A lot of data and projections come together to form a San Mateo County April Home Sales Update. And, this update includes a number of positives. As a result, let’s get right to it. Let’s examine how the market trends played out, with some of the latest info on hand.
All indications point to a market warming up. And, the consensus centers around three reasons. The first may be obvious to many. It’s Spring. Market activity typically picks up then. The second reason may also be easy to define. That is, mortgage rates. In fact, they are at 15-month lows. And third, new IPOs on the San Francisco Peninsula should create some of millionaires. As they go public, such companies as Lyft, Uber, Airbnb and Pinterest should generate wealth in the area. As a result, key employees benefiting the most from the IPO process will likely invest in high end homes. And, the three reasons given also lead to the expectation that 2019 ought to be quite a strong year, certainly for real estate.
2019 San Mateo County April Home Sales Update
When it comes specifically to San Mateo County home sales, we can examine a number of factors that wrapped up March. Starting with home prices, they were higher than those in March 2018. Also, these were prices factored for single family, resale homes in the County. In fact, these prices were up month-over-month.
Another factor closely followed is the sales price to list price ratio. Interestingly, it peaked last Spring at 113.3%. And while it dropped to a low in January of 102.4%, it sprang up in March to 103.4%. At the same time, homes sales themselves, were down, year-over-year. And, that was across 5 months, in a row. In total, 281 homes sold in the County last month. In comparison, the average has been 398, since as early as 2003.
When it comes to inventory, the 2019 San Mateo County April home sales update shows that it continues to expand. In fact, it’s been higher than the year before, for 10 months in a row. Of note, last month inventory was up 51.9% over last year.
You can have a look at the full Real Estate Report, defined for April and covering end-of-March data. It’s courtesy of Carmen Miranda. Although, do you want a more detailed breakdown? One that relates to your unique real estate needs in the area? Why not give Carmen a call today? She can include a free home valuation. And, she provides 5-Star Real Estate Agent expertise you won’t want to pass up.