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 $768,000. Overbids for the month averaged 104.5%, slightly less than August.
The number of new single-family home listings was up 21.3% from August. Comparing rolling 6-month averages evens out the seasonality of real estate sales, and shows inventory down 7.5% overall compared with the same period last year. Closed sales were down 12% from August, but up 0.9% comparing a rolling 6-month average to last year. These factors have led to a modest increase in inventory levels, up to 1.3 months which is a 30% increase from last month, though down 32% year over year.
There was a huge 19% increase in the number of new condos/townhomes coming on the market this September compared with August, though year over year the number is down 14%. The rolling 6-month change is even more modest – down 7.1%. September inventory stands at 0.9 months, a decline of 44% compared to September 2016, and 41% comparing a rolling 3-month average.
|Single Family Residences (SFR)||% Change Year Over Year||Condos|
|Median Sales Price ($USD)||$1,395,000||8.9%||$768,000||5.9%|
|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