San Mateo County Real Estate Market Update – August 2022
August 23, 2022
In San Mateo, the median sold price for single-family homes in July slightly decreased month-over-month to $1.8 million. The number of homes sold decreased to 330 and the number of new listings also decreased to 443. The number of condo & townhouses sales decreased month-over-month at $897,500 with 110 units sold and 149 new listings.
Buyers are also still being aggressive with their offer prices, with the median offer price
continuing to be above 100%. There is no doubt that higher interest rates have impacted demand for homes, especially in June when rates had reached their apex. But low inventory continues to be a factor as well. A balanced market is considered representative of 6 months’ supply of homes. When factoring in the amount of completed homes, the month’s supply of homes available was really less than a month at 25 days. This ongoing imbalance of supply and demand should continue to be supportive of home prices.
This post was written by Rumana Jabeen