March San Mateo County Real Estate Trends

Now that March has come and gone, its real estate data is available for review. And, that gives us an opportunity for insight into a rough, stock market ride. Although, March San Mateo County real estate trends held their own. In fact, while the stock market may have behaved more like the ‘shock market’, it’s trading uproar acquiesced some. At the same time, it left a deepened, low mortgage interest baseline, in its wake.

The March overview below breaks down key details and data points relevant to March real estate activity in the County. Feel free to have a look. And, please contact me if you have any questions about this info.

March San Mateo County Real Estate Trends 2020

 

Trends At-a-Glance for San Mateo County
Trends At a Glance Mar 2020 Previous Month Year-over-Year
Median Price $1,750,000 (+13.7%) $1,538,500 $1,600,000 (+9.4%)
Average Price $2,126,710 (-1.0%) $2,148,380 $1,937,100 (+9.8%)
No. of Sales 267 (+29.6%) 206 296 (-9.8%)
Pending 242 (-6.2%) 258 323 (-25.1%)
Active 329 (-0.3%) 330 429 (-23.3%)
Sale vs. List Price 106.2 (+1.1%) 105.0 103.5 (+2.5%)
Days on Market 22 (-26.6%) 30 28 (-21.8%)
Days of Inventory 37 (-17.6%) 45 43 (-15.0%)
Market Barometer
March San Mateo County Real Estate Trends
Prices and Sales
Days of Inventory
March San Mateo County Real Estate Trends - Days of Inventory
Sales Year-to-Date
Sale Price/List Price Ratio

March Market Summary

Single family, resale home sales fell in March, when compared to 2019. And, they were down 9.8%, year-over-year (YoY). Although, that should come as no surprise, due to the Covid-19 pandemic. At the same time, a 29.6% rise in sales played out when compared, month-to-month. As a result, 267 homes sold, compared to 206 in February. That said, home sales, overall is expected to wane for the next few months.

The key factor of sales price to list price ratio rose from 105% to 106.2%. And interestingly, that’s a peak in a rising trend, since as early as October 2018. Although, what about median and average sales price? Both these factors are essential in any homes market analysis.

The median sales price for single-family, re-sale homes was up, YoY, by 9.1%.  Compared to February, it was up by 13.7%.  As for average sales price, it was up YoY, by 9.8%. Although, compared to February it was down by 1.0%.

Single family, resale homes inventory also showed a recurring trend. And, it was down 23.3% from last year. In fact, it’s been lower for the 8th month, in a row.

It took about 22 days to sell a home last month. Interestingly, that’s down from 30 days, in the previous month. In fact, do you plan on selling your home in this unique Spring market? You can make it happen. Simply hire a 5 Star real estate agent and market expert. And, contact me for a free comparative market analysis.