July 2018 real estate market trends for San Mateo County showed some interesting variables as compared to 2nd quarter 2018. Also, the variables include a slight market slow this summer. Although, multiple offers remained the norm. At the same time, there were less overall. That is, 2-3 as compared to 10-15 offers per house previously. As a result, San Mateo County real estate market trends July 2018 show some indication that sales are down, while inventory is up. And, sales price to list price ratio is falling, with prices weakening.
San Mateo County Real Estate Market Trends July 2018
Trends At-a-Glance for San Mateo County
|Trends At a Glance||Jul 2018||Previous Month||Year-over-Year|
|Median Price||$1,605,000 (-2.8%)||$1,651,500||$1,485,000 (+8.1%)|
|Average Price||$1,967,080 (-1.3%)||$1,992,120||$1,856,570 (+6.0%)|
|No. of Sales||386 (-3.0%)||398||351 (+10.0%)|
|Pending||324 (-7.4%)||350||320 (+1.3%)|
|Active||422 (-4.1%)||440||345 (+22.3%)|
|Sale vs. List Price||109.1% (-1.9%)||111.3%||108.7% (+0.4%)|
|Days on Market||22 (+19.9%)||18||20 (+8.3%)|
|Days of Inventory||33 (+2.3%)||32||29 (+11.2%)|
Prices and Sales
Days of Inventory
Sale Price/List Price Ratio
From the trenches, we are hearing some sellers are more willing to negotiate. They are accepting contingencies, paying for repairs, or negotiating price.
Of course, this all depends upon the house and the neighborhood. The most highly regarded properties – schools, location, price, are still getting a high number of offers.
Another factor to keep an eye on is mortgage rates. In fact, they peaked in May. Since then, we’ve seen them declining.
Read more breakdown of San Mateo County real estate market trends July 2018 in the full market trends report online.
For full details on San Mateo County homes for sale and help with a residential real estate matter, contact Carmen Miranda. She’s a 5 Star Real Estate Agent in the area, with your best interests in mind.