Welcome to this month’s San Mateo County real estate market report. Demand for single-family homes in San Mateo continues to climb, while condo and townhome sales stay flat. Find out more about the San Mateo real estate market with this helpful report.
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San Mateo Housing Statistics
The October median sold price for single-family homes in San Mateo is $1,751,667, a year to year increase of 19% from $1,514,000.
There were 436 new listings sold last month, an increase of 35.0% compared to this time last year. For the year, there have been 2,090 properties sold, down from the 2,303 sold at this time one year ago.
A total of 597 new properties hit the market in San Mateo last month, an increase of 4.6% from one year ago. Year to year comparison show new listings are up 3.1% from 2,886 to 2,976.
The total inventory of single family homes available in San Mateo fell to 1.5 months. A 31.8% drop from the average in 2019.
Properties are averaging 23 days on the market before being sold and sellers are getting 102.3% of their asking price for their home.
San Mateo County Homes And Condo Stats
The median sale price for condos and townhomes began October at $949,000, a year to year increase of just 2.2.%. Year to date prices for condos and townhomes has dropped slightly year to year, falling from $952,167 at this time one year ago to $943,00.
A total of 133 condos and townhomes were sold last month in San Mateo County. an increase of 69.4% compared to the previous October. So far this year there have been a total of 599 condo and townhomes sold, lagging behind the pace of 670 some by this time one year ago.
There were 233 new condo and townhome listings that became available last month in San Mateo, an increase of 20% compared to this month one year ago.
Overall condo and townhome inventory has increased in San Mateo as buyers shift demand to single-family homes. A total of 1,030 new properties have hit the market this year, compared to just 880 at this time last year.
At the beginning of October in San Mateo County there was approximately 2.3 months of supply available to buyers.
Condo and townhomes were on the market for an average of 21 days before being sold and sellers were receiving 100.5% of their asking price.
What Does This Mean For Buyers?
If you are planning to buy a home in San Mateo County be prepared to have financing in place and be ready to act assertively when a property is found. Some markets are very competitive as buyer preferences for single-family homes continue.
We can help you navigate the market to find the perfect home and work on your behalf to submit the most competitive offer to get you into a home quickly. Find out how we help buyers in all markets by giving us a call today!
What Does This Mean For Sellers?
San Mateo is still a seller’s market, while condo demand has declined, single-family homes are still seeing rising demand. As interest rates remain low, sellers can expect a hungry market and potential for multiple offers in their property.
Marketing and pricing your home correctly is crucial in today’s market. We help sellers show off their home’s most desirable features and market your home to the most qualified buyers.
Give us a call today to get started on getting your property listed and sold as quickly as possible.
See Additional Reports on the San Mateo County Real Estate Market
San Mateo County Homes for Sale
Here are the most recent home listings just added to the database in the median sale price range for San Mateo County. All homes here are priced at $1,751,667 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 $949,000 or less.