When it comes to condos, there’s as much interest in sales and price activity as for single family homes. At least, that’s true in San Mateo County real estate. In fact, this real estate market includes a rich diversity of condos and townhomes, in nearly every town. As a result, it’s equally pertinent to apply some analysis to this property type’s activity in December. Also, it provides a grasp on what may play out, in January 2020. Although, what were the takeaways for December 2019 condo sales and prices? Answers are in the data.
December 2019 Condo Sales and Prices Overview
One of the most telling factors in home price analysis is median sales price. And, it’s often ‘under the magnifying glass’ of market experts. Although, how did it end up at year’s end? Well, it fell on a year-over-year (YoY) basis. In fact, it fell 5.1%. Although, on a month-by-month basis, it was up 4.5% from November. In comparison, average sales price fell YoY by 9.7%. Also, it was up from November by 1.6%. As a result of these figures, we know the key takeaways for condo pricing. At the same time, we know they were a mixed bag. But, what about keys to condo sales activity?
Analysis of December 2019 condo sales and prices shows that sales activity rose 65.2% YoY. Although, what about activity for the year 2019? In fact, condo sales were up 2.8%.
Another factor never gets passed over in a proper condo market analysis. And, that’s inventory. That said, it had been higher than the year before, 16 months in a row. Although in December, it fell 9.1% YoY. Also, month-by-month it was down 49.3% from November.
Now, what about condos for sale? How many were there on the market? Well, as of January 5th, there were 70 San Mateo County condos for sale. And on a key side note, the average since January 2003 is 350.
Currently, it takes about 34 days to sell a condo. As a result, do you plan to sell one in San Mateo County? Do it right the first time. Put a market expert and real estate pro on your team. In fact, why not give Carmen Miranda a call? And, ask for a free comparative market analysis.