Condos are a big ticket item in San Mateo County real estate. And, that’s due to more than just rising prices. Although, the market data for last month did show that prices were up, over the prior month. That said, a dizzying assortment of condos exists in the county, with a vast number scoring high in luxury features. Many of these condos rival features found in high-end single family homes. At the same time, if you like the low-maintenance lifestyle, they surpass them. As a result, more than anything else, the amazing extent of condo choices and access to that lifestyle make condos a big player in market trends. And, that’s why you find them solidly grounded in monthly reviews. In fact, what does a May 2019 condo market review for San Mateo County have to tell us? Let’s start with a look at pricing.
May 2019 Condo Market Review San Mateo County
Data in this review cover April results for re-sale condos. And, while prices were up last month over the prior one, they were trending down year-over-year. Now when it comes to condo sales, they experienced a drop by 26.2%, year-over-year.
This May 2019 condo market review also covers inventory. Also, the inventory factor helps give us a clearer picture of how the market is behaving. In fact, April was another month that ended with an expansion in inventory. As a result, re-sale condo inventory has been higher than the year before, nine months in a row. And, days of inventory increased to 40. Although, what about the amount of San Mateo County condos for sale? Well, as of May 5th of this review there were 127. It’s interesting to note that the average figure for that differs significantly. Since January 2003, the average is 350.
This review wraps up with taking a look at how much time it takes to sell a San Mateo County condo. And, here’s a great point for sellers to keep in mind. It currently only takes about 21 days. In fact, that’s the time, from when a condo is listed to when it goes into contract. As a result, if you want to sell a condo, now might be the best time. Also, hiring a condo market expert might be your best move.