San Mateo County Real Estate Market Update – May 2021
May 24, 2021
Sales data from April reflects a continuation of the price trends we’ve seen recently. For single-family homes, prices are up sharply again. Price acceleration hit its peak in October 2020 at a whopping 18% year-over-year and is up 3% since last month. This doesn’t seem sustainable, yet there’s no indication that things are shifting any time soon. Condo and townhome prices have been mixed over the same period. Though prices have continued the decline that began in November 2020, the rate of decline is slowing. We’re not in positive territory yet, but at least the graph is heading in the right direction now.
Single-family home buyers: time is not on your side in this market. With each passing month, your buying power is going down. Inventory is ridiculously low. Mortgage rates remain low. Two recent IPOs are coming out of lockup soon, releasing more money into this market. There are no bargains to be had in most areas and price points.
Condo and townhome buyers: things are a bit less clear. Though inventory is still objectively low, it’s climbing, while prices continue to decline. Don’t expect a deal, but you may not have to pay too much either. At least they stay on the market a few days longer, giving more options.
Here are the numbers:
Tags: Market Conditions, Market Update, Real Estate Market Trends
Categorized in: Rumana Jabeen Real Estate
This post was written by Rumana Jabeen