When it comes to single family homes, there is plenty of data and economic analysis to choose from in market updates. Also, some of that includes painstaking breakdowns, to minutia. In fact, only the experts and pundits seem to understand them fully. Although, what about condos? While single family homes play a major role in the market, condos make up a huge segment of real estate now, as well. More and more people opt for the multi-family lifestyle and condo ownership. At the same time, real estate developers pay plenty of attention to new condo construction. As a result, many people have a need to know about how this home type fares in the market. And, they would love to have a 2018 condo real estate market update, especially one that offers some insight into the current 4th quarter.
For San Mateo County CA, condo market news hasn’t been overlooked. At least, not by real estate pro, Carmen Miranda. As a result, let’s see how condo real estate fares in the largest County of San Francisco Peninsula.
2018 Condo Real Estate Market Update for San Mateo County CA
Like single family homes, condo prices were up last month. Also, the median price for condos jumped 18.3%. Plus, the average price of a condo went up by 16%, as compared to last year.
The 2018 condo real estate market update for San Mateo County also shows some interesting trends in sales. In fact, condo sales were down last month by 26.8%. That is as compared to the year before. Also, sales have remained in a down trend, for 5 consecutive months, in 2018.
That should give us a much better idea of San Mateo County condo market trends in pricing and sales. Although, what about inventory? That’s a huge part of the whole equation. And, many people need to know how its trending. As a result, its essential to check the pulse of inventory. In fact, it was up in September for the second month, in a row. How much was up? Well, condo inventory rose by 48.3%. As a result, 129 condos were on the market quite recently.
Condo sellers may have the most to gain being in the know about their local market activity. Also, that includes knowing how much time it takes to sell a condo. That said, San Mateo County condos tend to stay on the market for only 15 days. Keep in mind that means from time of listing to going into contract.
Are you planning to sell a condo? Why not put these facts and insights to use? Although, when you are ready, put expert seller services to good use. Put Carmen Miranda on the job.