San Mateo County Real Estate Market Update – December 2020
December 18, 2020
For the first time in 6 months, median sale prices for single-family homes (SFR), condos, and townhouse prices are all now rising. This underscores what we’ve been seeing – the real estate market is thriving on the Peninsula, and properties are selling fast.
For single-family homes, 2020 has proven to be a banner year, with prices up 11%. The rapid rate of price increases we saw from July through September are slowing down a bit to more sustainable growth levels. Inventory is down almost 28%. The law of supply and demand suggests that this is contributing to the increasing prices.
For condos and townhouses, the overall decline in prices has reversed itself, and median sale prices are now increasing again. We’ve seen this before – when the market really takes off for single-family homes, it creates an affordability gap. Buyers who feel edged out of the SFR market begin to look at condos and townhomes. Inventory is up about 10%, though still strongly favorable to sellers.
It’s not all flowers and rainbows out there though, the market is tricky. Buyers are more discerning. Properties that are move-in ready are selling better and faster. Historically low interest rates continue to fuel our market.
Tags: #marketconditions, Market Conditions, market trends, Real Estate Market Report, San Mateo County Real Estate
Categorized in: Rumana Jabeen Real Estate
This post was written by Rumana Jabeen