San Mateo County Real Estate Market Update – September 2020
September 16, 2020
Sale prices for single-family homes showed strong gains again, continuing the trend of buyers opting for single-family homes over condos and townhouses. Prices for condos and townhouses are still declining, though at a slightly slower pace than the past few months. Generally, properties are selling very close to list price.
Though inventory levels are objectively low, they are inching up for single family homes, and climbing more quickly for condos. This reinforces the trends we’re seeing for median sale price. What has changed is the velocity of the market – properties are selling even faster than they were before. To be successful in this market, buyers need to be prepared to move quickly and assertively.
Incredibly low-interest rates are attracting both buyers and existing 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 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