We hope you enjoy this month’s San Mateo County real estate market report for November 2019 presented to you by the Chris Eckert Real Estate Team.
The Chris Eckert Team of real estate professionals provides you the knowledge and experience to assist families and investors achieve their home buying or selling goals.
If you are considering purchasing a home in the San Mateo area take a look at some of our helpful articles before you start your home search. We cover topics such as:
If you are a buyer considering buying a home in the San Mateo area, use our free search tool to find properties in your price range. Next be sure to s save your searches and be notified as soon as new properties become available. Don’t miss out! Give us a call and we can help you with your search.
Sellers in the San Mateo area who are ready to sell their home can take advantage of our free home valuation tool. This tool will help sellers get an idea of their home’s worth. Once you go through the quick valuation, give us a call and we can answer your questions about listing your home, pricing your home correctly, and staging it so it shows and sells quickly to net you the most money.
San Mateo Housing Statistics
New listings were at there highest in May of 2019, as that month had 579 new listings hit the market.
New home sales have dropped from the July number of 400 homes sold, 348 sold during August 2019; 322 sold during September 2019, and October saw a slight month to month uptick with 396 single-family homes sold.
The average days on the market before being sold is 22, this number has decreased since the 31 day average in August 2019, and lower than the September 2019 average of 27 days.
There is 1.5 months of inventory available on the market for November 2019, this is down from 2.1 for October 2019, and same as the August 2019 amount of 1.5 months of inventory available.
San Mateo Condo Stats
A total of 145 new listings hit the market, down from 194 in September 2019.
There were 120 condos sold during October 2019, this is up from September which had 79 condo sales, and up from the August number of 118.
Condos averaged 25 days on the market before being sold during October, an increase from the September average of 21, but lower than the August 2019 average of 29.
There is 1.7 months of condo inventory available for November 2019; this number has decreased from September 2019 which averaged 2.6 months of inventory available.
Southern Central/Marin County Housing Stats
The median sale price for single-family homes in the southern/central Marin County area for November 2019 is $1,486,667; this is down 2.4% from this time last year.
The median sale price is also down month to month from $1,525,000 in October 2019, but slightly higher than the September 2019 median of $1,460,000.
Median condo/townhome prices for the month of November are $715,667; this is down 5.7% year-to-year, up from the October 2019 median of $685,000, and lower than the September 2019 median of $764,000.
There were 131 new single-family home listings going into November 2019, this is down from 160 during September 2019, but higher than the August number of 117 new listings.
A total of 125 homes sold last month, up from September’s number of 108, and lower than the August total of 119 single-family homes sold.
The average number of days on the market before selling is 47; down from 52 in September 2019, and up from 44 during August 2019.
There is a total of 2.4 months of single-family home inventory available; this is up from 1.9 last month, down from the September total of three months of inventory available.
There were a total of 32 new condo/townhome listings to hit the market, this is down 17% compared to this time last year, this is lower than the 38 new listings during September 2019, and up from the 31 new listings in August 2019.
There were a total of 34 condos sold during October 2019, down 8.2% from this time last year. Condo sales are down from the 36 sold during August 2019, and up from the 30 sold during July 2019.
There is approximately 2.1 months of condo inventory available, and sellers are getting 97% of their asking price.
Napa Valley Housing Stats
The median sale price for homes in Napa Valley heading into November 2019 is $749,000; up 6.3% over the last 12 months.
The median sale price is down from the September 2019 median of $772,000, and up slightly from the August median of $736,000.
There were 79 new listings in Napa Valley last month, up from 57 the month prior, and down from the 84 new listings during September 2019. New single-family homes listings are down from the high of 114 during April 2019.
There were 76 single-family homes sold heading into November 2019, down from 81 last month, and down from 84 in September.
Single-family homes averaged 81 days on the market before being sold, and there is approximately 2.9 months of inventory available.
The median sale price for condo/townhomes in the Napa Valley area for November 2019 is $475,667; this is down 1.2% year-to-year.
There were 16 condo/townhome listings sold in Napa Valley, a 47% increase from this time last year. There were nine condo/townhome’s sold last month, which is down 20% compared to October 2018.
There is approximately 4.2 months of inventory available.
Condo/townhomes are averaging approximately 71 days on the market before being sold.
San Francisco Housing Stats
The median sale price for homes in San Francisco beginning the month of November 2019 is $1,605,000; this is up 3.5% from November 2018.
The median sale price for single-family homes is up from last month’s median of $1,580,000, but has declined from the August 2019 median of $1,621,000.
There were 242 new listings to hit the market, down 14% from 12 months ago. The number of new listings is up from 123 in September 2019, and up from 168 during August 2019.
In the San Francisco real estate market, 179 homes sold during October 2019, this is down from 285 during September 2019, lower than the 238 sold during August 2019.
The median days on the market for single-family homes is 14 days, this number has held steady since the February 2019 high of 19 days.
There is approximately 2.7 months of single-family home inventory available. This number has also held steady from the last two months; and only slightly higher than the August median of 2.6 months of inventory available.
The median percent of list price received by sellers in San Francisco is 113%, down slightly from 114% from last month, and down from 115% during August 2019. Approximately 81% of all homes sold during October 2019 have received above asking price.
The median sale price condo/townhomes in San Francisco for the month of November 2019 is $1,310,000; this up 8.3% year to year, and up from the October 2019 median of $1,270,000. Condo prices in San Francisco have risen steadily in 2019.
There were a total of 363 new condo listings on the market in November 2019, up 1.0% from this time last year. Total number of new listings also increased from last month, there were 245 new listings in October 2019, and 187 new listings during September 2019.
A total of 212 condo/townhomes sold last month, down from 295 in October 2019, and down from the 479 sold during September 2019.
There is approximately 3.4 months of condo inventory available, inventory has steadily increased over the last couple of months, from 2.9 months available in August 2019, to 3.2 in September.
Sellers of condos are receiving 103% of asking price and 62% of condos sold are sold above asking price.
What Does This Mean For Buyers?
Buyers can expect to see more inventory and favorable interest rates heading into the holiday buying season. Buyers who exercise patience may find that they are able to purchase a home or condo below asking price.
Buyers should have financing in place and be ready to act when they find a home that fits their needs and budget.
The Chris Eckert Real Estate Team are invested in their communities and have intimate knowledge of the housing market to help you negotiate the best deal possible. Give them a call today to find out how they help buyers of all types and price ranges.
What Does This Mean For Sellers?
Sellers in the San Mateo County area can still expect strong demand in most areas. With lower interest rates and strong job numbers, more buyers may become active and sellers may see increased competition. The area is still a seller’s market even as more inventory becomes available.
Sellers who are considering selling their home can make use of our free home valuation tool to get an idea of your home’s worth.
The Chris Eckert Team can help you through the process of pricing your home accurately, staging your home to make a great impression, and marketing your home to the most qualified buyers. Give us a call today to get started!