Market Update- November 2019
November 12, 2019
San Mateo County Real Estate Market Update – November 2019
Summary
The median sale price for single family homes and condos/townhouses has been bouncing around a bit over the past few months. Overall, the market is relatively flat compared with the same period last year, but buyer psychology has shifted somewhat. While many sellers are expecting a similar market to last year, buyers feel they have more choices and less urgency, and they’re taking more time to move forward with a purchase.
Price corrections are becoming more common, and we are seeing fewer offer deadlines and multiple offer situations. Attractive, well-presented properties that are priced correctly continue to get good interest overall. However, depending on the price point and the city and neighborhood, these dynamics can vary so it’s more important than ever to have a solid understanding of local market trends.
Inventory for both single-family homes and condos/townhouses is still quite low, indicating a seller’s market. While single-family home inventory is unchanged, condo inventory has shot up.
MEDIAN SALES PRICE
Single Family Homes: -2.7% rolling 3-month average compared to same period last year
Condo/Townhome: +4.2% rolling 3-month average compared to same period last year
MONTHS OF SUPPLY
Single Family Homes: 0.0% rolling 3-month average compared to same period last year
Condo/Townhome: +40% rolling 3-month average compared to same period last year
NEW LISTINGS & NUMBER OF SALES
Single Family Homes: Listings -6.5%, Sales -7.2% rolling 6-month average year over year
Condo/Townhouse: Listings: 7.9%, Sales -5.6% rolling 6-month average year over year
MEDIAN PERCENT OF LIST PRICE RECEIVED
Single Family Homes: -3.2% rolling 3-month average compared to same period last year
Condo/Townhouse: -4.2% rolling 3-month average compared to same period last year
DAYS ON MARKET (DOM)
Single Family Homes: -2.4 (med), +21.2% (avg) rolling 3-month average compared to same period last year
Condo/Townhouse: -7.3% (med), +19% (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