From last month’s market data, we know that single family, resale homes activity jumped in July. And, it jumped in most data points. Although, what about resale condos? Did they take a similar direction? Or, did they veer off? Well, a closer look at the market data should provide an answer. In fact in that, it’s clear the condo market, while unique statistically, showed some similarities. For example, condo sales and inventory jumped. As a result, the July 2020 San Mateo County condos market had its decisive moments. And, it’s worth having a look at the full overview.
July 2020 San Mateo County Condos Market Activity
Starting with condo sales, it was up. And, it was up by a whopping 47.4%, from June. That’s similar to the sales activity for July single family, resale homes. Although, from a year-over-year (YoY) perspective, condo sales dipped, by 5.7%. Also, as of August 5th, there were 226, San Mateo County condos for sale. That said, it’s still under the average if 350, since January 2003.
Now, the next, key data point is sales price. And, anyone following the market wants to know how it fared. That said, July 2020 San Mateo County condos market activity showed median sales price, for resale condos was flat, from June. Although, it rose 4.1% YoY. At the same time, average sales price fell 4%, from June. Although, it gained 0.4% YoY.
When it comes to condo inventory in the County, it also was up, from June activity. And, it was up by as much as 36.1%. In fact, condo inventory jumped by a whopping 66.2% YoY. Although, days of inventory fell. And, it fell from 62 to 59 days. As for the time it took to sell a condo in July, it took an average of 26 days. Most would agree, that’s a pretty good average. As a result, if you’re planning to sell a condo, now may be the best time to start. Take advantage of the current market trends, and ask for a free home value analysis. Then, put an expert, San Mateo County realtor and local market expert on your team.