Welcome to this month’s real estate market report for San Mateo County, California. San Mateo County is situated on the San Francisco Peninsula, it is mostly suburban area and popular location for many tech companies. The median price for single family homes and condos in San Mateo County has increased month to month and inventory levels remain low. Find out more about the San Mateo County 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 April 2024 was $2,100,000, this is up from $1,700, 000 at the end of the previous April. Median sale prices for single family homes have increased each month so far in 2024.
There was a total of 330 single family homes sold during the month of April in San Mateo County, this is up from 250 sold during April of 2023. Single family home sales in San Mateo County have increased from month to month for the last five months.
There was a total of 408 single family property listings for sale at the end of April in San Mateo County, listings are down from a total 450 at the end of the previous April. Total lists are down from a high of 590 during September of 2023.
A total of 461 new single-family property listings hit the market in San Mateo County in April, providing 1.4 months of inventory available to buyers.
Single family homes were on the market for an average of 18 days before being sold in April, which is down from 24 days at the end of the previous April.
Sellers of single-family homes were getting an average of 105.2% of their asking price at close in April, which is up from 100.2% at the end of April 2023.
San Mateo Condo Stats
The median sale price for condo properties in San Mateo County at the end of April 2024 was $965,000, which is down from $857,000 at the end of April 2023. Median condo sale prices dropped from $1,000,000 March to April.
A total of 101 condo units were sold in San Mateo County during the month of April, which is up from 60 sold during the previous April. Condo sales increased month to month, up from 70 sold during March.
At the end of April there was a total of 195 condo and townhome listings for sale in San Mateo County, which is up from 160 listings at the end of the previous April. Condo listings increased from a total of 165 during March.
There was a total of 153 new condo listings to hit the market in San Mateo during the month of April, providing San Mateo County with 2.2 months of inventory available to buyers.
Condos and townhomes were on the market for an average of 23 days before being sold, which is down from 36 days on the market average during April 2023.
Sellers were getting 102% of their list price at closing in April, which is up from 100% at this time one year ago.
What Does This Mean For Buyers?
For those looking for a home or condo to buy in San Mateo will face a challenging market. Inventory levels remain low and overbidding for properties is on the increase. Market activity for homes is on the rise and buyers should be working closely with their realtor to be able to act quickly when properties become available. Buyers should have a set of realistic goals with financing in place and a plan of action when a property is found.
The summer season will bring an increase in buying activity and this could push prices higher. The biggest challenge for buyers will be finding the property that is best for them and within their budget.
What Does This Mean For Sellers?
The market for homes and condos in San Mateo County continues to favor sellers. Properties are being bought up quickly and buyers are paying sellers more than their original asking price. Home values have been increasing each month this year, while condo prices have mostly held steady. Prices may continue to climb as the summer season begins, however, they may not increase at the rate of the previous year.
Sellers can expect continued demand for single family homes, while condos may see slightly less demand than one year ago. Sellers should work closely with their listing agent to implement a plan of action to sell their property quickly and effectively.
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 $2,100,000 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 $965,000 or less.
