Welcome to this month’s real estate market report for San Mateo County, California. Single family home prices have climbed slightly higher from one month ago, while condo sale prices have stayed flat. New and sold listings also held steady from month to month. The supply of homes and condos in the San Mateo County area remains very low and the market is beginning to cool. Find out more about the San Mateo County real estate market in this helpful report.
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San Mateo Housing Stats
At the end of October 2023, the median sale price for single family homes in San Mateo was $1,900,000. Single family homes prices climbed from $1,800,000 at the end of September 2023, for the year single family home prices have peaked at $1,900,000.
There was a total of 302 single-family homes sold during the month of October in San Mateo, which just slightly fewer than were sold during September.
Single-family homes are on the market for an average of 22 days before being sold, this is down from 25 days during September, and down from almost 30 days at this time one year ago.
Sellers are getting 103.3% of their list price at closing, for the year overbidding of properties has stayed in the 103-4% range.
At the end of October, San Mateo County had just 1.9 months of housing inventory available to buyers.
San Mateo Condo Stats
At the end of October 2023, the median sale price for condo properties in San Mateo County was $910,000, this is down from $921,000 median sale price at the end of the previous October. Condo sale prices for the year have stayed in the $900,000 to $1,000,000 range.
There was a total of 82 condo listings sold last month, down from 90 sold during September, and down from 100 sold during the previous October.
There were 101 new listings to hit the market in San Mateo during October, which is no change from one month ago, new listings are down from 240 new listings to hit the market during the previous October.
Sellers were getting 100.5% of their list price at closing, this is up from 99.6% of list price at closing at the end of last October.
At the end of October there is just 2.7 months of condo inventory available to buyers in San Mateo County.
What Does This Mean For Buyers?
For buyers looking to buy a home in San Mateo County, California, inventory levels remain low, and there is continues to be competitive bidding for available properties. Sale prices for homes continue to increase and it is possible that median sale prices could pass $2,000,000 by the end of the year.
Buyers should realize that time is not on their side and delay could cause prices to climb higher or to miss out on a property altogether. Buyers should have financing in place and be ready to act when a property is found.
Inventory levels are expected to remain low and interest rates are expected to climb, as we head into 2024 these trends are expected to continue.
What Does This Mean For Sellers?
The market for single family homes and condos in San Mateo County continues to favor sellers. Inventory levels remain low and buyers are paying on average more than the listing price for properties. Sellers shouldn’t pass up an opportunity to take advantage of the climbing prices and get the most value out of their property. San Mateo County continues to attract buyers and homes are selling quicker now than at the first of this year.
Sellers who might have been hesitant should go ahead and get their property listed as the market continues to be active. Homes are staying on the market fewer and fewer days each month.
As these trends continue sellers should be working closely with their agent to time the market correctly. Interest rates rising and inflationary pressures could create a slowdown in the market as we head in to 2024. Sellers should plan and prepare accordingly.