San Mateo County Real Estate Market Update – August 2020

As the pandemic lingers and its effect of permanent business closures, job losses and steep declines in both business and personal income continues, the San Mateo County real estate market has begun to reflect the impact.

As people spend more time in their homes, buyers are opting for single family homes rather than condos or townhouses. This is reflected in the median sale price trends, with single family homes continuing to appreciate while condos/townhouses are losing value. This shift is also seen in inventory levels. The inventory of single family homes, though trending higher than the same period last year, is still very tight, while condo/townhouse inventory is increasing significantly, though still reflective of a sellers’ market.

The velocity of the market is accelerating with Day on Market for both single family homes and condos/townhomes, down over 60% compared with the same three-month period last year.

Expect a continuation of these trends until the pandemic is controlled and the economy stabilizes.

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This post was written by Rumana Jabeen

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