. It is not a favorable market for buyers. Some buyers may have to remove must-have features they are looking for to even be able to find a home to submit an offer for. Buyers should be aware of rising interest rates and locking in a rate as soon as possible will save you thousands of dollars.
Buyers should have financing in place and be ready to act when a property is found. Buyers need to have an agent on their side who knows how to navigate competitive markets like the San Mateo real estate market. If you are in the market for a home give us a call today and let us go to work for you!
What Does This Mean For Sellers?
The market for homes and condos in San Mateo currently favors sellers. Sellers are enjoying record-high single-family home prices and condo prices are climbing as well. While these trends should continue there is a possibility that rising interest rates and higher inflation will cause a slowdown soon. Sellers should take advantage of the current demand and get their property listed and on the market.
Knowing accurately what your home is worth is the first step to selling your home. Before we list your home we meet with to discuss what your home is worth and provide an accurate and competitive suggested list price. Once we list your home we market the best features of your home and show it to the most qualified of buyers so your home or condo sells quickly. Don’t hesitate give us a call to 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!
See Additional Reports on the San Mateo County Real Estate Market
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 $2,400,000 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 $1,100,000 or less.