Welcome to this month’s San Mateo County, California, real estate market report. In San Mateo, there has been a slowdown in the number of homes sold over the last month, as well as a drop in the number of new listings. Buyers are still buying and acting more assertive with offers as median sale prices are above the initial list price. Get caught up with the latest statistics in the helpful report.
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San Mateo Housing Stats
The median sale price for single-family homes in San Mateo at the beginning of September 2021 was $1,925,000, up 6.9% from one year ago. Single-family home sale prices are in a downward trend over the last three months, falling from $2,251,000 during June.
There were 409 single-family homes sold during August, a year-to-year increase of 4.3%. Selling activity for 2020 is outpacing last year by 4.3%, while overall numbers have dropped over the summer, there are still more transactions for homes than ever.
There were 424 new listings to hit the market in San Mateo in August, which is a year-to-year drop of 22.8%. New listing activity is well below this time last year, as new listings continue to decline, expect higher prices and more overbidding for homes.
There is approximately less than one month of single-family home inventory available to buyers in San Mateo, inventory continues to tighten, down 47.1% from this time one year ago.
Single-family homes are on the market for an average of 15 days at the beginning of September, apart from the month of February 2021, the average days on the market before being sold has been in the 15-20 day range.
Overbidding continues as sellers are receiving 107% of their asking price. The percentage of list price received has stayed above 105% for most of this year, indicated buyers’ aggressiveness to purchase a home.
San Mateo Condo Stats
The median sale price for condos in San Mateo began September at $1,055,000, a year-to-year increase of 13.4%. During this summer of 2021 condo prices started to fall from $985,000 during June to $918,000 in July, and are now on an upward trend.
There were 166 condos sold in San Mateo during August, a year-to-year increase of 39.5% in sold activity. Condo sales have bounced up and down over the summer, from 168 sold in June to 125 in July, while month-to-month condo sales have dipped volume is higher this year than last.
A total of 155 new condo listings hit the market in August, this is a drop of 19.7% compared to the previous August. New condo listings fell from a high of 187 over the summer in San Mateo.
Condo inventory levels continue to be low, at the beginning of September there were just 0.9 months of inventory available to buyers in San Mateo, a year-to-year drop in inventory of 60.4%.
Condos properties are averaging 22 days on the market before being sold, average days on the market have slowed down from the 18 days before being sold average during June, to 24 days in July.
Overbidding of condos in San Mateo continues as sellers are getting 104% of their asking price, while this number dropped month to month, it is still well above the 101% list-to-sale price average the previous summer.
What Does This Mean For Buyers?
Buyers looking to buy a home or condo in San Mateo should expect lots of competition. As inventory continues to decline and prices increase, buyers should be prepared to act boldly when submitting an offer for a property. Buyers should realize time is not on their side and median sale prices are increasing. While prices are currently on a downward trend they are still higher than the previous year.
The bright spot for buyers is, as inflation pressures begin, this would put pressure on interest rates to climb, which would help ease pressure on upward price trajectories. However, expect current trends to continue the remainder of the year.
What Does This Mean For Sellers?
There continues to be strong demand for homes and condos in San Mateo. Sellers can expect these trends to continue through the rest of the year. While most markets are very active, some price points have seen some stagnation. Sellers of properties with the most in-demand features can expect to see their home or condo aggressively bid for.
While the real estate market in San Mateo is having its most active year on record, buyers and sellers should be aware these trends can change very quickly. It is important to work with a great agent who understands the market and can anticipate changing trends. If you are thinking of buying or selling a home or condo in San Mateo County, California, give us a call today at 650.627.3799!
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 $1,925,000 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 $1,055,000 or less.