Welcome to this month’s real estate market report for San Mateo County, California. Single family home and condo prices in the San Mateo County have fallen month to month, single family homes and condos are on the market for a longer period than they were a month ago. Inventory levels of single-family homes and condos remain low, and overbidding of properties continues. 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 the San Mateo County area at the end of August 2024 was $1,700,000.
Single family home prices in San Mateo are down from $2,000,000 during July, and down from $1,785,000 at this time one year ago.
There was a total of 326 single-family homes sold in San Mateo County last month. Total home sales in San Mateo are up month to month from just 300 sold during July and at the same level as this time one year ago.
A total of 415 new listings hit the market in San Mateo County during the month of August, bringing the amount of single-family home inventory to 1.5 months.
Single family homes were on the market for an average of 23 days before being sold in August, single family homes were on the market for an average of 21 days in July, and average of 28 days at this time on year ago.
Sellers were getting 104.1% of their original list price at closing, which is up from 101% at this time one year ago.
San Mateo Condo Stats
The median sale price for condos in San Mateo County at the end of August 2024 was $926,000.
Median condo sale prices in San Mateo County dropped from month to month, falling from $1,000,000 in July, and from $1,100,000 at this time one year ago.
There was a total of 98 condos sold in San Mateo during the month of August, condo sales were even from July to August, but up from just 90 sold during August of last year.
There was a total of 141 new listings to hit the market in San Mateo County last month, which gives the San Mateo County market 2.5 months of inventory available.
Condo properties were on the market for an average of 37 days before being sold, which is up from 28 days on the market before being sold in July, and down from 48 days on the market before being sold at this time one year ago.
Sellers of condos were getting 100% of their original list price at closing, which is inline with the overbid average in July and inline with the overbid average during August of last year.
What Does This Mean For Buyers?
Buyers who are looking to buy a home or condo in San Mateo County can expect to see lower prices for homes but inventory levels remain low. Overbidding for homes continues to be in the 104% range, however, this has dropped from its summer peak of 106%.
While buyers are facing less competition from other buyers, as prices fall buyers who may be on the sidelines may enter the market and this could cause prices to increase. Buyers who are actively looking for a home should have financing in place and be prepared to act when a property is found. Delay could cause a buyer to miss out on a property or pay a higher price.
What Does This Mean For Sellers?
While demand for homes and condos in San Mateo County has slowed, there is still demand for homes and condos. Overbidding for single family properties continues, while overbidding for condos has cooled and leveled off at 100%. On average the month of August is the slowest of the summer months, and sellers should not fear a few days delay of their property being sold. As we head in to the fall months we can expect these trends to continue.
It is important when selling your home or condo to work closely with your agent and have a pricing strategy in place in the event your home or condo becomes involved in a bidding war or, the market softens and your listing price has to be reduced.
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.
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 $926,000 or less.
