With lots of eyes on the domestic real estate market currently, many people also want to know how San Mateo County, the largest region of the San Francisco Peninsula fared in 2nd quarter 2018. Well, the results are in. Also, it looks like 2018 San Mateo County real estate market trends 2nd quarter had plenty of upside. Although, as the figures and data show, some interesting variables came into play. For example, single-family homes inventory was up slightly for the first time since October ’16. At the same time, home prices remain up, while inventory still remains generally low.
2018 San Mateo County Real Estate Market Trends 2nd Quarter
Trends At-a-Glance for San Mateo County
|Trends At a Glance||Jun 2018||Previous Month||Year-over-Year|
|Median Price||$1,651,500 (+3.1%)||$1,602,500||$1,427,500 (+15.7%)|
|Average Price||$1,992,120 (-9.2%)||$2,193,370||$1,723,270 (+15.6%)|
|No. of Sales||398 (-6.6%)||426||482 (-17.4%)|
|Pending||350 (-12.1%)||398||352 (-0.6%)|
|Active||440 (+15.2%)||382||374 (+17.6%)|
|Sale vs. List Price||111.3% (-0.9%)||112.3%||108.6% (+2.4%)|
|Days on Market||18 (+12.9%)||16||18 (-0.1%)|
|Days of Inventory||32 (+19.2%)||27||23 (+42.5%)|
Prices and Sales
Days of Inventory
Sale Price/List Price Ratio
2nd Quarter’s Hot Topic in Market Trends: Home Inventory Rises
Yes, that’s right. For the first time since October 2016, inventory of single-family, resale homes was up. Also, that’s a year-over-year factor. Although, the total of 440 homes for sale still doesn’t meet muster. In fact, its only about 1/3 the average amount of homes for sale.
Median home pricing, as compared to last June, was up 15.7%. Also, June 2018 marks the 27th consecutive month that the median exceeded previous year’s home pricing.
2018 San Mateo County real estate market trends 2nd quarter also shows that the norm in multiple offers has not abated. That means that buyers are often paying over and above what sellers are asking to secure their purchase. Think a difference of about 111.3% for single-family homes.