The San Mateo County real estate market trends May 2018 data shows some sustained trends for the year thus far and some interesting variances. Although, those variances stack up as little impact on the continuing trends of low housing inventory and high demand. And, a record high for average home prices has resulted. Plus, price wars continue to be the norm. Have a look at some of the statistics and a summary following.
Another interesting development in this 2018 time frame centers around availability of home mortgage money. In fact, indicators point to investors, Fannie Mae and Freddie Mac, who want to find ways to make qualifying for a home loan easier. That is, easier for what is called the ‘gig’ economy. Although, most of us have probably never heard of that, it primarily refers to people working as independent contractors or freelancers. Also, there should be good reason for focus on this workforce type. In fact, it’s estimated that 20 to 30 % of the U.S. workforce makes up the gig economy.
For questions and full details on buying San Mateo County homes for sale or selling a home, contact 5 Star Real Estate Agent, Carmen Miranda. She’s got the San Mateo County realtor credentials you want working for you in a competitive marketplace.
San Mateo County Real Estate Market Trends May 2018 At-a-Glance
|Trends At a Glance||May 2018||Previous Month||Year-over-Year|
|Median Price||$1,602,500 (-9.5%)||$1,770,000||$1,475,000 (+8.6%)|
|Average Price||$2,193,370 (+7.0%)||$2,049,600||$1,783,100 (+23.0%)|
|No. of Sales||426 (+27.9%)||333||435 (-2.1%)|
|Pending||398 (+10.2%)||361||418 (-4.8%)|
|Active||382 (-4.5%)||400||399 (-4.3%)|
|Sale vs. List Price||112.3% (+0.3%)||112.0%||108.9% (+3.2%)|
|Days on Market||16 (-1.8%)||16||19 (-17.1%)|
|Days of Inventory||27 (-22.8%)||35||28 (-2.2%)|
Prices and Sales
Days of Inventory
Sale Price/List Price Ratio
San Mateo County Real Estate Market Trends May 2018 Overview
The Average Price for Homes Hits Another High
In April, the median and average prices for both single-family, re-sale homes and condos set new all-time highs, for the third month in a row.
In May, condo prices retreated, along with the median price for homes. The average home price, on the other hand, jumped 23%, year-over-year, to $2,193,370 to set a new high.
The median price for homes was up 8.6% over last May to $1,602,500. That is a $167,500 drop from the record high set in April.
This is also the 26th month in a row the median price has been higher than the year before.
The median price for condos was up 15.9%. The average price for condos was up 17.4% over last May.
Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains in the triple digits: 112.3% for homes and 111.9% for condos.