Welcome to this month’s real estate market report for the community of San Mateo County, California. San Mateo County is a busy residential community that is home to many tech companies in the Silicon Valley and is attractive to residents for its temperate year around climate. Sale prices for homes and condos fell month to month, however single family remain higher than one year ago. Find out more about the San Mateo County real estate market in this helpful report.
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San Mateo Housing Stats
The median sale price for single family homes in San Mateo County, California at the end of October 2024 was $2,000,000. Single family home sale prices fell month to month, dropping from $2,300,000 at the end of September.
For the year single family home sale prices have climbed from $2,000,000 at the end of October 2023 to $2,070,000 at the end of October 2024.
There was a total of 54 single family home listings sold in San Mateo County last month. Single family home sales increased month to month, climbing from 42 sold during the month of September 2024. There were more single-family homes sold during October 2024, than during October 2023.
There was a total of 55 new listings to hit the market for sale in San Mateo County during the month of October. New listing activity for single family homes in San Mateo County decreased from month to month, falling from 65 new listings during the month of September.
There was a total of 54 homes for sale in the San Mateo County real estate market at the end of October 2023. This gives San Mateo County one month of inventory available to buyers.
Single family homes are on the market for an average of 18 days before being sold, this is up 17 days during the month of September, and down from 19 days on the market before being sold during the previous October.
Sellers were getting 106.4% of the list price at closing. Sellers list to closing price ratio has increased from one year ago from 103% at the end of the previous October.
San Mateo Condo Stats
The median sale price for condos in San Mateo County, California at the end of October 2024 was $831,000. The median sale price for condos in San Mateo County has dropped month to month, falling from $890,000 at the end of September 2023.
Condo prices for the year are down from $895,000 at the end of the previous October.
There was a total of 29 condo properties sold to buyers in San Mateo County last month, the number of condo sales held steady month to month, with 29 sold during the month of September.
Compared to one year ago condo sales have increased from just 19 sold during October of 2023.
There was a total of 41 new listings to come to market in San Mateo County during the month of October.
There was a total of 79 condo listings for sale in San Mateo County at the end of October, giving San Mateo County 2.7 months of condo supply available to buyers.
New listings are down month to month, falling from 90 new listings to hit the market in San Mateo, but up from just 62 new listings that hit the market during the previous October.
Sellers of condo properties were getting 99.7% of their asking price at closing, which is down from 100.8% at the end of the previous October.
Condos were on the market in San Mateo County for an average of 25 days before being sold, which is down month to month from 42 days on the before being sold during September, and down from 77 days on the market before being sold during the previous October.
What Does This Mean For Buyers?
Buyers who are looking for buy a home or condo in San Mateo County this year can expect fewer homes available and more competition for the existing supply. There is less than one month of single family home supply available and less than three months of condo supply available.
Buyers who are in the market for a property should understand time is not on their side, and delaying a purchase decision can cost a buyer more money or lose out on the property altogether. Buyers should have a plan of action in place and work closely with their realtor to create a successful acquisition of a property.
What Does This Mean For Sellers?
The market for homes and condos in San Mateo County favors sellers at this time. Buying activity for single family homes increased over the last two months, and single-family home prices are higher than one year ago. Sellers who are on the fence about selling should take-action and get their home listed now.
Buying activity for single family homes and condos may increase as we head in to the new year. If economic pressures such as inflation and interest rates begin to ease then sellers can expect more competition for homes and condos.
Working closely with your realtor will ensure you save or net the most money when it comes to buying or selling a property in San Mateo County.
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 $2,000,000 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 $831,000 or less.
