Welcome to this month’s San Mateo County market report. How have the continued restrictions affected the real estate market in San Mateo? Read this helpful report to find out.
Tired of the apartment life and ready for a home of your own? Begin your search here to find properties by price, size, or location. Be sure to save your favorites and then sign up to be notified as soon as new homes that match your criteria become available.
Are you thinking of selling your home? If so, the first step is to get an idea of your home’s worth. We provide a free home valuation tool for you to find out what your property might sell for. Simply enter a few details about your home and we will provide you with an estimate of your home’s market value.
San Mateo Housing Statistics
In San Mateo County the median sale price for single-family homes going into November was $1,665,000, a year-to-year increase of 9.7%.
The year to date average sale price for single-family homes in San Mateo is slightly higher than the median. The year to date average sale price is $1,738,333, this is an increase from the average of $1,501,500 this time one year ago.
There were 512 single-family homes sold in San Mateo during October, a 26.11% increase compared to one year ago. Over the last three months, sales have actually slowed, total listings sold has dropped 3.8% over the last 90 days.
There were 603 new single-family properties that hit the market last month, a year to year increase of 37.05%. Inventory of single-family homes is picking up slightly in the San Mateo area, new listings are up 15.7% over the last three months.
Single-family homes in San Mateo stayed on the market an average of 20 days before being sold, a shrinkage of 9.09% from one year ago.
There is only 1.2 months of inventory available to buyers, and sellers were getting 103.3% of their list price when sold.
What Does Buying A House “As Is” Mean?
San Mateo County Homes And Condo Stats
The median sale price for condos in San Mateo county began November 2020, $915,000, a year to year increase of 2.1%.
The year to date average sale price for condos in San Mateo is $927,333, down from $945,833 at this time last year.
There were 141 condos sold during October 2020, an increase of 15.57% from one year ago. Condo sales have slowed slightly over the last three months, down 1.7% during that time.
A total of 210 new condo listings hit the market last month, an increase of 44.83% from the previous October. Over the last three months, new listings for the San Mateo condo market has increased by 31.9%.
Condos were on the market for an average of 25 days before being sold, down 3.85% from one year ago.
There are 2.3 months of condo inventory available to buyers in San Mateo County, and sellers were getting 100.7% of their asking price for their condo.
What Does This Mean For Buyers?
Buyers looking to buy a home or condo in San Mateo should be well informed and ready to act when a property is found. While there have been new properties hitting the market, inventory is still down and competition for homes is heavy.
Buyers should be working very closely with their realtor to find the best properties and submitting a compelling offer so you don’t miss out. Give us a call today so we can help you find the perfect home.
What Does This Mean For Sellers?
Sellers are continuing to see strong demand and an uptick in overbids for homes. With interest rates staying low and buyer preferences shifting to homes, condo sellers may see their property sit on the market longer.
With the continuing seller’s market now is a good time to get your property listed. We help sellers of all types of properties. To find out how we market and sell homes quickly give us a call today to get started.
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 $1,665,000 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 $915,000 or less.
