Welcome to this month’s real estate market report for San Mateo, California. As summer begins, home buying and selling activity is down from one year ago. However, sale prices for homes are at the same level from one year ago, and condo sale prices are slightly lower. There is just one month of single-family home supply available and less than 1.5 months of condo supply available. 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 at the end of May was $2,100,000, up from $2,000,000 one month ago. Median sale prices for single family homes, while starting the year at $1,500,000 have climbed to last year’s highs.
There was a total of 35 single-family properties sold in San Mateo during the month of May. Single family homes sales have slowed over the last three months, and well below the number sold during May of 2022.
A total of 46 new listings hit the market in San Mateo in San Mateo last month, new listings are also lower than compared to one year ago. Inventory levels have held steady over the last year at just less than one month of supply available.
Single family homes are on the market for an average of 15 days before being sold, which is up from just 12 days before being sold at this time one year ago. Sellers are getting 104.8% of their list price at closing, which is down from 114% of list price at closing during May 2022.
San Mateo Condo Stats
The median sale price for condos in San Mateo at the end of May 2023 was $892,000, which is down from $850,000 at the end of April. For the year condo sale prices are down from $985,000 twelve months ago.
There was a total of 22 condo properties sold last month in San Mateo, condo sales are slower this year than one year down, from almost 100 sold during the previous May.
There was a total of 27 new listings to come to market last month, down from 150 new listings that hit the market this time one year ago. Condo inventory in San Mateo is at 2.2 months available.
Condos were on the market for an average of 34 days before being sold, a year to year increase from 22 days. Sellers were getting 101.7% of the list price at closing, which is down 104.4% from one year ago.
What Does This Mean For Buyers?
Buyers looking for a home or condo in San Mateo can expect to find fewer homes available and prices that have only started inching higher recently. For the few homes that are available there may be competition as overbidding for properties is increasing. Buyers can find properties that may have some hidden value, but once a property is found, a buyer should be ready to act.
What Does This Mean For Sellers?
If you are selling a home or condo in San Mateo, you may have to be a little more patient. While the San Mateo real estate market is still very active, properties are sitting on the market longer than average. Demand for homes is slowing, but may pick up over the summer months, as overbidding for properties is happening more often
Buyers and sellers of properties in San Mateo County can expect the next few months to continue the trends of the first few months of this year, demand slowing and homes taking longer to sell. 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.