February 2020 San Mateo County Market

Now that all the tallies and results are in, February’s market activities and numbers are readily found. And, they give us an accurate overview of how San Mateo County real estate behaved. In fact, February 2020 San Mateo County market trends showed some new factors arising. And, they showed more of the same in other factors trending. As a result, a trends break down gives you more of the details, courtesy of 5 Star Real Estate Agent, Carmen Miranda.

February 2020 San Mateo County Market Trends At-A-Glance

Trends At-a-Glance for San Mateo County
Trends At a Glance Feb 2020 Previous Month Year-over-Year
Median Price $1,538,500 (+9.5%) $1,405,440 $1,420,000 (+8.3%)
Average Price $2,148,380 (+14.6%) $1,874,930 $1,805,980 (+19.0%)
No. of Sales 206 (+27.2%) 162 212 (-2.8%)
Pending 258 (+35.1%) 191 227 (+13.7%)
Active 330 (+32.5%) 249 426 (-22.5%)
Sale vs. List Price 105.0 (+3.1%) 101.8 103.4 (+1.6%)
Days on Market 30 (-28.8%) 42 31 (-4.5%)
Days of Inventory 45 (-2.7%) 46 54 (-17.3%)
Market Barometer
February 2020 San Mateo County Market
Prices and Sales
February 2020 San Mateo County Market Trends
Days of Inventory
Sales Year-to-Date
Sale Price/List Price Ratio

Market Overview

Key takeaways in February 2020 San Mateo County Market overview include the following.

Mortgage interest rates fell to a new low. That seems to have been in large part due to coronavirus concerns. Although, the virus is of real concern, lower rates are of real benefit to homeowners and home buyers alike.

Next, the sales price to list price ratio spiked. It went from 101.8% in the previous month, to 105% in February. In fact, that’s a new high, since close to a year ago. Since May 2019.

Median sales price for single-family, re-sale homes was up by 9.5%, compared to January. By the same gauge, average sales price was up by 14.6%. And, using a year-over-year gauge, median sales price was up by 8.5%. Although, average sales price was up by 19%.

Changes in February also reflected an uptrend in home sales. Although they clocked in at 162 for January, 206 sold in February. That’s a 27.2% increase. And when it comes to total, San Mateo County homes for sale, as of March 5th there were 330.

On a final note, it took about thirty days to sell a home in February. Also, that was down from 42 days in January. By the way, that is the time from when a home is listed to when it goes into contract. As a result, if you plan to sell your home in the County, contact an expert to ensure your property is sold promptly, for the best possible outcome. In fact, contact Carmen Miranda. And, get her free home value analysis today.