Like single family, resale homes, February showed a rise in some key factors for the resale condo market. Also, the rise included condo sales activity. Although, the year-over-year (YoY) factor showed a dip, monthly sales activity was up from January. In fact, February San Mateo County condo update data has much to tell us about sales price for resale condos. How did it play out in February? And, both sales and sales price factors play a major role in market analyses. As a result, pundits pay close attention to these and other factors like inventory.
February San Mateo County Condo Update 2020
How exactly did February 2019 condos sales fare? Well, sales popped. That is, they popped, from previous month, January, by 2.8%. Now, that’s a good indicator. Although, to put things in perspective they were down on a YoY scale by 12%.
In the February San Mateo County condo update, details for median sales price and average sales price stand out. Again, both factors include upticks in activity. That said, median sales price popped, across the board. It rose by 12.5% from January. And YoY, it rose by 17.4%. When it comes to average sales price, it also popped. In fact, it rose 7.1% from January. At the same time, average sales price rose YoY, by 8.6%.
Now with condo sales and sales price data covered, it’s time to look at inventory. After all, inventory plays an integral role with everything related to movement in the market. That said, it had mixed results. On the rise, it was up by 29.7%, compared to January. On the fall, it was down YoY, by 24.4%.
The amount of San Mateo County condos for sale comes to 96, as of March 5th. And, Days of inventory rose. It went from 31 days in January, to 37. In fact, it’s taking about the same time to sell a condo.
Do you plan on selling your condo? Then, do it right the first time. Contact a market and real estate expert. Contact Carmen Miranda. In fact, why not ask for her free home value analysis? Also, feel free to view more details for February activity, on The Real Estate Report.