Many people want to know how the condo market fared in January. And, that includes people interested in San Mateo County real estate. In fact, that’s not a bit surprising. Since condos and townhomes are ideal properties for millions of people, they come in high demand. Although, why do so many people prefer them to single family homes? Well, it has much top do with luxury, leisure living and a low maintenance factor. As a result, there’s no shortage of multi-family home buyers, generally. At the same time, are there enough of these properties to go around? Looking now at a January 2020 condo sales and prices update can tell us about inventory and other key market data.
January 2020 Condo Sales and Prices, Inventory Update – San Mateo County
Key market factors include sales performance. And, condo sales rose 36.5% year-over-year (YoY). Although from a monthly standpoint, January sales were down 39.8%, from December. That said, As of February 5th, there were 74 San Mateo County condos for sale. Note that the average since January 2003 is 350.
Resale condo inventory fell 37.8% YoY. Although on the other hand, it was up 4.2%, compared to December. And, that’s a telling factor when it comes to availability. At the same time, its
Another key factor in market activity is pricing. How did it fare in January? In fact, median sales price for resale condos took a 5.6% dip YoY. And, it took a dip from December, by 12%.
The next main pricing category is average sales price. And, that took a 2.9% dip YoY. When it comes to a monthly analysis, average sales price dipped 10.6%, from December.
Now, this January 2020 condo sales and prices data provides a good sense of market trends. Although, are you planning to sell your San Mateo County condo or townhome? Take a deeper dive into your local market trends. That’s a must-do. And, great to know it’s easy to do. That is, easy with local market and real estate expert, Carmen Miranda. In fact, it currently takes about 35 days to sell a condo. Carmen can get you off to a great start, for a fast, profitable sale. Why not give her a call today?