Greetings clients, friends and interested parties. I have an update on real estate market activity in San Mateo County. I have this for last month. The September San Mateo County real estate market report shows some trends that dominated. For one, the median price of single-family, re-sale homes stayed over $1M in September. By the way, that’s an increase of 2.5% higher than in August. Although, the 3-month moving average median price has been lower than the previous two months in a row. Also, sales of single-family, re-sale homes have been lower than the year before. This has trended for seven of the past eight months. As a result, year-to-date, home sales are down 8.3% in San Mateo County.
September San Mateo County Real Estate Market Report – Inventory
A primary issue for September focuses on inventory. In fact, that trends as a continuing issue. Inventory posted as an increase of 2.3% year-to-date. Although, that’s an increase over the lowest amount of active listings we’ve ever seen last year. As a result, this year’s increase amounts to the second lowest.
As for pending sales, the September San Mateo County real estate market report shows these rose for the third consecutive month over the prior year. Whereas, home prices also made consecutive gains. Although, this has slowed now. It has gone from double-digit to single-digit gains. In fact, the median price for September rose 6.8% over the same month last year. Finally, in another interesting trend, multiple offers on any given property remain the norm. Although, the amount of them dipped slightly.
Take a look at the break down of statistics for single family homes . You’ll get a glimpse of the actual numbers involved. You’ll see where increases and decreases vary. It’s a great, close up view on market trends.
September San Mateo County Real Estate Market Report Statistics
SINGLE-FAMILY HOMES Year-Over-Year
• Median home prices increased by 6.8% year-over-year to $1,281,000 from $1,200,000.
• The average home sales price rose by 7.9% year-over-year to $1,679,050 from $1,556,170.
• Home sales fell by 10.7% year-over-year to 343 from 384.
• Total inventory rose 5.8% year-over-year to 953 from 901.
• Sales price vs. list price ratio fell by 2.4% year-over year to 103.9% from 106.5%.
• The average days on market rose by 18.1% year-over-year to 27 from 22. Month-Over-Month
• Median home prices improved by 2.5% to $1,281,000 from $1,250,000.
• The average home sales price rose by 7.2% to $1,679,050 from $1,566,280.
• Home sales down by 14.7% to 343 from 402.
• Total inventory increased 9.2% to 953 from 873.
• Sales price vs. list price ratio dropped by 0.9% to 103.9% from 104.8%.
• The average days on market dropped by 7.8% to 27 from 29.