San Mateo County Real Estate Market Update – June 2020

May was the first month where almost all of the closed residential real estate sales took place under the shelter in place ordinance. The data show a gradually shifting market.

Across all relevant metrics, the numbers reflect this change. Median sale price is down year over year for single-family homes and condos/townhomes. Inventory has risen sharply over the same period. Overall activity (new listings and number of sales) is significantly down.

Expect more homes to come on the market as properties that were held back are now able to be prepped and staged for sale. Though traditional open houses are not allowed, properties that are competitively priced and well-presented are selling well, particularly in the lower price points. Multiple and pre-emptive offers are happening again.

Mortgage rates remain extremely low, which should support recovering sales levels.

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

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This post was written by Rumana Jabeen

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