Condos represent a big part of the San Mateo County real estate market. Also, their portion of the market has been through some interesting changes, not unlike single family homes. In fact, when it comes to median sales price, resale condos were up 12% last month, year over year. When it comes to average sales price, they were also up, by as much as 20.6%. As a result, the San Mateo County condo update shows a rising trend in these two areas. Although, the sales price to list price ratio shows a downward trend. And, it was at its lowest level, since May 2012 at 101.2%.
January 2019 San Mateo County Condo Update
In another show of down trends for the condo market, sales were down. Also, they were down to 16.9%, in December. Although for the year, condo sales slumped to the tune of 12.4%.
Much like single family home inventory in the County, condo inventory expanded. And, its expansion has been a continuing trend. When compared to the year before, it’s been higher for five consecutive months. In fact, for December, it was up by as much as 185.2%. As a result, condos in San Mateo County inventory, as of January 5th totaled 77 for sale. And as for days of inventory, that settled at 33. Plus, it currently takes about 38 days to sell.
These January 2019 San Mateo County condo update stats suggest a softening in the market. Also, they suggest a continued softening. In fact, with figures like the ratio for what buyers are paying over what sellers are asking, we see more trend in softening. That ratio is only a bit over 100%, at 101.2%. Since single family resale homes data shows much the same trend, the market in general has softened.