Welcome to this month’s San Mateo County real estate market report. Are you thinking of buying or selling a home and are curious to know what is happening in the San Mateo County real estate market? This helpful report will get you up to date.
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San Mateo Housing Statistics
The median sold price for single family homes in San Mateo County began September at $1,800,000, a year to year increase of 18.7%. The year to date median is $1,745,000, an increase of 12.05% from $1,557,333 at this time last year.
The number of average days on the market before a single-family home is sold is shrinking year to year. Beginning September 2020 the days on market average in San Mateo County is 17 days, decreasing 34% from 26 days twelve months ago.
New listing activity is down compared to one year ago, 2,756 new single family home listings hit the market last month, compared to 2,793 one year ago.
The number of single family homes sold in San Mateo County dropped from year to year, there were 1,936 units sold last month, compared to 2,303 one year ago.
Overbids for homes have fallen compared to this time last year. The list to sale price ratio began September 2020 at 101.5%, down from 104.5% during September 2019, a much lower than the 108.1% average during 2018.
San Mateo County Homes And Condo Stats
The median sale price for condos in San Mateo County began September 2020 at $930,000, a drop of 8.1% compared to September 2019. The year to date median sale price is $943,333, down 3.14% from the 2019 year to date median of $973,833.
There was a total of 120 condos sold last month, a slight increase of 1.69% one year ago. So far this year there has been 586 condos sold in San Mateo County, down 23.5% from 693 at this time last year.
The number of new condos listed shot up 65.0% to 203 during August 2020. New listings are up 11.5% for the year to 898, compared to 805 at this time last year.
The average number of days on the market before a condo is sold has dropped 50% when compared to this time last year, down from 30 days to 15 days. The average is only slightly less than the 2018 average of 19 days.
For sellers of condos in San Mateo County, they are getting 101.1% of their asking price, down 1.3% compared to this time last year. The year to date average has also dropped, down from 102.7% at this time during 2019, to 100.67% at the beginning of September 2020
What Does This Mean For Buyers?
Buyers who are searching for homes in San Mateo County can expect low interest rates, shrinking inventory, and rising prices for single family homes. Once a property is found buyers should act quickly and work with their realtor to submit a competitive bid.
There is more competition for single family homes than condos, primarily due to Covid restrictions causing more people to prefer single family homes than condos. Expect this trend to continue as long as interest rates are low & more people working from home.
What Does This Mean For Sellers?
Now is a good time to sell if you have a single family home, demand is increasing and with low interest rates, buyers will continue to be active.
Condo owners should exercise patience, condos and townhouses are in short supply, sellers of condos are getting mostly full asking price for their property. While prices for condos have dropped they are not declining as fast they were earlier in the year.
If you are ready to buy or sell, give us a call today so we can go to work for you to help you navigate the path to a successful closing.
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 $1,800,000 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 $930,000 or less.