Welcome to this month’s real estate market report for San Mateo County, California. Inventory is up slightly in the San Mateo County real estate market, there has been an increase in both single-family and condo property listings. Median sale prices for single-family homes has increased month to month, while condo sale prices have stayed flat. Find out more about San Mateo County real estate 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 September 2024 was $1,900,000, up from $1,700,000 at the end of August.
For the year median sale prices for single family homes are up from $1,800,000 at this time one year ago.
There was a total of 325 single family properties sold in San Mateo during September, this down month to month from 350 sold during August.
A total of 457 new listings hit the market during the month of September, which brings the total amount of single-family housing inventory in San Mateo to 1.7 months.
Single family homes were on the market for an average of 24 days before being sold, and sellers were getting 103.1% of their asking price for their home at closing. Year to year, overbidding for homes has increase from 101.9% at the end of the previous September.
San Mateo Condo Stats
The median sale price for condos in San Mateo County, California at the end of September 2024 was $894,000, down just slightly from $895,000 at the end of August.
For the year, condo sale prices are up from just $890,000 at the end of September 2023.
There was a total of 108 condo listings sold during the month of September, up from 100 sold during the month of August.
A total of 153 new condo properties hit the market for sale during September, which brings total condo inventory available to 3 months.
Condo properties are on the market for an average of 41 days before being sold, and sellers were getting 100% of their list price at closing. For the year so far, overbidding for condos has stayed in line with the 2023 average of 100%.
What Does This Mean For Buyers?
The good news for buyers looking for a home or condo in San Mateo County, California, is that there is more inventory available and condo property prices have been decreasing over the last three months. Single family home sale prices spiked upward month to and is up from one year ago. Buyers can expect to slightly less competition for homes heading in to the fall, but overbidding for single family properties continues to stay above 100%. Expect sale prices for single family homes to stay slightly below $2,000,000 and condo sale prices to be just under $1,000,000.
What Does This Mean For Sellers?
Sellers of homes or condos in San Mateo County, should be patient, homes are sitting on the market for slightly longer than they were one year ago. There is still buying activity happening, and overbidding for single family properties has stayed in the 103-105% range for most of 2024. There has been an increase in inventory of homes and condos and this is contributing to some properties being on the market for longer than average before being sold. Sellers can expect a seasonal slowdown as we head in to the winter months.
Sellers should have a pricing strategy in place when their property is listed for sale. Sellers should be prepared for a scenario of a price reduction or if there are multiple offers for a property.
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 $1,900,000 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 $894,000 or less.
