June had some interesting data on condos to unpack for analysis. And, San Mateo County real estate was ripe with condo market activity. In fact, some of the data was comparable to trends in single family, resale homes. Although, there were fewer condos for sale than single family homes, for example. As a result, analysis of the market for June 2020 San Mateo County condos unveils a number of factors worth examining.
June 2020 San Mateo County Condos Market Update
What’s the most significant data for June condo market activity? Well, it may depend on who you ask. Although, sales price and actual sales are the core features. As a result, what about pricing? In fact, the median sales price for re-sale condos fell, on a year-over-year (YoY) basis. And, it fell by 6.4% . Conversely, on a monthly basis, it was up. And, up by 6.9% from May. Then, looking at the average sales price activity, it showed a similar trend. Specifically, the average sales price also rose on a monthly basis. In fact, it rose 3.2% from May. As the same time, YoY, it fell. And, it fell by 4.3%. Now, what about actual sales.
Data from the June 2020 San Mateo County condos market shows that condo sales fell, on a YoY basis. And on that basis, it fell 22%. Conversely, condo sales were up, on a monthly basis. As a result, they were up by 44.4% from May. Although, the data also shows how many San Mateo County condos for sale were on the market in June. And, there were actually 166, as of July 5th.
Inventory is another figure closely watched in real estate market activity. And, resale condo inventory rose 12.9% YoY. Also, it was up 18.6% from May. In fact, even Days of inventory followed the upward trend. It bounced from 62 from 80. By the way, it took an average of 24 days to sell a condo last month.
With some of these data points, it’s easy to see how the market behaved in June. Although, with others, it’s easy to see the complexity involved. And, for the best analysis, it’s best to ask an expert. In fact, if you’re planning to sell your property, why not contact local market and real estate expert, Carmen Miranda now?