Welcome to this month’s real estate market report for the San Mateo County, California community. There is a shift in the market happening, sale prices, homes sold, and new listings have all decreased. Some are forecasting an even further drop in home and condo prices, others say it may stabilize in the coming months. Find out more about the San Mateo County real estate market with this helpful report.
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The median sale price for single family homes in San Mateo at the end of November 2022 was $1,700,000, which is a month-to-month drop from $1,900,000. Single family home sale prices have falling from there high of $2,300,000 during April 2022. Single family home prices are also down year to year from $2,000,000 at the end of the previous November.
There was a total of 248 single family homes sold last month, and there was a total of 214 new properties to become listed, which brings San Mateo County to 1.5 months of single-family home inventory available.
Single family homes are on the market for an average of 27 days before being sold. The number of days on the market before a single family home is sold has climbed from its low of 11 days during March 2022, and up year to year from 18 days at the end of the previous November.
Sellers are getting approximately 98.7% of their asking price at closing, overbidding for homes decreased for the year dropping for a high of 110% during February 2022, and down year to year from 105% at the end of November 2021.
San Mateo Condo Stats
The median sale price for condos in San Mateo County at the end of November was $900,000, which is a month-to-month drop from $922,000. Condo sale prices have held mostly steady through 2022, dropping from a yearly high of $1,100,000 during April 2022, and down from just $930,000 at the end of November 2021.
Condos are on the market for an average of 47 days before being sold, the number of days a condo is on the market before being sold in San Mateo County has increased for the year, rising from just 18 days during March 2022, and up from 24 days at the end of the previous November.
Sellers are getting approximately 97.6% of their asking price at closing. The median sale price at closing for condo sellers has dropped from just 105% during the month of April 2022, and down year to year from 101% at the end of previous November.
What Does This Mean For Buyers?
For buyers looking to buy a home or condo in San Mateo County be prepared for higher prices and a reduction of inventory. In the San Mateo County real estate market sales are taking longer to finalize, which also contributes to supply shortages. As demand continues and inventory is low, buyers can expect trends of higher prices to continue.
Buyers should have financing in place and be ready to act when a property is found. Time is not on the buyer’s side, and indecisiveness will only increase costs. While there may be a cooling in prices in the future, this is not something current buyers can reliably expect to happen.
What Does This Mean For Sellers?
For sellers, while the market is active and buyers are competing for available homes, sellers should be aware it may take a little longer than average for your property to sell. While sale prices have dropped slightly, continued demand has kept prices from falling much at all. In San Mateo County there is a shortage of supply and this will continue to put upward pressure on home and condo prices.
Sellers should have their property’s value assessed as soon as possible. With home prices increasing, sellers should know if there’s has increase in value over the last couple of months. Sellers can also take simple steps to increase the value of their homes to buyers. If you are not sure of your home or condo’s value, give us a call and we have some helpful inexpensive tips that can add a tremendous amount of value to your home. Don’t hesitate to give us a call today!
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 and price your home correctly, market it to the most qualified buyers, and net you the most money. Give us a call today!