San Mateo County Real Estate Market Update – October 2020
October 21, 2020
The strong performance of single-family homes continued in September, with median sale prices up significantly from the same period last year. Condos and townhouses are not seeing this bump – prices have been very gradually declining compared with similar periods in the prior two years. Inventory of single-family homes is continuing to decline and strongly favoring sellers. For condos and townhouses, inventory is continuing to rise. While it’s still a seller’s market, the trend for these properties suggests we are heading for a more balanced market equally favorable to buyers and sellers.
While some properties are very competitive in this market, generating lots of interest and multiple offers, generally homes are selling very close to list price. Median days on market (DOM) is at or near historic lows across the board. To be successful in this market, buyers need to be prepared to move quickly and assertively.
As we head towards Election Day, it will be interesting to see whether events on the national and global stage cool our local real estate markets. Continued low-interest rates are attracting both buyers and current homeowners looking to refinance. The Federal Reserve Bank has signaled that it will be keeping its lending rates for banks near zero for the foreseeable future which has led to the belief that mortgage rates will remain in the 3% range in that time frame as well. This is supporting sale prices, as buyers’ purchasing power is higher than last year due to lowered monthly payments.
Tags: Market Conditions, Market Update, Real Estate Market Trends, San Mateo County Real Estate
Categorized in: Rumana Jabeen Real Estate
This post was written by Rumana Jabeen