Download a PDF of the September 2017 Peninsula Market Update.
San Mateo County Real Estate Market Update – September 2017
Summary: With September in the books, we’re seeing small signs that the San Mateo County real estate market is easing off the frenzied pace of this summer while remaining a strong seller’s market. Most metrics remain near record highs. Compared with last month, the average overbid % is down, inventory is up, and the average days on market has ticked up slightly. The changes are modest, but favorable to buyers.
Details: The San Mateo County single family homes median sales price rose from last month, ending at $1,395,000. Overbids dropped slightly, averaging 107.5%
The median sale price of condos and townhomes was down 7% from last month, ending at $768,000. Overbids for the month averaged 104.5%, slightly less than August.
The number of new single-family home listings was up 21.3% from August. Comparing rolling 6-month averages evens out the seasonality of real estate sales, and shows inventory down 7.5% overall compared with the same period last year. Closed sales were down 12% from August, but up 0.9% comparing a rolling 6-month average to last year. These factors have led to a modest increase in inventory levels, up to 1.3 months which is a 30% increase from last month, though down 32% year over year.
There was a huge 19% increase in the number of new condos/townhomes coming on the market this September compared with August, though year over year the number is down 14%. The rolling 6-month change is even more modest – down 7.1%. September inventory stands at 0.9 months, a decline of 44% compared to September 2016, and 41% comparing a rolling 3-month average.
The Numbers:
| Single Family Residences (SFR) | % Change Year Over Year | Condos | ||
| Median Sales Price ($USD) | $1,395,000 | 8.9% | $768,000 | 5.9% |
| Overbids (%) | 107.50% | 4.9% | 104.50% | 0.0% |
| New Listings (#) | 540 | 3.65% | 151 | -14.20% |
| Homes Sold (#) | 350 | -5.66% | 108 | -14.96% |
| Months of Inventory | 1.3 | -31.58% | 0.9 | -43.75% |
| Average Days on Market (DOM) | 25 | -7.41% | 24 | 4.35% |
| Median Days on Market (DOM) | 12 | -20.00% | 13 | -13.33% |
MEDIAN SALES PRICE
Single Family Homes: +9.1% rolling 3-month average compared to same period last year
MONTHS OF SUPPLY
Single Family Homes: -34.6% rolling 3-month average compared to same period last year
NEW LISTINGS & NUMBER OF SALES
Single Family Homes: Listings -7.5%, Sales +0.9% rolling 6-month average compared to same period last year
Condo: Listings: -7.1%, Sales +2.75% rolling 6-month average compared to same period last year
MEDIAN PERCENT OF LIST PRICE RECEIVED
Single Family Homes: +3.2% rolling 3-month average compared to same period last year.
NOTE: This data adjusted to remove two extreme outlying sales in Half Moon Bay.
Condo: +0.67% rolling 3-month average compared to same period last year
DAYS ON MARKET (DOM)
Single Family Homes: -18% (avg) -14% (med) rolling 3-month average compared to same period last year
Condo: -5% (avg) -12% (med) rolling 3-month average compared to same period last year
The information contained in this report is taken from a variety of sources including MLSListings,, the City of San Francisco Planning Dept., the Federal Reserve Bank of San Francisco, the Bureau of Labor Statistics, The Conference Board and others. The data may have errors, omissions and be subject to revisions and is not warranted. It is deemed reliable but is not guaranteed. Questions may be directed to The Nemi Group | 650.933.3913 | CalBRE 01988802 | © The Nemi Group
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