With May behind us, we can look at the numbers and summarize the month’s activity. And, those numbers tell us a lot about how the market behaved, with resale, single-family home sales. In fact, May San Mateo County home sales continued on a downturn, by 44.9%, compared to last year. Although, sales were up by 19.6%, compared to April 2020. As a result, both figures express a mix of positive and negative forces at work in market activity.
May San Mateo County Home Sales Data Details
More data related to home sales further documents a mix of ups and downs. For example, the sales price to list price ratio fell. And, it fell from 104.1% to 100.7%. Then on a year-over-year (YoY) basis, the median sales price for single-family, resale homes was down. And, it was down by 7.8%. In fact, the median sales price fell 0.4% compared to April. In contrast, average price was up 5.3% YoY. At the same time, it was up 11.7%, compared to April.
May San Mateo County homes sales data also showed resale, single-family home inventory down. And compared to last year, it was down 16.8%. In fact, May is the 9th month, in a row, that showed inventory lower than the previous year. Although, what about Days of Inventory? That’s also an interesting and relevant figure. It’s the time it takes to sell all homes for sale, divided by how many homes have sold. Was it up or down?
May’s Days of Inventory has a slight uptick over the previous month. It rose by one day to 62 days. And, there were 469, San Mateo County homes for sale, as of June 5th. Although, the average is 1,287, since January 2000.
In May, it took about 22 days to sell a home. That’s the time from when a home is listed to when it goes into contract. And, 226 homes sold in San Mateo County.
Although, sales activity has seen a downturn recently, many homes have still sold. And, May is no exception for that. Over 220 homes sold in the County. As a result, do you plan to sell a home in the area? Contact a local market expert and real estate pro, who gets the job done. In fact, contact one who has recently sold homes in San Mateo County. Contact Carmen Miranda.