The San Mateo County real estate market is changing. If you only take a superficial look at the numbers, things look like more of the same – impossibly tight inventory, rising prices, fast sales. Dig a little deeper and it becomes clear that a change is underway. Prices are still rising, but at a noticeably slower rate. Inventory is still very tight, but the rate that it is declining has slowed. Realtors continue to report less frenzied activity on listings. Having a solid understanding of the market dynamics is more important than ever, for both buyers and sellers.
As is no surprise, demand for real estate in San Mateo county remains strong. The median sale price for single family homes (SFR) and condos dropped a bit from last month’s historic highs. SFR Inventory decreased somewhat last month while it increased for condos. Looking at how the rolling 3 month averages are changing is more telling. For example, last month, SFR prices were up almost 19% year-over-year. This month the same metric is up, but only by 15%. So the news is still good, but the trend is cooling.
Here’s a summary of the numbers.
|May-2018||Single Family Residences (SFR)||% Change Year Over Year||Condos||% Change Year Over Year|
|Median Sales Price ($USD)||$1,599,500||8.5%||$997,500||17.4%|
|New Listings (#)||517||-1.34%||147||-6.96%|
|Homes Sold (#)||448||-2.18%||124||-7.46%|
|Months of Inventory||0.9||-10.00%||0.7||-12.50%|
|Median Days on Market (DOM)||12||9.09%||11||10.00%|
|Average Days on Market (DOM)||17||-10.53%||13||-35.00%|