The December real estate market took some turns and ended the year with mixed results. At least, that’s true of San Mateo County real estate. And, we can see much of the activity playing out in December 2019 homes sales and prices. In fact, it’s always interesting to see how things play out in median and average pricing tiers. As a result, how did these two tiers look as the year ended? Well, median price for single-family, re-sale homes fell. Also, it fell year-over-year (YoY), by 1.9%. Although, average price rose by 2.7%. At the same time, when comparing these figures to those of November, they are both trending down. That said, it’s a trend typical of year’s end.
December 2019 Home Sales and Prices Overview
When it comes to analyzing price data, the sales price to list price ratio plays a big role. And, it’s a ratio that dropped. In fact, it dropped from November’s 103.0%, to 102.1%.
December 2019 homes sales and prices were also straddled by a dip in homes sales. That is, they slide by 13.7% from November. Although from a YoY perspective, they were up 17.8%. And, when it comes to San Mateo County homes for sale, 271 homes sold in December. Interestingly, the average, since 2003 is 398.
Now, inventory is another key data point in home sales and price analysis. That said, it took a dip in December. In fact, it dipped for the fifth month in a row. How much was that dip? 21.6%, compared to last year. Although, when it comes to Days of Inventory (DoI), we see another dip, from 10 to 24 days. (DoI is the time it would take to sell all homes divided by how many homes have sold.)
When it comes to time it takes to sell a home, it took about 39 days in December. And, keep in mind that’s the time from when the home is listed to when it goes into contract. In fact, that’s about 14 days more time than it took in November. Although, not unusual for a year’s end activity. That said, if you plan to sell your San Mateo County home, do it right, the first time. Put a local market expert and top notch real estate pro on your team. Carmen Miranda has the experience and credentials that fit that description to a tee. Why not give her a call today?