March 2019 San Mateo County Market Update

March 2019 San Mateo County Market UpdateThe March 2019 San Mateo County market update shows much of the same, for trends, figures and data ending in February. Also, data like buyer exhaustion remains a part of the Bay area market dynamic. In fact, homes sales are still down, year-over-year. That’s trending for the 4th month, in a row. At the same time, sales prices keep showing some weak signs. For example, median sales price for a single family, resale home is again, lower than the year before. That’s trending for the 3rd month, in a row. When it comes to homes sold in San Mateo County last month, just 205 sold. The average stands at about 398, since 2003.

March 2019 San Mateo County Market Update Including Home Inventory

The inventory story also continues to unfold with a notable trend. It keeps expanding. Also, home inventory has been higher, year-over-year, for 9 months in a row. In fact, for a closer perspective, it was up 53.2% over last February.

The March 2019 San Mateo County market update also shows the amount of homes for sale in the county. Specifically, just 383 were reported for sale in the County, on March 5th. Comparing that to the average, since 2003 shows a marked difference. That average equals 1,287.

Also of note, time it takes to sell a home is still about the same. February data points to 31 days. Keep in mind, that time frame starts, from a home being listed to going into contract.

The story on condos looks, in many ways much like that for single family homes. Prices were down again last month. Also, they were down from the prices of a month before. Although, condo sales were up. And, that makes for a sales uptick, for the 2nd month in a row. When it comes to condo inventory, it has been higher, for 7 months, in a row. As a result, March 5th reporting shows 112 condos for sale in San Mateo County. Since 2003 the average has been 350. Finally, it currently takes about 29 days to sell a condo.

If you plan to sell your home or condo, ask me for a comparative market analysis. It’s free. Although, need more details and assistance? I’m ready to serve you.