Welcome to this month’s San Mateo County, California, real estate market report. Have home prices continued their downward trend over the last couple of months? While prices may be cooling a bit, compared to one year ago, single-family home prices are still up 10% overall. Condo sale prices comparatively are up only 1.1% from one year ago. Find out more about San Mateo County real estate with this helpful report.
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San Mateo Housing Stats
The median sale price for single-family residences in San Mateo at the end of September 2021 was $1,879,000, a year-to-year increase of 10.5%. The median sold price for the year so far is $1,909,667, up 13.6% compared to this same period last year, and up from $1,444,833 at this time in 2019.
There were 505 properties sold in San Mateo last month, a year-to-year increase of 0.6%. Over the last three months, there have been 522 single-family homes sold, which is up 33.5% from 391 sold during the same three months one year ago.
There were only 578 new listings to hit the market during September, this is a drop of 14.75% in new listing activity compared to one year ago. New listing activity for the year so far is up3.74% from 562 at this time one year ago to 583 at the end of September.
There is just one month of single-family home inventory available to buyers in San Mateo, 41% less than at this time last year.
Homes are on the market for an average of 16 days before being sold, down from 19 days during this time one year ago.
Overbidding continues as sellers are getting 108.1% of their asking price at closing, up from 102.2% list to sale price average of the previous September.
San Mateo Condo Stats
At the end of September 2021, the median sale price for condos in San Mateo County, California was $925,000, a year-to-year increase of 1.1%. The median sale price for condos for the year so far is $943,000 this is up 2.1% from $924,000 at this time last year, and up from $906,667 compared to the same period in 2019.
There were 163 condo listings sold last month, a year-to-year increase of 3.16%. Condo sales over the last three months are ahead of last year’s pace, up from 113 to 176.
A total of 201 new condo properties were offered for sale last month, this is a drop in new listing activity of 26.6% compared to the previous September. Over the last three months, there have been 209 new properties to hit the market which is 7.2% more than the 195 new listings offered during this same time last year.
There are approximately 1.4 months of condo inventory available in San Mateo, 46.15% less than what was available at this time last year.
Condos are on the market in San Mateo for 22 days before being sold, a year-to-year increase from 17 days one year ago.
Overbidding is happening in the condo market as well, sellers are getting 105% of their asking price at closing, which is a year-to-year increase from 100.9%.
What Does This Mean For Buyers?
Buyers looking for a home in San Mateo may see a drop in prices and slightly more inventory becoming available. Competition for homes is brisk, as overbidding for condos and single-family homes is happening consistently. While prices are trending downward, inflation growth may cause prices to reverse, and climb even higher.
Buyers can expect the trends of higher prices and minimal inventory in the single-family home and condo markets to continue. Buyers may see a slowdown in competition for properties during the winter months, but don’t count on it. Time is not on the buyer’s side, and those searching for a home need to have financing in place and be ready to act when a property is found.
What Does This Mean For Sellers?
Sellers can continue to enjoy property values climbing and interest remaining mostly low as demand for homes and condos in San Mateo continues. Sellers who might have been waiting to put their home on the market should go ahead and take the opportunity to do so. Virtual tours and sanitizing precautions have been taken to make selling and showing a home safe.
Sellers should expect these trends to continue through the end of the year. Sellers should seize the opportunity now, as inflationary pressures are starting to build, and prices will have to start to come down.
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 $1,879,000 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 $925,000 or less.