Welcome to this month’s San Mateo County, California, real estate market report. What are single family and condo housing prices like in San Mateo as we head in to the holiday season? Demand for homes continues and median sale prices are up significantly since last year. Get up to date with the latest real estate stats with this helpful report.
If you are ready to buy a home or condo in San Mateo today begin your search here. Find homes by price, size, location, and other features you may want. Make sure you save your favorite properties, then, sign up to be notified as soon as new homes or condos become available so you don’t miss out. Then give us a call and we can answer all your questions about buying a home in San Mateo, California.
Are you ready to sell your home today? The first step to selling your home is knowing what it might sell for. Find out what the value of your home by using our free home valuation tool. Simply answer a few questions about your property and we will provide you with a competitive market summary and a suggested list price for your home. In the San Mateo market, prices are surging and it is important to price your home correctly. Give us call at 650.627.3799 and we’ll help get you started!
San Mateo Housing Stats
The median sale price for single family homes in San Mateo, California, for November 2021 was $1,903,750, which is a year to year increase of 19.7%. Over the last three months, the average sale price for single family homes climbed 11.8% compared to this same time in 2020, up from $1,676,629 to $1,876,250.
There were 482 single family homes sold during November, a 17.61% year to year drop in the number of sales. Sale activity of single family homes over the last three months is up 13.5% compared to the same period in 2020, up from 451 to 512.
A total of 510 new single family home listings hit the market last month, dropping 24.78% year to year. Over the last three months new listing activity has dropped 8.4% from 617 one year ago, to 565 at the end of November.
Single family homes were on the market for an average of 17 days in November, which is 15% fewer days than at this time last year. During the last three months single family homes are on the market for an average of 17 days, this is down 19% from 21.7 days during the same three months one year ago.
Demand is driving up bids for property as sellers of single family homes are receiving 108.6% of their list price at closing. A rolling three month average of seller list to sale price ratio has shown a 5.7% rise compared to the same period one year ago, up from 102.8%.
San Mateo Condo Stats
The median sale price for condos in San Mateo for November was $897,000, a slight year to year change of just 0.2%. Over the last three months the average sale price of condos has climbed 3.0% from the same period one year, up from $909,000 to $936,833.
There were 162 condos sold during November, an increase of 4.2% from one year ago. Comparing the last three months of condo sales to the same period one year ago, show condo sales up 39.2% from 125 to 174.
A total of 188 new condo listings hit the market in San Mateo in November, a year to year drop of 22.95%. New listings over the last three months have fallen 8.5% compared the same three months in 2020, dropping from 221 new listings to only 202.
Condos were on the market for an average of 22 days before being sold, which is a year to year increase from one year ago. The market for condos in San Mateo is accelerating, over the last three months condos are on the market for an average of 22.3 days before being sold, compared to 23.3 days during the same time in 2020.
Demand for condos is also surging, condo sellers are getting 104% of their list price at closing. Sellers of condos in San Mateo are also seeing overbidding of their property, sellers list to sale price ratio over the last three months has climbed from 100.83% during the same three months in 2020 to 104.27%.
What Does This Mean For Buyers?
As you search for a home or condo to buy in San Mateo time is not on your side. Prices have steadily increased and there is still strong demand for property. Buyers should be prepared to act decisively when a property is found and be ready to submit an offer above asking price.
Buyers should work to stand out amongst other buyers, homes are being bought up almost as soon as they are being listed. That’s why if you are looking to buy a home you need a great agent on your side who knows the San Mateo market and has the experience to find you the perfect property. Give us a call today!
What Does This Mean For Sellers?
Homes and condos are in great demand in San Mateo, sellers may want to evaluate the rise in their home value and consider selling. While low interest rates are fueling demand, this may begin to change beginning in early 2022. Sellers who may have considered waiting will want to go ahead and get their property listed and on the market today.
There is more to selling a home than just putting a sign in the yard. We know that pricing your home correctly and marketing it to the most qualified buyers will sell your home quickly and net you the most money. Give us a call today and we can put our expertise to work for you!
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. 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 $1,903,750 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 $897,000 or less.