San Mateo County Real Estate Market Update – September 2021
September 21, 2021
In August, San Mateo’s median sold price for single-family homes continued the slow downward trend the last few months with the August median sold price being $1,925,000. That is still up 6.9% compared to August 2020.
The number of homes sold was down slightly compared to last month to 409 which was a 4.3% increase year over year. The number of new listings was also down month over month to 424 which is a 22.8% decrease year over year. Inventory on the market continues to be low at 0.8 months.
This is still within a national trend where there are more residential sales transactions year-to-date than any prior year, and predictions that this pace will continue with 2021 closing out approximately 17% above a “normal” year’s 5.5 million home sales.
The median sold price per square foot was up 12.0% year over year, to $1,170.
Buyers are also still being more aggressive with their offer prices, with the median offer price still above 100% at 104% of the list price in August.
With higher inflation, interest rates may rise which will create countervailing downward pressure on home prices due to the resulting higher monthly payments.
Tags: Market Conditions, Real Estate Market Report
Categorized in: Rumana Jabeen Real Estate
This post was written by Rumana Jabeen