Market Update – June 2019
June 23, 2019
San Mateo County Real Estate Market Update – June 2019
Summary
The median sale price shot up last month, hitting an all-time high for both single-family homes and condos/townhouses. The seasonal heating up of the market over the summer and continued low-interest rates have encouraged buyers to jump back into the market.
While inventory levels are still climbing, they’re objectively low. This is a strong seller’s market. The percentage paid over asking price is creeping up, but we’re nowhere near the levels we saw last summer. Most homes are selling with one to three offers compared with the five to 10+ we grew accustomed to in the frothy periods of last year. Median days on market is at its all-time low so properties are selling quickly, though we’re seeing variability in that number across different neighborhoods and cities.
The market is still a bit wobbly, and signs of an impending market shift remain. Looking at the longer term trends of the number of new listings versus the number of sales shows a market beginning to slow with new listings unchanged but the number of sales declining. It’s too early to tell how this will play out, but it’s something to keep an eye on.
Here’s a summary of the numbers:
MEDIAN SALES PRICE
Single Family Homes: -1% rolling 3-month average compared to same period last year
Condo/Townhome: -1.5% rolling 3-month average compared to same period last year
MONTHS OF SUPPLY
Single Family Homes: +24.2% rolling 3-month average compared to same period last year
Condo/Townhome: +95% rolling 3-month average compared to same period last year
NEW LISTINGS & NUMBER OF SALES
Single Family Homes: Listings +0.6%, Sales -5.6% rolling 6-month average year over year
Condo/Townhouse: Listings: -3.0%, Sales -11.0% rolling 6-month average year over year
MEDIAN PERCENT OF LIST PRICE RECEIVED
Single Family Homes: -6.4% rolling 3-month average compared to same period last year
Condo/Townhouse: -8.1% rolling 3-month average compared to same period last year
DAYS ON MARKET (DOM)
Single Family Homes: +5.9% (med), +43.7% (avg) rolling 3-month average compared to same period last year
Condo/Townhouse: +23.3% (med), +102.8% (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
Categorized in: Market Conditions, Peninsula Homes, Real Estate, Real Estate Market Update, Rumana Jabeen Real Estate, San Mateo Community
This post was written by Rumana Jabeen