Market Report – February 2020

San Mateo County Real Estate Market Update – February 2020

The effects of tight inventory continue to dominate our San Mateo County real estate market, with fewer home sales last month than at any time in the past three years. Buyer motivation remains strong, and properties that are correctly priced and well-presented are getting a greater number of offers than we’ve seen for a while.

Though prices have been bouncing around a bit, they’re holding fairly steady compared with last year. In spite of the softening we’re seeing in other major markets in the country, our local Bay Area market has not seen that same decline. The very limited supply and consistently strong demand have insulated our market from much of the fluctuation that other areas are experiencing.

Activity is starting to pick up as we enter into the early Spring season, which is typically busy with more properties coming on the market and more home sales. The sales cycle remains pretty fast – the median number of days on market is still only 21 days. Overbidding is largely a thing of the past, with most properties selling at, or modestly above their asking price.

MEDIAN SALES PRICE
Single Family Homes: 2.1%
rolling 3-month average compared to same period last year

Condo/Townhome: -2.1% rolling 3-month average compared to same period last year

MONTHS OF SUPPLY
Single Family Homes: -29.6% rolling 3-month average compared to same period last year

Condo/Townhome: -38.9% rolling 3-month average compared to same period last year

NEW LISTINGS & NUMBER OF SALES
Single Family Homes: Listings -13.2%, Sales -4.2% rolling 6-month average year over year

Condo/Townhouse: Listings 12.6%, Sales 14.6% rolling 6-month average year over year

MEDIAN PERCENT OF LIST PRICE RECEIVED
Single Family Homes: -0.4% rolling 3-month average compared to same period last year

Condo/Townhouse: -0.7% rolling 3-month average compared to same period last year

DAYS ON MARKET (DOM)
Single Family Homes: -10.8% (med), +5.2 (avg) rolling 3-month average compared to same period last year

Condo/Townhouse: +3.2% (med), +10.5% (avg) 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 Keller Williams Peninsula Estates (650) 627-3700. DRE# 01906450

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This post was written by Rumana Jabeen

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