Welcome to this month’s San Mateo County, California real estate market report. The median sales price for single-family homes fell month to month, meanwhile, the demand for homes continues which is creating an imbalance in supply and demand. Find out more about the San Mateo 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 was $1,700,000. The median sale price for single-family homes dropped year to year, falling from $1,800,000 at the end of the previous September.
There was a total of 359 single-family homes sold in San Mateo during September, and there were 471 new listings to hit the market.
Single-family homes are on the market for an average of 30 days before being sold, the average days on the market before being sold has increased from 20 days at this time one year ago.
Sellers are getting 100% of the list price at closing, this has stayed at 100% over the last three months and down from the February 2022 high of 107%.
At the end of September, there was just 1.7 months of inventory available to buyers of single-family homes in San Mateo.
San Mateo Condo Stats
The median sale price for condos in San Mateo County at the end of September was $910,000, this is down from $925,000 at the end of the previous September.
There were a total of 92 condo listings sold, and there were 158 new condo listings to hit the market.
Condos are on the market for an average of 38 days before being sold, which is up from 23 days at this time one year ago.
Sellers are getting 100% of their list price at closing, list to sale price for condos has held steady all year, but is down from its high of 102% during February of this year.
At the end of September, there was just 1.8 months of condo inventory available to buyers.
What Does This Mean For Buyers?
For buyers, rising interest rates have begun to slow an overheated market as monthly mortgage payments have risen dramatically since the first of this year. This is pricing some buyers out of the market and causing some buyers to worry if now is a good time to buy. Buyers should expect housing prices to continue to rise, but more inventory is becoming available. Buyers should be confident in their buying decision, as the alternative, renting is increasing in cost as well.
Buyers should have financing in place and be ready to act when a property is found. Being indecisive or to picky about price may cause you to lose out on a great property. To make sure you get the home you want, give us a call today, we are experts in navigating dynamic markets like the real estate market in San Mateo.
What Does This Mean For Sellers?
While the market for homes and condos continues to favor sellers, there is beginning to be signs of a slowdown. Rising interest rates and inflation are causing buyers to reconsider buying or relocating to a less expensive housing market. However, buyers are still buying homes and condos and paying more than the asking price while home price appreciation is still strong, it has declined over the last three months.
Sellers who are thinking of selling their home should get it listed, and on the market soon. We are experts at pricing your home correctly and marketing it to the most qualified of buyers. To get your home sold, give us a call today!
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!
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 $1,700,000 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 $910,000 or less.
