The big news in 3rd quarter, real estate activity brought August to an end on a high note. And, the news hovered around jumps in single family homes sales and pricing. In fact, those jumps carried on from July, with San Mateo County real estate in a strong finish. Although, how did August 2020 San Mateo County condos activity finish? As a core part of the real estate market, their performance has an impact on trends. Did they show up on the uptrend in sales and pricing too?
August 2020 San Mateo County Condos Activity
Condos sales and pricing in the County took a different turn. And, compared to single family, resale homes had a unique set of results in activity. In fact, that can be seen readily in the median sales price for resale condos. It fell 7.7% year-over-year (YoY). Also, it was down from July by 1.1%. At the same time, the average sales price rose slightly to 4.6%, over July. Although, the average sales price gained 1.2% YoY.
When it comes to condo sales, they were down. And, August 2020 San Mateo County condos data shows sales slumped to 3.6% YoY. At the same time, condo sales slumped 6.1%, over July.
August data shows an uptick in condo inventory. It jumped 76.6% YoY. And, it jumped by 7.1%, over July. Add to that a rise in days of inventory. It rose from 59 to 67. In fact, as of September 5th, there were 242, San Mateo County condos for sale. Interestingly, the average for sale, since January 2003 amounts to 350.
Selling a condo in August took an average of 23 days. By the way, that’s the time from when a condo is listed, to when it goes into contract. And, that’s an opportune time frame, less that a month. As a result, if you plan to sell your San Mateo County condo, do it right the first time. Get a free home value analysis. Then, talk with 5 Star Real Estate Agent, Carmen Miranda.