San Mateo County Real Estate Market Update – August 2021

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In July, prices in San Mateo County have somewhat pulled back from June’s strong gains last month across both single-family homes and continued the two-month downward trend for condos/townhouses.

Single-family home buyers are still facing a frenetic buying environment where multiple offers and substantial overbids are the norm and properties are selling very quickly. Offers have stabilized the last three months at 6% over list price for single-family homes.

Condos/townhouse offers have now caught up to SFRs and are at 5% over listing price in July.

There is no immediate indication that anything is going to change. While the Fed is now signaling that interest rates will begin to rise in 2023 as the economy regains its footing, it’s unlikely that will have a direct impact on today’s Bay Area real estate market.

With that said, this is a segmented market, and depending on the price of the property, and the area, these trends show up very differently. Some markets are stalled or starting to soften. Whether you’re buying or selling, it’s important to understand how the market is behaving in the relevant area/price.

It remains the case that time is not on the side of buyers in this market. With each passing month, their buying power is going down. Inventory is extremely low. Mortgage rates remain low.

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This post was written by Rumana Jabeen

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