Welcome to this month’s real estate market report for the area of San Mateo County, California. The San Mateo real estate market continues to be active, sale prices for single-family homes increased only slightly from the previous month, while sale prices for condos dropped month to month. 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 at the end of September 2023 was $1,800,000, this is up just slightly from the $1,750,000 median sale price at the end of August 2023.
There was a total of 299 single-family properties sold in San Mateo County last month, this is down from 350 sold during the month of August.
A total of 531 new single-family property listings hit the market in San Mateo County during the month of September, this is up from 450 new listings during the month of August, but down from 700 one year ago.
There is approximately two months of single-family home inventory available to buyers in San Mateo.
Single-family property listings are on the market for an average 25 days before being sold, down from 29 days during August.
Sellers are getting 103.4% of their original list price at closing, overbidding is up from 100.8% at this time one year ago, but down just slightly from 103.6% during August.
San Mateo Condo Stats
There was a total of 86 condo properties sold in San Mateo County during the month of September, this is down from 95 during the month of August, and down from 100 sold listings during the previous September.
There is approximately 2.6 months of condo inventory available in San Mateo County.
Condos are on the market for an average of 35 days before being sold, this is down from 45 days before being sold during August.
Sellers of condos were getting 100.6% of their asking price at closing, overbidding for condos has increased year to year up from 99.7% at the end of the previous September.
What Does This Mean For Buyers?
For buyers looking for homes in San Mateo County, home prices have held steady for most of the year. Competition for homes has increased as overbidding for homes has increased over the last 12 months and homes are on the market for fewer days than at this time one year ago.
There will continue to be inventory challenges as sellers who may be inclined to sell will wait until interest rates fall before listing their home. This will cause inventory to remain at lower levels for the remainder of the year. This means buyers cannot be too picky or indecisive. Buyers should have a plan in place and be ready to act when a property is found.
What Does This Mean For Sellers?
The demand for single-family homes and condos continues and buyers are paying more than asking price for homes. While some markets have softened and interest rates are trending high, the San Mateo County real estate market is quite active. Slightly more single-family homes have been sold this year than one year ago, however, the condo market is trending lower in sales compared to last year.
Single-family home and condo owners can expect the current trends to continue for the remainder of the year. While the market has slowed slightly from one year ago, prices have stayed level and have not dropped significantly since December of last year. If sale prices increase, sellers who have been patient about listing their home may finally be motivated to do so.
Buyers and sellers of properties in San Mateo County can expect the next few months to continue the trends of the first few months of this year, demand slowing and homes taking longer to sell. If you are thinking of buying or selling a home or condo, give us a call today. We are experts in navigating dynamic markets like San Mateo and work with you to develop a strategy to accomplish your real estate goals.