Welcome to this month’s real estate market report for single-family residential and condo properties in San Mateo County, California. The number of single-family homes sold decreased month to month, while the number of condo properties sold increased month to month. Single-family median sale prices have also dropped month to month while condo sale prices held steady. Get caught up with the latest market statistics 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 2022 was $1,800,000. Median sale prices for homes are down from the high of $2,225,000 at the end of April 2022. Median sale prices for single-family homes have been trending downward since then.
There was a total of 283 single-family homes sold in San Mateo during October. There have been approximately 700 single-family homes sold in San Mateo over the last three months, in line with the sale average one year ago.
There were just 370 new listings to hit the market in San Mateo last month. There are approximately 950 single-family home listings in the San Mateo County area. This is down from almost 1,100 at this time one year ago.
Single-family homes are on the market for an average of 27 days before being sold, down from 30 days during September, and up from 19 days during the previous October.
Sellers are getting 100% of their asking price for their home at closing during the month of October, which is equal to the average during September. Overbidding averages have fallen from there high of almost 110% during February of this year.
There is just 1.9 months of single-family housing inventory available to buyers in San Mateo at the end of October.
San Mateo Condo Stats
The median sale price for condos in San Mateo County at the end of October 2022 was $931,000. Median sale prices for condos in the San Mateo County area have held steady through most of 2022, condo sale prices are down from the high of $1,500,000 at the end of April 2022, but up from $894,000 at this time one year ago.
There was a total of 97 condo properties sold during the month of October, up from the previous month, there has been almost 200 condos sold over the last three months.
A total of 92 new condo listings hit the market in San Mateo County last month, at the end of October there is approximately 300 condo listings available to buyers.
Condos in San Mateo are on the market for an average of 34 days before being sold, up from 23 days at the end of the previous October.
Sellers of condos are getting 99.5% of their asking price for their condo at closing, which is equal to the previous month, but down from the 102.8% average at the end of the previous October.
There is just 1.6 months of inventory available to buyers in San Mateo County at the end of October.
What Does This Mean For Buyers?
Buyers looking for a home or a condo to buy in San Mateo County face a difficult market, scarcity of homes, rising interest rates, and higher prices are making it difficult for buyers to acquire a property. Buyers should be aggressive with their offer and be realistic about affordability. If you are looking for a home and have financing in place be ready to act swiftly when a property is found. While overbidding for properties has cooled a bit, buyers are overall paying more than asking.
Finally, buyers should be aware of lengthy closing times for property sales. Because of supply constraints, only about 6% of all sales were actually completed last month. Buyers should be aware of the challenges, even after a contract is signed.
What Does This Mean For Sellers?
Sellers of homes and condos are enjoying higher-than-average home values and quick offers once their home or condo is on the market. In San Mateo County sellers of homes can expect aggressive buyers and higher-than-asking price offers. Sellers of homes or condos who are relocating in the same market can expect to face the same challenges as buyers. Supply constraints are making it difficult for sellers to acquire new homes, which in turn causing delays in closing of contracts.
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!